The Federal Government has introduced a USSD-based credit service to enable Nigerians to access consumer loans through basic mobile phones without requiring internet connectivity or smartphones.
The initiative, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation, also called CREDICORP, as part of efforts to expand access to consumer credit, particularly for first-time borrowers with little or no formal credit history.
Interested Nigerians can dial 347333# to access the service. However, nationwide availability has not yet been confirmed, as CREDICORP expects the platform to become more widely accessible before the end of 2026.
According to the corporation, the initiative is also designed to help borrowers establish repayment records, which could improve their credit profiles and create opportunities to access other financial services.
CREDICORP’s broader consumer credit programmes cover five major areas, including mobility, digital devices, energy solutions, home improvement and essential goods.
The categories include compressed natural gas and electric vehicles, laptops, smartphones, tablets, generators, solar panels, furniture, household appliances and building materials.
Other areas include healthcare, clothing, food and beverages.
However, the corporation has not confirmed that all the listed products and services can immediately be financed through the SPARK platform.
The service was unveiled at CREDICORP’s CREDICORP for All showcase in Aba, Abia State, where the corporation presented consumer credit opportunities to more than 1,000 residents.
The event brought together beneficiaries, participating financial institutions, local vendors and government representatives to demonstrate how consumer credit could support businesses and improve livelihoods.
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 made available through the corporation’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 consumer credit should be accessible to every working Nigerian rather than remaining a privilege for a few.
He said the initiative was designed to extend credit opportunities to market women, young people and transport operators while helping borrowers build their credit histories.
Also speaking, 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 credit could 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 government-backed investments could support local businesses and manufacturers.
CREDICORP disclosed that it had facilitated more than N53.5bn in consumer credit for over 351,000 Nigerians, with women accounting for approximately 59 per cent of beneficiaries.
The corporation has, however, yet to publish comprehensive details of SPARK’s loan limits, interest rates, repayment periods and eligibility requirements.
Prospective borrowers are advised to understand the repayment conditions before accepting any loan. SPARK is a credit facility, not a grant, and borrowed funds must be repaid according to agreed terms.
Nigerians are also advised to avoid unofficial agents or websites demanding upfront payments in exchange for guaranteed loan approval.
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