The Federal Government has introduced a USSD-based consumer credit platform that will allow Nigerians to access loans using basic mobile phones without requiring internet access or smartphones.
The initiative, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP), which announced *347*333# as the access code ahead of the service’s wider rollout.
CREDICORP said the platform was designed to widen access to consumer financing, particularly for Nigerians who are first-time borrowers or lack formal credit histories.
Although the service has been unveiled, nationwide availability is yet to be confirmed, with the corporation projecting a wider rollout before the end of 2026.
SPARK is also expected to help borrowers establish repayment records, potentially improving their credit profiles and opening up access to other financial services.
The platform forms part of CREDICORP’s broader consumer credit programme, which covers five major areas: mobility, digital devices, energy solutions, home improvement and essential goods and services.
These include electric vehicles, compressed natural gas vehicles, laptops, smartphones, solar panels, generators, furniture, household appliances, building materials, healthcare, clothing and food.
However, CREDICORP has not confirmed whether all these products and services will immediately qualify for financing through SPARK.
The platform was unveiled at the corporation’s CREDICORP for All showcase in Aba, Abia State, where consumer credit opportunities were presented to more than 1,000 residents.
The event attracted beneficiaries, financial institutions, local vendors and government representatives, with demonstrations highlighting how credit facilities could support businesses and household needs.
Activities included demonstrations of credit access for market women and traders, presentations on the YouthCred programme for young Nigerians, and the unveiling of credit-backed tricycles for transport operators.
The tricycles were made available through CREDICORP’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative, which promotes access to locally assembled products.
Speaking at the event, CREDICORP’s Managing Director and Chief Executive Officer, Uzoma Nwagba, said consumer credit should be accessible to ordinary Nigerians rather than remaining the preserve of a privileged few.
He said the showcase demonstrated how financing could empower traders, young people and transport operators, while SPARK would provide a simple entry point for Nigerians seeking to establish their credit histories.
Also speaking, Chinenye Mba-Uzoukwu, Chief Principal to Abia State Governor Alex Otti, said the state government was working to create an environment that supports business growth and responsible access to credit.
The Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, said the initiative demonstrated how public investment could stimulate enterprise, local manufacturing and economic opportunities.
CREDICORP disclosed that 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.
The corporation clarified that SPARK is a loan facility and not a grant, meaning beneficiaries will be required to repay borrowed funds in line with agreed terms.
It has, however, yet to release comprehensive details on the platform’s loan limits, interest rates, repayment schedules and eligibility criteria.
CREDICORP also cautioned prospective applicants against unofficial websites and agents demanding upfront payments in exchange for guaranteed loan approvals.