The Federal Government has introduced a USSD-based credit service designed to help Nigerians access consumer loans using basic mobile phones without requiring internet connectivity or smartphones.
The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation, also known as CREDICORP, to expand access to credit, particularly for first-time borrowers with limited or no formal credit history.
Interested Nigerians have been advised to watch for the service’s wider rollout. *347*333# was unveiled as the USSD code for accessing SPARK, but the service is not yet confirmed to be fully operational nationwide.
CREDICORP said the product was expected to become more widely available before the end of 2026.
The initiative is designed to help borrowers establish repayment records that could improve their credit profiles and create opportunities to access further financial services.
What Nigerians can use CREDICORP credit for
CREDICORP’s broader consumer credit programmes cover five thematic areas aimed at improving access to essential goods, household equipment and productive assets.
They include, Mobility: Compressed natural gas (CNG) and electric vehicles, Digital devices: Laptops, smartphones and tablets, Energy solutions: Generators and solar panels, Home improvement: Furniture, household appliances and building materials, and Life essentials: Healthcare, apparel, food and beverages.
These categories outline CREDICORP’s broader consumer credit priorities. However, the available announcement does not confirm that all the listed goods and services can currently be financed through SPARK specifically.
Why FG introduced SPARK
According to Vanguard in a Sunday publication sighted by PUNCH Online on Monday, the product 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, participating financial institutions, local vendors and government representatives to demonstrate how consumer credit could support livelihoods and economic activities.
Activities included credit-access demonstrations for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the showcasing 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.
CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the initiative was intended to extend consumer credit beyond traditional financial institutions.
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.”
Chinenye Mba-Uzoukwu, chief principal to Abia State Governor Alex Otti, said the state government was creating an environment in which businesses could grow and responsible consumer credit could 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 at the event.
“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 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 said 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
SPARK is a credit service, not a grant. Borrowers who obtain loans will be expected to repay them according to the agreed terms.
The corporation has not provided comprehensive public details of SPARK’s loan limits, interest rates, repayment periods or full eligibility requirements in the reports announcing the product.
Prospective borrowers should also avoid unofficial websites, agents or individuals demanding upfront payments in exchange for guaranteed loan approval.
