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, particularly for first-time borrowers and Nigerians with little or no formal credit history.
CREDICORP unveiled 347333# as the USSD code for accessing the service, although its wider nationwide rollout has yet to be confirmed.
The corporation said SPARK was expected to become more widely available before the end of 2026.
The initiative is designed to give borrowers an opportunity to establish repayment records, which could help build their credit profiles and improve their chances of accessing other financial services in the future.
What Nigerians can use CREDICORP credit for
CREDICORP’s broader consumer credit programmes cover five major areas aimed at helping Nigerians finance essential goods, household equipment and productive assets.
These include mobility solutions such as compressed natural gas (CNG) and electric vehicles; digital devices, including laptops, smartphones and tablets; energy solutions such as generators and solar panels; home improvement products, including furniture, household appliances and building materials; and life essentials covering healthcare, apparel, food and beverages.
These categories represent CREDICORP’s wider consumer credit priorities. However, the corporation has not confirmed that all the listed goods and services are currently available for financing through SPARK specifically.
Why FG introduced SPARK
According to a report by Vanguard published on Sunday and sighted by The Telegraph on Monday, SPARK was unveiled at 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, participating 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 made available 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 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,” he said.
Also speaking, Chinenye Mba-Uzoukwu, Chief Principal to Abia State Governor Alex Otti, said the state government was creating an enabling environment for businesses to grow and responsible consumer credit to 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 practical 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 about SPARK
Although SPARK is designed to simplify access to consumer credit, prospective borrowers should understand that it is a loan service, not a government grant.
Successful applicants will be expected to repay borrowed funds according to the terms and conditions agreed upon with the relevant lending institution.
CREDICORP has not provided comprehensive public details of SPARK’s loan limits, interest rates, repayment periods or full eligibility requirements in the reports announcing the service.
Nigerians interested in using the platform are therefore advised to 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.
