FG Introduces USSD Code for Consumer Loans Through SPARK

The Federal Government has introduced a new USSD-based credit service to enable Nigerians to access consumer loans without requiring smartphones or internet connectivity. The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP) as part of efforts to expand access to formal credit, particularly among Nigerians who have never borrowed through established financial institutions. Interested users can access the service through the USSD code 347333#. The platform is designed to help first-time borrowers establish repayment records that could strengthen their credit profiles and improve their chances of accessing other financial services. However, CREDICORP has indicated that the service is expected to become more widely available before the end of 2026, meaning nationwide access has not yet been confirmed. What Nigerians Can Use the Loans For CREDICORP's broader consumer credit programmes cover several categories of goods and services, including food, healthcare, digital devices, energy solutions and household equipment. The categories include mobility options such as compressed natural gas and electric vehicles; digital devices such as laptops, smartphones and tablets; and energy products, including generators and solar panels. Other areas include home improvement items such as furniture, appliances and building materials, as well as essential needs such as healthcare, clothing, food and beverages. However, the corporation's broader credit priorities should not be confused with confirmed financing options currently available through SPARK. It has not established that every item listed can presently be financed through the new USSD service. Why the Government Introduced SPARK The initiative was unveiled during CREDICORP's CREDICORP for All showcase in Aba, Abia State, where consumer credit opportunities were presented to more than 1,000 residents. The event brought together financial institutions, local vendors, beneficiaries and government representatives to demonstrate how credit could support households, traders and small businesses. Activities included credit-access demonstrations for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the presentation of credit-backed tricycles for transport operators. The tricycles were made available through CREDICORP's Securing Consumer Access for Local Enterprises initiative, known as S.C.A.L.E. Speaking at the event, CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said consumer credit should be accessible to a wider section of the population. “Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian,” he said. Nwagba explained that the initiative was intended to provide practical financial opportunities for traders, young people and transport operators, while allowing borrowers to begin building formal credit histories. Representing Abia State Governor Alex Otti, Chinenye Mba-Uzoukwu said the state government was working to create an environment that would support businesses, attract investment and encourage responsible access to credit. Similarly, Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a CREDICORP board member, said the programme demonstrated how government-backed investments could support local businesses and manufacturers. CREDICORP Reports ₦53.5bn in Consumer Credit CREDICORP disclosed that it had facilitated more than ₦53.5bn in consumer credit for over 351,000 Nigerians since commencing operations. Women account for approximately 59 per cent of the beneficiaries, according to the corporation. The organisation said its initiatives were designed to make consumer financing more accessible and support economic activities across different sectors. What Prospective Borrowers Should Know Although SPARK provides a route to accessing consumer credit through basic mobile phones, it is a loan service and not a government grant. Anyone who obtains credit through the platform will be expected to repay according to the agreed terms. CREDICORP has not yet released comprehensive details of SPARK's loan limits, interest rates, repayment periods or full eligibility requirements. Prospective borrowers are therefore advised to confirm the platform's availability and application conditions through official CREDICORP channels before proceeding. They should also avoid unofficial agents or websites demanding upfront payments in exchange for guaranteed loan approval. The corporation expects the service to become more widely accessible before the end of 2026, potentially extending formal credit opportunities to Nigerians who have limited access to conventional banking services.