The Federal Government has introduced a USSD-based credit service that will enable Nigerians to access consumer loans through basic mobile phones without requiring internet access or smartphones.
The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP) as part of efforts to widen access to consumer credit, particularly for first-time borrowers with little or no formal credit history.
The USSD code released for the service is 347333#. However, CREDICORP has yet to confirm that the platform is fully operational nationwide, advising interested Nigerians to watch for its wider rollout, which is expected before the end of 2026.
According to the corporation, SPARK will provide an opportunity for borrowers to build repayment histories, potentially improving their credit profiles and making it easier for them to access other financial services in the future.
CREDICORP’s broader consumer credit programmes cover five major areas: mobility, digital devices, energy solutions, home improvement and essential needs.
The categories include compressed natural gas and electric vehicles, laptops, smartphones, tablets, generators, solar panels, furniture, household appliances, building materials, healthcare, clothing, food and beverages.
However, the corporation has not confirmed that all these products and services are currently available for financing specifically through SPARK.
Why the Government introduced SPARK
The initiative was unveiled at CREDICORP’s “CREDICORP for All” showcase in Aba, Abia State, where the corporation highlighted consumer credit opportunities for more than 1,000 residents.
The event brought together beneficiaries, financial institutions, local vendors and government representatives to demonstrate how access to credit could support livelihoods and economic activities.
Activities included demonstrations on accessing credit for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the display of credit-backed tricycles for transport operators.
Locally assembled tricycles were also showcased through CREDICORP’s Securing Consumer Access for Local Enterprises programme, known as S.C.A.L.E.
Speaking at the event, CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the initiative was designed to make consumer credit accessible beyond traditional financial institutions.
He said the demonstration in Aba showed how credit could support traders, young people and transport operators, while SPARK would offer Nigerians a simple way to begin building their credit histories.
Representing Abia State Governor, Alex Otti, the governor’s Chief Principal, Chinenye Mba-Uzoukwu, said the state government was creating an enabling environment for businesses to grow and responsible consumer credit to reach more residents.
Similarly, the Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, said the showcase demonstrated how public investment could support enterprise, local manufacturing and economic opportunities for citizens.
CREDICORP disclosed that it had facilitated more than ₦53.5 billion 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
SPARK is a loan service, not a grant. Nigerians who access credit through the platform will be required to repay the loans according to agreed terms.
CREDICORP has not yet released comprehensive details on the service’s loan limits, interest rates, repayment periods or full eligibility requirements.
Prospective borrowers are therefore advised to rely on official CREDICORP announcements for further information and avoid unofficial websites, agents or individuals demanding upfront payments in exchange for guaranteed loan approvals.
