THE Federal Government has introduced a USSD-based consumer credit service to enable Nigerians access loans through basic mobile phones without requiring internet connectivity or smartphones.
The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP) in Aba, Abia State, to expand access to consumer loans, particularly for first-time borrowers with little or no formal credit history.
CREDICORP’s Managing Director and Chief Executive Officer, Uzoma Nwagba, said the initiative was designed to make consumer credit accessible beyond traditional financial institutions.
“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,” Nwagba said.
The event highlighted consumer credit opportunities for more than 1,000 residents and brought together beneficiaries, participating financial institutions, local vendors and government representatives.
The USSD code, 347333#, was announced as the access channel for the service. However, its full nationwide availability has not been confirmed, as CREDICORP said a wider rollout was expected before the end of 2026.
The initiative is designed to help borrowers establish repayment records, improve their credit profiles and potentially qualify for additional financial services.
CREDICORP’s broader consumer credit programmes cover five major categories aimed at improving access to essential goods, household equipment and productive assets.
They include compressed natural gas (CNG), electric vehicles, laptops, smartphones, tablets, generators and solar panels, furniture, household appliances, building materials, healthcare, apparel, food and beverages.
However, these categories represent CREDICORP’s broader consumer credit priorities.
Activities included demonstrations on accessing credit for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the unveiling of credit-backed tricycles for transport operators.
The event also featured locally assembled tricycles provided through CREDICORP’s Securing Consumer Access for Local Enterprises initiative, known as S.C.A.L.E.
The Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, said the showcase demonstrated how government policies could translate into economic opportunities.
“Through CREDICORP, we are seeing how well-structured public investment can stimulate enterprise, support local manufacturers and deliver measurable economic impact directly to citizens,” Takang said.
CREDICORP said it had facilitated more than N53.5 billion in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.
According to CREDICORP, SPARK is a credit service, not a grant, noting that Nigerians who obtain loans through the platform will be required to repay them in line with the agreed terms.
However, comprehensive details of the product, including loan limits, interest rates, repayment periods and eligibility requirements, have not been publicly provided in the announcements introducing the service.
Nigerians are also advised to avoid unofficial websites, agents or individuals demanding upfront payments in exchange for guaranteed loan approvals.
Nanji is an investigative journalist with the ICIR. She has years of experience in reporting and broadcasting human angle stories, gender inequalities, minority stories, and human rights issues. She has documented sexual war crimes in armed conflict, sex for grades in Nigerian Universities, harmful traditional practices and human trafficking.