The Federal Government of Nigeria has launched a new credit service, SPARK, which allows citizens to access loans and build formal credit histories without the need for smartphones or internet connections. The service, introduced by the Nigerian Consumer Credit Corporation (CREDICORP), is specifically designed for first-time borrowers and individuals with limited or no credit history. Interested Nigerians can access the service by dialing 347333# on their mobile phones.
According to CREDICORP, SPARK will enable beneficiaries to establish repayment records through responsible borrowing, potentially improving their credit profiles and creating access to further financial opportunities. The corporation aims to make the service more widely available before the end of 2026. The launch of SPARK was announced at CREDICORP's 'CREDICORP for All' showcase in Aba, Abia State, where the corporation highlighted affordable credit opportunities for over 1,000 residents.
The 'CREDICORP for All' showcase brought together beneficiaries, financial institutions, local vendors, and government representatives to demonstrate how consumer credit could support businesses and improve livelihoods. The event featured various activities, including demonstrations of credit access for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the display of credit-backed tricycles for transport operators.
CREDICORP's Managing Director and Chief Executive Officer, Uzoma Nwagba, stated that the initiative was designed to extend consumer credit beyond traditional financial institutions. He emphasized that consumer credit should be an opportunity available to every working Nigerian, not a privilege reserved for a few. The initiative aims to provide credit opportunities for market women, financial support for young people, and productive assets for transport operators.
Other speakers at the event, including Chinenye Mba-Uzoukwu, Chief Principal to Abia State Governor Alex Otti, and Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated (MOFI) and a CREDICORP board member, expressed their support for the initiative. They highlighted the importance of creating an environment where responsible consumer credit and enterprise can thrive, and where government policies can translate into economic opportunities for citizens.
Since commencing operations, CREDICORP has facilitated over ₦53.5 billion in consumer credit for more than 351,000 Nigerians, with women accounting for approximately 59 percent of beneficiaries. The corporation's Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative has also made locally assembled tricycles available on credit. The launch of SPARK is expected to further expand access to credit for Nigerians.
The introduction of SPARK and the 'CREDICORP for All' showcase demonstrate the Federal Government's efforts to promote financial inclusion and provide opportunities for economic growth. The initiative is expected to have a positive impact on the lives of many Nigerians, particularly those in the informal sector and those with limited access to traditional financial institutions.
Key points
- The Nigerian Federal Government has launched SPARK, a USSD-based credit service, to provide loans and build formal credit histories for Nigerians without smartphones or internet connections.
- The service is specifically designed for first-time borrowers and individuals with limited or no credit history.
- CREDICORP aims to make SPARK more widely available before the end of 2026.
