FG unveils USSD credit service for Nigerians
The Federal Government has unveiled a mobile phone service intended to help Nigerians access consumer credit without an internet connection or smartphone.
The Nigerian Consumer Credit Corporation, called SPARK, introduced the service by CREDICORP to widen access to credit, particularly for first-time borrowers with little or no formal credit history. Its USSD code is 347333#, but nationwide availability has not yet been confirmed. CREDICORP expects the service to become more widely available before the end of 2026
*President Tinubu
Abimbola Joseph
The Federal Government has unveiled a mobile phone service intended to help Nigerians access consumer credit without an internet connection or smartphone.
The Nigerian Consumer Credit Corporation, called SPARK, introduced the service by CREDICORP to widen access to credit, particularly for first-time borrowers with little or no formal credit history. Its USSD code is 347333#, but nationwide availability has not yet been confirmed. CREDICORP expects the service to become more widely available before the end of 2026.
The initiative is designed to help borrowers build repayment records that could strengthen their credit profiles and improve their access to other financial services.
What CREDICORP credit can cover
CREDICORP’s wider consumer credit programmes focus on five areas: mobility, including compressed natural gas and electric vehicles; digital devices, such as laptops, smartphones and tablets; energy solutions, including generators and solar panels; home improvements, such as furniture, appliances and building materials; and essential goods and services, including healthcare, clothing, food and beverages.
However, the announcement does not confirm that all these items can currently be financed through SPARK.
Credit showcase held in Aba
According to a report by Vanguard, cited by PUNCH Online, SPARK was unveiled at CREDICORP’s “CREDICORP for All” showcase in Aba, Abia State. The event highlighted consumer credit opportunities for more than 1,000 residents and brought together beneficiaries, financial institutions, local vendors and government representatives.
Activities included demonstrations on accessing credit for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the display of credit-backed tricycles for transport operators.
The event also featured locally assembled tricycles provided through CREDICORP’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative.
CREDICORP’s Managing Director and Chief Executive Officer, Uzoma Nwagba, said the organisation aimed to make consumer credit more widely available.
“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian,” he said.
He added that the Aba event demonstrated how credit could support traders, give young people a financial head start, provide productive assets for transport operators and help people begin building a credit history through SPARK.
Chinenye Mba-Uzoukwu, principal aide to Abia State Governor Alex Otti, said the state was working to create conditions for business growth and responsible lending. She represented the governor at the event.
Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a CREDICORP board member, said the showcase demonstrated how public investment could support businesses, local manufacturers and citizens.
CREDICORP said it had facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians since beginning operations. Women account for about 59 per cent of beneficiaries.
What prospective borrowers should know
SPARK provides credit; it is not a grant. Borrowers will have to repay loans according to the agreed terms.
Public reports announcing the service do not provide full details of its loan limits, interest rates, repayment periods or eligibility criteria. Prospective borrowers should verify the service’s availability and terms through CREDICORP’s official channels, and avoid anyone demanding an upfront fee in exchange for guaranteed loan approval.
