ABUJA, Nigeria — The Federal Government has introduced a new USSD-based credit service that will enable Nigerians to access consumer loans for food, solar energy systems, household items and other essentials using ordinary mobile phones, without the need for internet connectivity or smartphones.
The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP) during its “CREDICORP for All” showcase in Aba, Abia State. The designated USSD code is 347333#.
Nigerian Consumer Credit Corporation launched the service accessible via 347333# on basic mobile phones to boost financial inclusion for first-time borrowers.
According to CREDICORP, the platform is specifically designed to expand access to credit among first-time borrowers and Nigerians with little or no formal credit history. Successful repayment of loans is expected to help users build credit records that could improve their eligibility for larger financing in the future.
CREDICORP’s broader consumer credit programmes cover five main categories:
- Life essentials — food and beverages, healthcare and apparel
- Energy solutions — solar panels and generators
- Home improvement — furniture, household appliances and building materials
- Digital devices — laptops, smartphones and tablets
- Mobility — compressed natural gas (CNG) and electric vehicles
The corporation said SPARK is expected to become more widely available nationwide before the end of 2026. Exact loan limits, interest rates and repayment terms have not yet been fully disclosed.
CREDICORP Managing Director Uzoma Nwagba stated that consumer credit should not be a privilege reserved for a few, emphasising the corporation’s mandate to deepen financial inclusion and support economic participation.
Since commencing operations, CREDICORP has facilitated more than ₦53.5 billion (with some updates citing over ₦61.4 billion) in consumer credit for over 351,000 Nigerians across all 774 local government areas, with women accounting for approximately 59 per cent of beneficiaries.
Officials have clarified that SPARK is a loan facility and not a grant. Beneficiaries will be required to repay borrowed funds according to the agreed terms and conditions.
The introduction of the USSD platform forms part of the Federal Government’s ongoing efforts to make consumer credit more accessible, particularly to underserved populations who rely on basic feature phones.
About the Author
