The Federal Government has introduced a USSD-based credit service to enable Nigerians access consumer loans through ordinary mobile phones without internet access or smartphones.

The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation, CREDICORP, to expand access to consumer credit, particularly for first-time borrowers and Nigerians with little or no formal credit history.

The USSD code announced for accessing the service is \*347\*333#. However, its full nationwide rollout is yet to be confirmed, with wider access expected before the end of 2026.

The initiative is designed to provide loans for essential needs, including food, healthcare, clothing, mobility, digital devices, home improvement and energy solutions such as solar panels.

Other areas covered by CREDICORP’s broader consumer credit programmes include compressed natural gas and electric vehicles, laptops, smartphones, household appliances, furniture and building materials.

However, the corporation has clarified that not all these categories have been confirmed as currently accessible through the SPARK platform.

The service was unveiled at CREDICORP’s CREDICORP for All showcase in Aba, Abia State, where consumer credit opportunities were presented to more than one thousand residents.

The event brought together beneficiaries, financial institutions, local vendors and government representatives to demonstrate how consumer credit could support livelihoods and economic activities.

Activities included credit-access demonstrations for market women and traders, presentations on the YouthCred initiative for young Nigerians, and exhibitions of credit-backed tricycles for transport operators.

Speaking at the event, CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said consumer credit should be accessible to every working Nigerian rather than being reserved for a privileged few.

He explained that the initiative was designed to support market women, young people and transport operators while helping beneficiaries establish credit histories.

Also speaking, the Chief Principal to Abia State Governor, Alex Otti, Chinenye Mba-Uzoukwu, said the state government was creating an enabling environment for businesses to grow and responsible consumer credit to reach more residents.

Similarly, the Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, said the initiative demonstrated how government investment could support local manufacturers, stimulate businesses and create economic opportunities.

CREDICORP disclosed that it had facilitated more than 53.5 billion naira in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.

The corporation is yet to release comprehensive details of SPARK’s loan limits, interest rates, repayment periods and eligibility requirements.

Prospective applicants are advised that SPARK is a loan facility and not a grant, as beneficiaries will be required to repay borrowed funds according to agreed terms.

Nigerians have also been cautioned against unofficial agents or individuals demanding upfront payments in exchange for guaranteed loan approval.