The Federal Government introduced a USSD based credit service to help Nigerians access consumer loans with basic mobile phones. The service required neither internet connectivity nor smartphones.
The Nigerian Consumer Credit Corporation, known as CREDICORP, unveiled the service called SPARK. Officials designed it to expand credit access, especially for first time borrowers with limited or no formal credit history.
CREDICORP presented 347333# as the USSD code for SPARK. However, the service was not yet confirmed as fully operational nationwide. CREDICORP stated that the product was expected to become more widely available before the end of 2026.
Meanwhile, the initiative aimed to help borrowers establish repayment records. These records could then improve their credit profiles and open opportunities for further financial services.
CREDICORP’s broader consumer credit programmes covered five thematic areas. These focused on essential goods, household equipment and productive assets.
The areas included mobility with compressed natural gas and electric vehicles. They also covered digital devices such as laptops, smartphones and tablets. Energy solutions featured generators and solar panels. Home improvement included furniture, household appliances and building materials. Life essentials covered healthcare, apparel, food and beverages.
CREDICORP unveiled SPARK at its CREDICORP for All showcase in Aba, Abia State. More than 1,000 residents explored credit opportunities there. The event featured demonstrations for market women and traders, the YouthCred initiative for young people, and credit backed tricycles for transport operators.
Uzoma Nwagba, Managing Director and Chief Executive Officer of CREDICORP, said the initiative extended consumer credit beyond traditional institutions. He stated, “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, represented the governor and said, “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. 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.”
Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a CREDICORP board member, added, “Through CREDICORP, we are seeing how well-structured public investment can stimulate enterprise, support local manufacturers and deliver measurable economic impact directly to citizens.”
CREDICORP reported that it had facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians since starting operations. Women accounted for approximately 59 per cent of the beneficiaries.
SPARK remained a credit facility rather than a grant. Borrowers were expected to repay loans under agreed terms. Full details on loan limits, interest rates and eligibility were not yet comprehensively disclosed.
