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.
CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the initiative was intended to extend consumer credit beyond traditional financial institutions.
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.
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.
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.
He added that, 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.
