The Federal Government has introduced a USSD-based consumer credit service that will enable Nigerians to access loans through basic mobile phones without requiring smartphones or internet connectivity.
The initiative, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP) to expand access to consumer financing, particularly for first-time borrowers and Nigerians with little or no formal credit history.
The USSD code announced for accessing the service is 347333#. However, its nationwide availability has not been confirmed, as the corporation expects a wider rollout before the end of 2026.
SPARK is designed to provide an entry point into formal borrowing for Nigerians who have previously struggled to obtain loans because they lack established credit records.
Through responsible borrowing and consistent repayment, beneficiaries are expected to build credit histories that could improve their credit profiles and increase their chances of accessing other financial services.
What Nigerians can finance through CREDICORP
CREDICORP’s broader consumer credit programmes cover five major areas involving essential goods, household equipment and productive assets.
They 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, appliances and building materials; and life essentials covering healthcare, clothing, food and beverages.
However, these categories represent the corporation’s wider consumer credit priorities. CREDICORP has not specifically confirmed that every listed item can currently be financed through SPARK.
Why FG introduced SPARK
The product was unveiled during CREDICORP’s CREDICORP for All showcase in Aba, Abia State, on October 28, where the corporation presented consumer credit opportunities to more than 1,000 residents.
The event brought together beneficiaries, financial institutions, local vendors and government representatives to demonstrate how consumer financing could support businesses, livelihoods and economic activities.
Activities included credit-access demonstrations for market women and traders, presentations on the YouthCred initiative for young Nigerians and the exhibition of credit-backed tricycles for transport operators.
The tricycles were made available through CREDICORP’s Securing Consumer Access for Local Enterprises initiative, known as S.C.A.L.E., which connects consumers with locally manufactured products through financing arrangements.
Speaking at the event, CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said consumer credit should be accessible to ordinary Nigerians rather than remain a privilege for a few.
“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian,” Nwagba said.
He explained that the initiative would provide credit opportunities for market women, young people and transport operators while helping first-time borrowers establish formal credit histories.
Representing Abia State Governor, Alex Otti, the governor’s Chief Principal, Chinenye Mba-Uzoukwu, said the state was creating an environment that would support businesses, investments and responsible consumer lending.
Similarly, Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a CREDICORP board member, said the initiative demonstrated how public investment could support local manufacturers and create economic opportunities.
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 before applying
SPARK is a loan service, not a government grant. Successful applicants will be expected to repay borrowed funds according to agreed terms and conditions.
Although the USSD code has been announced, comprehensive details concerning loan limits, interest rates, repayment periods and eligibility requirements have not been fully published.
Prospective borrowers should therefore confirm the service’s availability and terms through CREDICORP’s official communication channels before submitting personal information.
They should also avoid unofficial agents or websites demanding upfront payments in exchange for guaranteed loan approval.
