The Federal Government has introduced a USSD-based consumer credit service aimed at helping Nigerians access loans through basic mobile phones without requiring smartphones or internet connectivity.

The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP) as part of efforts to expand access to consumer loans, particularly for people who have never borrowed from formal financial institutions or have limited credit histories.

CREDICORP announced *347*333# as the USSD code for accessing the service, although its nationwide availability has not yet been confirmed. The corporation is expected to expand access to the platform before the end of 2026.

SPARK is designed to provide first-time borrowers with an opportunity to establish formal repayment records. Such records could help them build credit profiles and improve their chances of accessing other financial services in the future.

Unlike conventional digital lending platforms that require internet access and smartphones, the USSD service is intended to make consumer credit more accessible to Nigerians using basic mobile devices.

What Nigerians can use CREDICORP consumer loans for

CREDICORP’s broader consumer credit programmes cover five major areas designed to help individuals acquire essential goods, household equipment and productive assets.

These include:

• Mobility: Compressed natural gas (CNG) vehicles, electric vehicles and other transport-related assets.
• Digital devices: Laptops, smartphones and tablets.
• Energy solutions: Generators and solar power systems.
• Home improvement: Furniture, household appliances and building materials.
• Life essentials: Healthcare, clothing, food and beverages.

However, these categories represent CREDICORP’s wider consumer credit priorities. They should not be interpreted as confirmation that every listed product or service is currently available for financing through SPARK.

Why the Federal Government introduced SPARK

The service was unveiled at CREDICORP’s CREDICORP for All showcase in Aba, Abia State, where the corporation presented its consumer credit initiatives to more than 1,000 residents.

The event brought together beneficiaries, participating financial institutions, local vendors and government representatives to demonstrate how access to credit could support household needs and economic activities.

Activities included demonstrations of credit access for market women and traders, presentations on the YouthCred initiative for young Nigerians and the display 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 (S.C.A.L.E.) initiative.

Speaking at the event, CREDICORP’s Managing Director and Chief Executive Officer, Uzoma Nwagba, said the programme was designed to ensure consumer credit was not restricted to a small section of the population.

“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian.”

Nwagba said the Aba showcase demonstrated how the corporation’s programmes could support market traders, young people and transport operators, while SPARK would provide a simpler route for Nigerians to begin establishing credit histories.

Representing Abia State Governor Alex Otti, the governor’s chief principal, Chinenye Mba-Uzoukwu, said the state government was working to create an environment that would encourage businesses, attract investment and expand access to responsible consumer credit.

She said the government’s efforts to strengthen the business environment would help initiatives such as CREDICORP reach traders, young people and households across the state.

Also speaking, the Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, said the initiative demonstrated how public investment could support businesses, local manufacturers and economic opportunities for citizens.

CREDICORP disclosed that it had facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerianssince commencing operations, with women accounting for approximately 59 per cent of beneficiaries.

What Nigerians should know before using SPARK

SPARK is a loan service, not a government grant. Anyone who obtains credit through the platform will be expected to repay the borrowed amount under the agreed terms.

Although CREDICORP has announced the USSD code, comprehensive details about the service’s loan limits, interest rates, repayment periods, eligibility requirements and participating lenders have not been fully disclosed in the announcement.

Nigerians interested in using the service should therefore confirm its official availability and obtain the complete loan terms before accepting any offer.

Prospective borrowers should also be cautious of unofficial websites, agents or individuals demanding upfront payments in exchange for guaranteed loan approval.

The introduction of SPARK is part of the Federal Government’s broader effort to expand consumer credit access and encourage more Nigerians to participate in the formal credit system.