The Federal Government has introduced a mobile-based credit service that will enable Nigerians to access consumer loans through basic phones without internet access or smartphones.
The service, called SPARK, was launched by the Nigerian Consumer Credit Corporation, also known as CREDICORP, as part of efforts to widen access to credit for Nigerians, particularly individuals seeking to establish their borrowing histories.
The USSD code, 347333#, has been unveiled for the service, although its nationwide operational status has not been confirmed. CREDICORP said SPARK was expected to become more widely accessible before the end of 2026.
The initiative is also aimed at helping first-time borrowers build repayment records that could strengthen their credit profiles and improve their chances of accessing other financial services in the future.
CREDICORP’s wider consumer credit programmes focus on five major areas, including mobility, digital devices, energy solutions, home improvement and life essentials.
These cover CNG and electric vehicles, laptops, smartphones, tablets, generators, solar panels, furniture, household appliances, building materials, healthcare, clothing, food and beverages.
However, the corporation has yet to confirm whether all these categories are currently covered under SPARK specifically.
According to Vanguard, the service was unveiled at CREDICORP’s CREDICORP for All showcase in Aba, Abia State, where consumer credit opportunities were presented to more than 1,000 residents.
The event attracted beneficiaries, financial institutions, local vendors and government officials.
The programme featured demonstrations on accessing credit for market women and traders, presentations on the YouthCred initiative for young Nigerians, and credit-backed tricycles for transport operators.
Locally assembled tricycles were also showcased under CREDICORP’s Securing Consumer Access for Local Enterprises initiative, known as S.C.A.L.E.
CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the initiative was designed to make consumer credit accessible to a wider segment of the population.
He said, “Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian.
“Today in Aba, Abia State, in Nigeria’s South East, we are demonstrating what that means in practical terms: credit for market women, a financial head start for young people, productive assets for transport operators, and with SPARK, a simple way for Nigerians to begin building their credit histories. This is how we make credit work for the people.”
Chinenye Mba-Uzoukwu, chief principal to Abia State Governor Alex Otti, said the state was working to create favourable conditions for businesses, investments and responsible lending to thrive.
“Under Governor Alex Otti’s leadership, Abia State is putting the conditions in place for businesses to grow, investments to flourish and responsible credit to reach more of our people,” Mba-Uzoukwu said, representing the governor at the event.
“By strengthening the enabling environment for enterprise, we are making it easier for initiatives such as CREDICORP to support traders, young people and hardworking families across the state.”
Similarly, Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a CREDICORP board member, said the initiative illustrated how government-backed investments could create economic opportunities for citizens.
“Through CREDICORP, we are seeing how well-structured public investment can stimulate enterprise, support local manufacturers and deliver measurable economic impact directly to citizens,” Takang said.
CREDICORP disclosed that it had facilitated more than ₦53.5bn in consumer credit for over 351,000 Nigerians since its establishment, with women representing about 59 per cent of beneficiaries.
The corporation also clarified that SPARK is a loan facility and not a grant, meaning beneficiaries would be required to repay borrowed funds based on agreed terms.
Details regarding the service’s loan limits, interest rates, repayment duration and eligibility conditions have not been comprehensively disclosed.
Prospective users have been advised to exercise caution and avoid unofficial platforms or individuals requesting upfront payments in exchange for guaranteed loan approvals.
