The Federal Government has introduced a USSD-based consumer credit service that will allow Nigerians to access loans using basic mobile phones without internet access or smartphones.
The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP) to expand access to consumer loans, particularly for first-time borrowers with little or no formal credit history.
CREDICORP announced *347*333# as the USSD code for accessing the service. However, nationwide availability has not yet been confirmed, with the corporation expecting a wider rollout before the end of 2026.
The initiative is designed to help borrowers establish repayment records, strengthen their credit profiles and improve their chances of accessing other financial services.
What Nigerians can access through CREDICORP loans
CREDICORP’s broader consumer credit programmes cover five major areas aimed at helping Nigerians finance essential goods, household equipment and productive assets.
They include, Mobility: Compressed natural gas (CNG) and electric vehicles, Digital devices: Laptops, smartphones and tablets, Energy solutions: Generators and solar panels, Home improvement: Furniture, household appliances and building materials, and Life essentials: Healthcare, apparel, food and beverages.
However, CREDICORP has not confirmed that all these categories are currently available for financing specifically through SPARK.
Why FG introduced the SPARK loan service
SPARK was unveiled at CREDICORP’s CREDICORP for All showcase in Aba, Abia State.
The event highlighted consumer credit opportunities for residents and brought together beneficiaries, financial institutions, local vendors and government representatives.
Activities included demonstrations on accessing credit for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the exhibition of credit-backed tricycles for transport operators.
The event also featured locally assembled tricycles provided through CREDICORP’s Securing Consumer Access for Local Enterprises initiative, known as S.C.A.L.E.
Speaking at the event, CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the initiative was designed to make consumer credit accessible beyond traditional financial institutions.
“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian.
“Today in Aba, Abia State, in Nigeria’s South East, we are demonstrating what that means in practical terms: credit for market women, a financial head start for young people, productive assets for transport operators, and with SPARK, a simple way for Nigerians to begin building their credit histories. This is how we make credit work for the people.”
Chinenye Mba-Uzoukwu, Chief Principal to Abia State Governor Alex Otti, said the state government was creating an environment where businesses could grow and responsible consumer credit could reach more residents.
“Under Governor Alex Otti’s leadership, Abia State is putting the conditions in place for businesses to grow, investments to flourish and responsible credit to reach more of our people,” Mba-Uzoukwu said, representing the governor.
“By strengthening the enabling environment for enterprise, we are making it easier for initiatives such as CREDICORP to support traders, young people and hardworking families across the state.”
Similarly, Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a CREDICORP board member, said the showcase demonstrated how government policies could translate into economic opportunities.
“Through CREDICORP, we are seeing how well-structured public investment can stimulate enterprise, support local manufacturers and deliver measurable economic impact directly to citizens,” Takang said.
CREDICORP disclosed that it had facilitated more than ₦53.5bn in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.
What Nigerians should know before applying for SPARK loans
Although SPARK is designed to simplify access to consumer credit, prospective borrowers should understand that it is a loan facility, not a government grant.
Successful applicants will be required to repay borrowed funds according to the agreed terms and conditions.
CREDICORP has yet to provide comprehensive public details about SPARK’s loan limits, interest rates, repayment periods and full eligibility requirements.
Nigerians interested in the service should therefore await official information on its nationwide rollout and operating procedures.
They should also be cautious of unofficial websites, agents or individuals demanding upfront payments in exchange for guaranteed loan approval.
