The Federal Government has introduced a USSD-based consumer credit service that will allow Nigerians to access loans using basic mobile phones without requiring internet connectivity or smartphones.
The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP) as part of efforts to expand access to consumer credit and enable more Nigerians to establish formal credit histories.
The initiative is particularly targeted at first-time borrowers and individuals with limited or no existing credit records who may find it difficult to access loans through traditional financial institutions.
Nigerians can dial 347333# as the designated USSD code for accessing SPARK. However, the service has not yet been confirmed as fully operational nationwide, and prospective borrowers have been advised to watch out for its wider rollout.
CREDICORP expects the product to become more widely available before the end of 2026.
Through the initiative, eligible borrowers will be able to access consumer credit and establish repayment records that could strengthen their credit profiles, potentially improving their chances of accessing additional financial services in the future.
What Nigerians Can Use CREDICORP Consumer Credit For
CREDICORP’s broader consumer credit programmes cover five major categories designed to improve access to essential goods, household equipment and productive assets.
The categories include:
1. Mobility: Compressed natural gas (CNG) vehicles and electric vehicles.
2. Digital Devices: Laptops, smartphones and tablets.
3. Energy Solutions: Generators and solar panels.
4. Home Improvement: Furniture, household appliances and building materials.
5. Life Essentials: Healthcare, apparel, food and beverages.
These categories represent CREDICORP’s broader consumer credit priorities. However, the corporation has not confirmed that all the listed products and services are currently available for financing specifically through SPARK.
Why the Federal Government Introduced SPARK
According to a report by Vanguard sighted by PUNCH Online, SPARK was unveiled during CREDICORP’s CREDICORP for All showcase in Aba, Abia State.
The event highlighted opportunities for consumer credit access among more than 1,000 residents and brought together loan beneficiaries, participating financial institutions, local vendors and government representatives.
The initiative was designed to demonstrate how accessible consumer credit could support livelihoods, improve household welfare and stimulate economic activities.
Activities at the showcase included credit-access demonstrations for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the presentation of credit-backed tricycles for transport operators.
The event also featured locally assembled tricycles made available 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 corporation wanted to make consumer credit accessible to Nigerians beyond the traditional financial system.
He explained that the initiative was designed to provide practical financial opportunities for traders, young people, transport operators and other working Nigerians.
According to Nwagba, the SPARK service would provide a simple way for Nigerians to begin building their credit histories, while other programmes would support access to productive assets and essential goods.
He said consumer credit should not be an exclusive privilege but an opportunity available to every working Nigerian.
Abia Government Backs Expanded Consumer Credit Access
Chinenye Mba-Uzoukwu, Chief Principal to Abia State Governor Alex Otti, said the state government was creating an enabling environment for businesses to grow, investments to flourish and responsible consumer credit to reach more residents.
Representing the governor at the event, Mba-Uzoukwu said the administration was committed to strengthening the business environment and supporting initiatives that could improve economic opportunities for traders, young people and working families.
He noted that initiatives such as CREDICORP could benefit from an environment that encourages enterprise development and responsible access to finance.
Similarly, Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a CREDICORP board member, said the showcase demonstrated how government policies and public investment could translate into economic opportunities for ordinary Nigerians.
He explained that well-structured public investment could stimulate businesses, support local manufacturers and deliver measurable economic benefits to citizens.
CREDICORP Has Facilitated ₦53.5bn in Consumer Credit
CREDICORP disclosed that it had facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians since commencing operations.
Women account for approximately 59 per cent of the beneficiaries, highlighting their participation in the corporation’s consumer credit programmes.
The latest SPARK initiative is expected to expand access further, particularly among Nigerians who have limited access to formal financial services or lack established credit records.
By providing a USSD-based access channel, the corporation hopes to reduce the barriers associated with internet-dependent financial services and make consumer credit more accessible to people using basic mobile phones.
What Nigerians Should Know Before Accessing SPARK Loans
Although SPARK is designed to make consumer credit more accessible, prospective borrowers should understand some important details before applying.
1. SPARK Is a Loan, Not a Grant
The initiative provides consumer credit rather than free financial assistance. Nigerians who obtain loans through the programme will be expected to repay the borrowed money according to the agreed terms.
2. The USSD Code Is 347333#
The code was unveiled as the access channel for SPARK. However, nationwide availability has not yet been confirmed, so Nigerians should watch for official announcements concerning its wider rollout.
3. Loan Limits and Interest Rates Have Not Been Fully Disclosed
Comprehensive public details concerning SPARK’s maximum loan amounts, interest rates, repayment periods and complete eligibility requirements have not been provided in the reports announcing the product.
Prospective borrowers should therefore confirm these details through official CREDICORP communication channels before accepting any credit offer.
4. Borrowers Should Avoid Loan Scams
Nigerians should be cautious of unofficial websites, agents and individuals demanding upfront payments in exchange for guaranteed loan approval.
Applicants should rely on official announcements and verified communication channels rather than sharing personal or financial information with unverified intermediaries.
With SPARK, the Federal Government is seeking to expand consumer credit access beyond Nigerians who already have established banking relationships and formal credit records.
If successfully implemented nationwide, the USSD-based service could provide more Nigerians with an opportunity to access formal consumer loans and build credit histories using ordinary mobile phones.