The Federal Government has introduced a USSD-based credit service that will enable Nigerians to access consumer loans using basic mobile phones without internet connectivity or smartphones.
The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP) to expand access to credit, particularly for first-time borrowers with little or no formal credit history.
The USSD code announced for accessing SPARK is 347333#. However, the service is not yet confirmed to be fully operational nationwide.
CREDICORP expects the product to become more widely available before the end of 2026.
The initiative is designed to help Nigerians establish repayment records that could strengthen their credit profiles and improve access to other financial services.
What Nigerians Can Use CREDICORP Loans For
CREDICORP’s broader consumer credit programmes cover five major areas:
– 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.
– Life essentials: Healthcare, clothing, food and beverages.
These categories represent CREDICORP’s wider consumer credit priorities. However, the announcement does not confirm that all these products and services are currently available for financing through SPARK.
Why FG Introduced SPARK
According to Vanguard, as reported by PUNCH, SPARK was unveiled during CREDICORP’s CREDICORP for All showcase in Aba, Abia State.
The event highlighted consumer credit opportunities for more than 1,000 residents and brought together beneficiaries, financial institutions, local vendors and government representatives.
Activities included credit-access demonstrations for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the showcasing 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.
CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the initiative was intended to make consumer credit accessible beyond traditional financial institutions.
He said the programme would provide opportunities for market women, young people and transport operators, while SPARK would offer Nigerians a simple way to begin building their credit histories.
Chinenye Mba-Uzoukwu, chief principal to Abia State Governor Alex Otti, said the state government was creating an environment for businesses to grow and responsible credit to reach more residents.
Similarly, Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a CREDICORP board member, said the initiative demonstrated how public investment could support enterprise, local manufacturers and economic opportunities.
CREDICORP disclosed that it had facilitated more than ₦53.5bn in consumer credit for over 351,000 Nigerians since commencing operations. Women account for approximately 59 per cent of beneficiaries.
What Nigerians Should Know Before Applying
SPARK is a credit service, not a grant. Nigerians who obtain loans will be expected to repay them according to the agreed terms.
Details of the service’s loan limits, interest rates, repayment periods and complete eligibility requirements have not been comprehensively disclosed in the reports announcing its introduction.
Prospective borrowers should exercise caution and avoid unofficial websites, agents or individuals demanding upfront payments in exchange for guaranteed loan approval.