The Federal Government has unveiled a mobile-based consumer credit service that will enable Nigerians to apply for loans using basic mobile phones without internet access or smartphones.
The service, called SPARK, was introduced by the Nigerian Consumer Credit Corporation (CREDICORP) as part of efforts to expand access to consumer loans, particularly for individuals who are new to borrowing or have little to no formal credit history.
The USSD code announced for the service is *347*333#. However, CREDICORP has yet to confirm that the platform is fully operational nationwide, advising interested Nigerians to look out for its wider rollout, expected before the end of 2026.
According to the corporation, SPARK is designed to help borrowers establish repayment records, which could strengthen their credit profiles and improve their chances of accessing other financial services in the future.
The introduction of SPARK was announced at CREDICORP’s CREDICORP for All showcase in Aba, Abia State, where the corporation presented consumer credit opportunities to more than 1,000 residents.
The event, which brought together beneficiaries, financial institutions, local businesses and government representatives, featured demonstrations of credit access for market women and traders, presentations on the YouthCred programme for young Nigerians, and the display of credit-backed tricycles for transport operators.
It also showcased locally assembled tricycles provided through the corporation’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative.
Speaking at the event, CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the initiative was intended to make consumer credit accessible beyond the conventional financial system.
“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian,” Nwagba said.
He explained that the programme was already demonstrating how credit could support traders, provide financial opportunities for young people and help transport operators acquire productive assets.
He added that SPARK would offer Nigerians a simple means of beginning to establish their credit histories.
Representing Abia State Governor, Alex Otti, at the event, the governor’s Chief Principal, Chinenye Mba-Uzoukwu, said the state was working to create an environment that supports business growth, investment and responsible access to credit.
He said the government’s efforts to strengthen the business environment would help initiatives such as CREDICORP’s reach traders, young people and working families across the state.
Also speaking, Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, said the programme demonstrated how government-backed investments could translate into economic opportunities for citizens.
CREDICORP disclosed that it had facilitated more than ₦53.5bn in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.
*What Nigerians can finance through CREDICORP*
The corporation’s broader consumer credit programmes cover five major categories of goods and services.
They include mobility options such as compressed natural gas and electric vehicles; digital devices, including laptops, smartphones and tablets; energy solutions such as generators and solar panels; home improvement products, including furniture, household appliances and building materials; and essential needs such as healthcare, clothing, food and beverages.
However, CREDICORP has not specifically confirmed that all these categories are currently available for financing through SPARK.
*What prospective borrowers should know*
SPARK is a loan service, not a grant. Anyone who obtains credit through the platform will be required to repay the loan under the agreed terms.
Details of the service, including loan limits, interest rates, repayment periods and eligibility conditions, have not yet been comprehensively disclosed.
Prospective applicants have also been advised to avoid unofficial platforms or agents demanding upfront payments in exchange for guaranteed loan approvals.
