The Federal Government has unveiled a USSD-based consumer credit service that will enable Nigerians to access loans using basic mobile phones without internet connectivity or smartphones.

The service, SPARK, was introduced by the Nigerian Consumer Credit Corporation (CREDICORP) to expand access to affordable consumer loans, particularly for first-time borrowers with limited or no formal credit history.

The platform is designed to help Nigerians finance essential goods, household equipment, and productive assets; improve their quality of life; and repay over an agreed period, while stimulating demand for locally produced goods and supporting businesses.

CREDICORP’s Managing Director and Chief Executive Officer, Uzoma Nwagba, disclosed this in a post on X following the pilot unveiling of SPARK at the inaugural CREDICORP for All event in Aba, Abia State, on Friday.

The corporation unveiled ‘*347*333#’ as the USSD code for accessing SPARK, with wider availability expected before the end of 2026.

As of 31 October, CREDICORP said 353,561 Nigerians had accessed credit through its programmes, with over N61.40 billion disbursed.

SPARK’s purpose

Mr Nwagba said the initiative was aimed at helping Nigerians access goods and services required to improve their daily lives, support their livelihoods and grow their businesses.

“From mobility and solar energy to digital devices, home improvements, life essentials and household needs, credit is helping Nigerians access what they need to live, work and grow,” Mr Nwagba said.

Explaining the rationale behind the initiative, Mr Nwagba said President Bola Tinubu’s vision for consumer credit was to enable working Nigerians to improve their living standards without having to pay the full cost of essential purchases upfront.

“Mr President’s vision for consumer credit is simple: every working Nigerian should be able to improve their quality of life today and pay over time, while also empowering local enterprise via higher purchasing power.

“It is about changing how Nigerians think about credit, and making sure they feel its impact in their everyday lives and our economy,” the CREDICORP MD said.

Mr Nwagba said the corporation had taken the initiative to visit states across the country, adding that its programmes were active in all 36 states and the Federal Capital Territory.

Aba inaugural CREDICORP

He described the Aba event as a homecoming, saying it brought together CREDICORP’s consumer credit products and credit education in one location.

According to him, more than 1,800 residents of Abia State benefited directly from the inaugural event, accessing vehicles, trade inventory, digital devices and essential goods through credit facilities provided by participating financial institutions.

The event also showcased other CREDICORP programmes targeting different categories of Nigerians.

Under the Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative, transport operators received locally assembled tricycles on credit to support income-generating activities.

The YouthCred programme provides affordable consumer credit for members of the National Youth Service Corps (NYSC), employed young Nigerians and young entrepreneurs.

The corporation also expanded credit access for market women and traders seeking financing to purchase trade inventory.

Mr Nwagba said CREDICORP returned to traders at Ariaria Market, where it began its market-focused intervention in June 2025, to extend credit access to more traders and markets.

He added that participating financial institutions registered workers, traders and transport operators for credit facilities during the event.

SPARK operations

SPARK is designed to make consumer credit accessible to Nigerians who may not own smartphones or have internet connectivity.

Through the USSD-based platform, eligible borrowers, particularly first-time applicants, can access credit and begin building formal repayment histories. These records could subsequently strengthen their credit profiles and improve their chances of accessing additional financial services.

However, SPARK is a credit facility, not a grant. Borrowers will be required to repay loans according to the terms agreed with participating financial institutions.

Mr Nwagba said the corporation had supported 36 financial institutions to expand consumer lending and stimulated seven local industries through credit-backed demand.

According to him, CREDICORP had recorded zero non-performing loans across its wholesale lending portfolio.