The Federal Government of Nigeria has launched a USSD-based credit service called SPARK, designed to provide consumer loans to citizens using basic mobile phones without internet connectivity. The service, unveiled by the Nigerian Consumer Credit Corporation (CREDICORP), aims to expand access to credit, particularly for first-time borrowers with limited or no formal credit history. The USSD code *347*333# has been designated for accessing SPARK.
CREDICORP's SPARK service is part of a broader consumer credit programme covering five thematic areas, including mobility, digital devices, energy solutions, home improvement, and life essentials. These categories outline CREDICORP's consumer credit priorities, which include compressed natural gas and electric vehicles, laptops, smartphones, and tablets, generators and solar panels, furniture and household appliances, and healthcare, apparel, food, and beverages.
The SPARK service was unveiled at CREDICORP's CREDICORP for All showcase in Aba, Abia State, where the corporation highlighted consumer credit opportunities for over 1,000 residents. The event featured 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.
CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, stated that the initiative aims to extend consumer credit beyond traditional financial institutions. He emphasized that consumer credit should be an opportunity available to every working Nigerian, and that SPARK provides a simple way for Nigerians to begin building their credit histories.
Abia State Governor Alex Otti's chief principal, Chinenye Mba-Uzoukwu, represented the governor at the event and noted that the state government is creating an environment in which businesses can grow and responsible consumer credit can reach more residents. Mba-Uzoukwu stated that Abia State is putting the conditions in place for businesses to grow, investments to flourish, and responsible credit to reach more people.
CREDICORP has facilitated over ₦53.5bn in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries. The corporation advises prospective borrowers to be cautious of unofficial websites, agents, or individuals demanding upfront payments in exchange for guaranteed loan approval.
The SPARK service is not a grant, and borrowers who obtain loans will be expected to repay them according to the agreed terms. However, CREDICORP has not provided comprehensive public details of SPARK's loan limits, interest rates, repayment periods, or full eligibility requirements. The service is expected to become more widely available before the end of 2026.
Key points
- The Federal Government introduces USSD-based credit service, SPARK, to provide consumer loans to citizens using basic mobile phones.
- CREDICORP's SPARK service covers five thematic areas, including mobility, digital devices, energy solutions, home improvement, and life essentials.
- The service aims to extend consumer credit beyond traditional financial institutions and provide a simple way for Nigerians to begin building their credit histories.
