Blessing Bello, Reporting
THE Federal Government has introduced a USSD-based consumer credit service, SPARK, designed to enable Nigerians to access loans through basic mobile phones without internet connectivity or smartphones.
The service, unveiled by the Nigerian Consumer Credit Corporation (CREDICORP), is intended to expand access to consumer credit, particularly for first-time borrowers with little or no formal credit history.
The designated USSD code for accessing SPARK is 347333#. However, the service has not been confirmed as fully operational nationwide, with CREDICORP expecting wider availability before the end of 2026.
The initiative is also expected to help borrowers establish repayment histories that could strengthen their credit profiles and improve their chances of accessing other financial services.
CREDICORP’s broader consumer credit programmes cover five major areas: mobility, digital devices, energy solutions, home improvement and essential needs.
These include compressed natural gas 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 products and services can currently be financed specifically through SPARK.
The initiative was unveiled at CREDICORP’s CREDICORP for All showcase in Aba, Abia State, where the corporation demonstrated consumer credit opportunities to more than 1,000 residents.
The event brought together beneficiaries, financial institutions, local vendors and government representatives to demonstrate how consumer credit could support livelihoods, entrepreneurship and economic activities.
Activities included demonstrations of credit access for market women and traders, presentations on the YouthCred initiative for young Nigerians, and exhibitions of credit-backed tricycles for transport operators.
The event also showcased 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 designed to extend consumer credit beyond traditional financial institutions.
He said the programme would make credit more accessible to ordinary Nigerians, including traders, young people and transport operators.
Nwagba explained that SPARK would provide a simple means for Nigerians to begin building their credit histories, stressing that consumer credit should be an opportunity available to every working Nigerian rather than a privilege reserved for a few.
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.
He said the state’s efforts to promote enterprise and investment would help initiatives such as CREDICORP’s programmes support traders, young people and working families.
Similarly, the Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, said the showcase demonstrated how government policies and public investment could stimulate enterprise, support local manufacturers and deliver economic benefits to citizens.
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 clarified that SPARK is a loan service, not a grant, meaning beneficiaries would be required to repay borrowed funds in accordance with agreed terms.
Details of the service’s loan limits, interest rates, repayment periods and comprehensive eligibility requirements have yet to be fully disclosed.
Prospective borrowers have also been advised to exercise caution and avoid unofficial websites or individuals demanding upfront payments in exchange for guaranteed loan approval.
The initiative is part of the Federal Government’s broader efforts to expand access to consumer credit, promote financial inclusion and enable more Nigerians to acquire essential goods and services while building credible borrowing histories.
