The Federal Government has introduced SPARK, a new USSD-based credit service designed to help Nigerians access loans and build formal credit histories.
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The product was launched by the Nigerian Consumer Credit Corporation (CREDICORP), targeting people, first-time borrowers, who have little or no credit history.
Interested Nigerians can dial *347*333# to access the service without a smartphone or internet connection.
CREDICORP said SPARK aims to simplify access to consumer credit while helping users establish repayment records. Responsible repayment could improve their credit profiles and create pathways to further financial opportunities.
The corporation said the service is expected to become more widely available before the end of 2026.
Why FG introduced SPARK
The product was unveiled at CREDICORP’s ‘CREDICORP for All’ showcase in Aba, Abia State, where the corporation highlighted affordable credit opportunities for more than 1,000 residents.
The event demonstrated how consumer credit could support businesses and livelihoods.
Activities included credit-access demonstrations for market women and traders, presentations on YouthCred for young Nigerians, and credit-backed tricycles for transport operators.
Locally assembled tricycles were also made available on credit through CREDICORP’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative.
CREDICORP Managing Director and Chief Executive Officer Uzoma Nwagba said it aimed to make consumer credit accessible beyond traditional financial institutions.
“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian,” he said.
Nwagba said the showcase demonstrated credit for traders, young people and transport operators, alongside SPARK’s credit-history pathway.
Chinenye Mba-Uzoukwu, chief principal to Abia State Governor Alex Otti, said the state was creating conditions for enterprise and responsible credit.
She said the environment would help CREDICORP support traders, youths and families.
Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated (MOFI) and a CREDICORP board member, said Federal Government policies could translate into economic opportunities.
He said public investment could stimulate enterprise, support local manufacturers and benefit citizens.
CREDICORP said it had facilitated more than N53.5bn in consumer credit for over 351,000 Nigerians since operations began. Women account for approximately 59 per cent of beneficiaries.
The USSD option may be useful to people whose phones cannot run banking apps, including traders and workers who rely on feature phones. Accessing the code does not itself guarantee approval or a loan amount; eligibility and conditions depend on the provider and assessment.
How to access SPARK
Interested Nigerians can dial *347*333# from a mobile phone to access SPARK. The service does not require a smartphone or internet connection. CREDICORP says broader availability is expected before the end of 2026. Review loan terms, repayment schedules and charges before borrowing.
