The Federal Government has introduced a new USSD-based credit service designed to enable Nigerians to access consumer loans and build formal credit histories without requiring smartphones or internet connectivity.
The service, known as SPARK, was introduced by the Nigerian Consumer Credit Corporation (CREDICORP) to expand access to credit, particularly for first-time borrowers and individuals with limited or no credit history.
Interested Nigerians can access the service by dialling *347*333# on their mobile phones.
According to CREDICORP, SPARK is designed to simplify access to consumer credit while helping borrowers establish repayment records that could strengthen their credit profiles and improve their access to future financial opportunities.
The corporation explained that responsible borrowing and timely repayment could help beneficiaries build credible financial histories and qualify for additional credit facilities over time.
It added that the service was expected to become more widely available to Nigerians before the end of 2026.
FG Targets Wider Access to Consumer Credit
The SPARK service was unveiled during 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 brought together loan beneficiaries, financial institutions, local vendors and government representatives to demonstrate how consumer credit could support businesses, improve livelihoods and expand economic opportunities.
Activities at the showcase included demonstrations on accessing credit for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the display of credit-backed tricycles for transport operators.
The event also featured locally assembled tricycles made available through CREDICORP’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative.
Speaking at the event, CREDICORP’s Managing Director and Chief Executive Officer, Uzoma Nwagba, said the initiative was aimed at making consumer credit accessible to Nigerians beyond the traditional financial system.
He explained that the programme was designed to provide practical financial opportunities for traders, young people and transport operators while enabling individuals to establish credit histories through services such as SPARK.
Nwagba said the government-backed initiative was intended to make consumer credit more accessible to working Nigerians and support productive economic activities.
Representing Abia State Governor, Alex Otti, the governor’s Chief Principal, Chinenye Mba-Uzoukwu, said the state government was creating an enabling environment for businesses to grow and responsible consumer credit to reach more residents.
Mba-Uzoukwu noted that improved conditions for enterprise would enable initiatives such as CREDICORP to support traders, young people and hardworking families across the state.
Also speaking, the Managing Director of the Ministry of Finance Incorporated (MOFI) and CREDICORP board member, Armstrong Ume Takang, said the programme demonstrated how government policies could translate into tangible economic benefits for citizens.
He added that properly structured public investment could stimulate enterprise, support local manufacturers and deliver measurable economic impact.
CREDICORP disclosed that it had facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.
The corporation said the expansion of consumer credit initiatives was part of efforts to improve financial inclusion and create more opportunities for Nigerians to access funding for personal and productive needs.
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