Nigerians hoping to buy smartphones and laptops through consumer credit may soon have another option, following the Federal Government’s unveiling of a new loan access code under its SPARK initiative.
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The service was introduced by the Nigerian Consumer Credit Corporation (CREDICORP) to help people access loans using mobile phones, without internet connection or a smartphone. Wider availability is expected before the end of 2026.
SPARK is a USSD-based consumer credit service designed to bring more Nigerians, including first-time borrowers, into the formal credit system. Borrowers who repay on time can build credit histories that may help them qualify for other financial services. This could help people establish a record of responsible borrowing gradually over time.
CREDICORP’s wider consumer credit priorities include digital devices such as smartphones, laptops and tablets. Other categories include energy products, household equipment, mobility and essential goods.
However, the announcement does not confirm that phone and laptop financing is already available to everyone through SPARK. The corporation has not published the programme’s loan limits, interest rates, repayment periods or eligibility conditions.
SPARK is a loan facility, not a grant. Approved borrowers must repay the money under terms agreed with the participating lender. Dialling the code does not guarantee approval, and the service is not yet confirmed to be fully operational nationwide.
Prospective borrowers should avoid unofficial websites and agents demanding upfront payments or promising guaranteed approval. They should wait for CREDICORP’s official rollout details before making financial commitments.
Code to apply
Interested Nigerians should await official rollout details and confirm availability and loan terms through CREDICORP before proceeding. Wider access is expected before the end of 2026. The USSD code is *347*333#.
