The Federal Government has unveiled a new USSD-powered consumer credit service aimed at making it easier for Nigerians to obtain loans through basic mobile phones without needing internet access or smartphones.
The initiative, called SPARK, was introduced by the Nigerian Consumer Credit Corporation (CREDICORP) as part of efforts to expand access to consumer financing, particularly for individuals seeking their first loans and those without an established credit history.
Nigerians interested in the programme have been encouraged to look out for its nationwide rollout. The USSD code announced for accessing SPARK is *347*333#, although there is currently no confirmation that the service is fully operational across the country.
According to CREDICORP, the platform is expected to become more accessible to Nigerians before the end of 2026.
The initiative is also intended to help borrowers develop a reliable loan repayment history, which could strengthen their credit profiles and improve their chances of qualifying for additional financial services in the future.
What Nigerians Can Finance Through CREDICORP
CREDICORP’s wider consumer credit programme focuses on five major categories designed to help Nigerians purchase essential products, improve their households and acquire assets that support economic activities.
The five categories include:
- Mobility: Financing options for compressed natural gas (CNG) vehicles and electric vehicles.
- Digital Devices: Access to laptops, smartphones and tablets.
- Energy Solutions: Support for purchasing generators and solar energy systems.
- Home Improvement: Financing for furniture, household appliances and building materials.
- Life Essentials: Credit opportunities covering healthcare, clothing, food and beverages.
These areas represent the corporation’s broader consumer financing objectives. However, CREDICORP has not specifically confirmed whether every product and service listed above is currently available for financing through SPARK.
Why the Federal Government Introduced SPARK
According to a report by Vanguard published on Sunday and sighted by PUNCH Online on Monday, SPARK was officially introduced during CREDICORP’s CREDICORP for All showcase in Aba, Abia State.
The event was organised to demonstrate consumer credit opportunities and featured more than 1,000 residents, alongside beneficiaries, financial institutions, local business owners and government representatives.
The programme highlighted how accessible consumer financing could improve livelihoods, encourage business growth and support economic activities within communities.
Some of the activities included practical demonstrations on accessing credit for market women and traders, presentations about the YouthCred programme for young Nigerians, and the display of credit-financed tricycles designed for transport operators.
Participants also witnessed the presentation of locally assembled tricycles provided through CREDICORP’s Securing Consumer Access for Local Enterprises initiative, popularly known as S.C.A.L.E.
Speaking at the event, CREDICORP’s Managing Director and Chief Executive Officer, Uzoma Nwagba, explained that the organisation was working to make consumer credit accessible beyond the traditional financial system.
He emphasised that access to consumer loans should not be restricted to a small group of financially privileged individuals but should be available to working Nigerians across different economic backgrounds.
Nwagba said the Aba showcase demonstrated how the initiative could provide credit opportunities for market traders, financial support for young people, productive assets for transport operators and a straightforward way for individuals to begin establishing their credit histories through SPARK.
He added that the ultimate objective was to make consumer credit more beneficial and accessible to ordinary Nigerians.
Also speaking at the event, Chinenye Mba-Uzoukwu, Chief Principal to Abia State Governor Alex Otti, said the state government was working towards creating favourable conditions for businesses, investments and responsible lending to thrive.
Representing the governor, Mba-Uzoukwu noted that the administration was focused on improving the business environment to encourage enterprise development and ensure more residents could benefit from responsible consumer financing.
He explained that strengthening the state’s economic environment would make it easier for organisations such as CREDICORP to support traders, young entrepreneurs and hardworking households.
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Similarly, Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a member of the CREDICORP board, described the showcase as an example of how government policies could create tangible economic opportunities for citizens.
According to Takang, properly structured public investments could encourage entrepreneurship, strengthen local manufacturing and deliver measurable economic benefits directly to Nigerians.
CREDICORP also disclosed that it had facilitated consumer credit worth more than ₦53.5 billion for over 351,000 Nigerians since beginning operations. Women reportedly represent approximately 59 per cent of the programme’s beneficiaries.
Important Things Nigerians Should Know About SPARK
Although SPARK is expected to make consumer loans more accessible, prospective applicants should understand some important details before using the service.
1. SPARK is not a government grant
The programme provides access to credit facilities rather than free money. Anyone who obtains a loan through the platform will be required to repay the borrowed amount based on the agreed repayment conditions.
2. Loan terms have not been fully disclosed
The public announcements introducing SPARK have not provided comprehensive information about its maximum loan amounts, applicable interest rates, repayment schedules or complete eligibility criteria.
Interested Nigerians should wait for official announcements from CREDICORP before making financial commitments.
3. Be careful of loan scams
As interest in the programme increases, fraudsters may attempt to exploit Nigerians by creating fake registration platforms or pretending to be authorised SPARK agents.
Avoid individuals or unofficial websites requesting upfront payments in exchange for guaranteed loan approval. Always verify information through CREDICORP’s official communication channels.
4. The USSD service may not be available nationwide yet
Although *347*333# has been announced as the access code, Nigerians should not automatically assume that the service is fully operational everywhere. Watch for further updates concerning its official rollout and availability.
Ultimately, SPARK represents another step towards expanding consumer credit access in Nigeria. By allowing people with basic mobile phones to access credit services without an internet connection, the initiative could help more Nigerians establish credit histories and gain access to formal financial opportunities.
