The Federal Government has unveiled a USSD-based consumer credit service that will enable Nigerians to apply for loans using basic mobile phones without requiring internet access or smartphones.
The initiative, known as SPARK, was introduced by the Nigerian Consumer Credit Corporation (CREDICORP) to widen access to consumer loans, particularly for individuals seeking to establish formal credit histories.
The corporation announced 347333# as the USSD code for accessing the service, although its nationwide availability has not yet been confirmed.
CREDICORP said the platform was expected to become more widely accessible before the end of 2026 and advised interested Nigerians to look out for further announcements regarding its rollout.
The initiative is also intended to help borrowers build repayment histories, which could strengthen their credit profiles and improve their chances of accessing additional financial services.
What Nigerians can finance through CREDICORP
CREDICORP’s wider consumer credit programme focuses on five major categories covering essential household needs and productive assets.
They include mobility solutions such as compressed natural gas (CNG) and electric vehicles; digital devices, including laptops, smartphones and tablets; and energy products such as generators and solar panels.
Other categories cover home improvement items, including furniture, household appliances and building materials, as well as life essentials such as healthcare, clothing, food and beverages.
However, the corporation has yet to confirm whether all these categories are currently available for financing through SPARK specifically.
Why FG introduced SPARK
According to a Sunday report by Vanguard sighted by PUNCH Online on Monday, the product was launched at CREDICORP’s CREDICORP for All showcase in Aba, Abia State.
The event, which attracted more than 1,000 residents, brought together loan beneficiaries, financial institutions, local businesses and government representatives to demonstrate how consumer credit could support economic activities and improve livelihoods.
The programme featured demonstrations of credit access for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the unveiling of credit-backed tricycles for commercial transport operators.
It also showcased 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’s Managing Director and Chief Executive Officer, Uzoma Nwagba, said the programme was designed to make consumer credit accessible beyond a limited section of the population.
He said, “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.”
Also speaking, Chinenye Mba-Uzoukwu, chief principal to Abia State Governor Alex Otti, said the state government was working to create favourable conditions for businesses to expand and responsible consumer lending to reach more residents.
Representing the governor, Mba-Uzoukwu said, “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.
“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, the Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, described the initiative as an example of how government policies could generate direct economic benefits for citizens.
“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 ₦53.5 billion in consumer loans for over 351,000 Nigerians since commencing operations, with women representing approximately 59 per cent of the beneficiaries.
What Nigerians should know about SPARK
The corporation clarified that SPARK is a loan facility rather than a government grant. Consequently, beneficiaries will be required to repay borrowed funds in accordance with the agreed loan conditions.
However, details concerning the facility’s maximum loan amounts, interest rates, repayment schedules and comprehensive eligibility criteria have not been fully disclosed in the announcements surrounding its introduction.
Prospective applicants have also been advised to exercise caution and avoid unofficial websites, agents or individuals demanding upfront payments in exchange for guaranteed loan approvals.
