The Federal Government has unveiled a USSD-based shopper credit service that may allow Nigerians to entry loans utilizing primary cell phones with out web connectivity or smartphones.
The service, SPARK, was launched by the Nigerian Consumer Credit Corporation (CREDICORP) to broaden entry to reasonably priced shopper loans, significantly for first-time debtors with restricted or no formal credit historical past.
The platform is designed to assist Nigerians finance important items, household tools, and productive property; enhance their high quality of life; and repay over an agreed interval, whereas stimulating demand for regionally produced items and supporting companies.
CREDICORP’s Managing Director and Chief Executive Officer, Uzoma Nwagba, disclosed this in a publish on X following the pilot unveiling of SPARK on the inaugural CREDICORP for All occasion in Aba, Abia State, on Friday.
The company unveiled ‘*347*333#’ because the USSD code for accessing SPARK, with wider availability anticipated earlier than the tip of 2026.
As of 31 October, CREDICORP stated 353,561 Nigerians had accessed credit by way of its programmes, with over N61.40 billion disbursed.
SPARK’s objective
Mr Nwagba stated the initiative was geared toward serving to Nigerians entry items and providers required to enhance their day by day lives, assist their livelihoods and develop their companies.
“From mobility and solar energy to digital devices, home improvements, life essentials and household needs, credit is helping Nigerians access what they need to live, work and grow,” Mr Nwagba stated.
Explaining the rationale behind the initiative, Mr Nwagba stated President Bola Tinubu’s imaginative and prescient for shopper credit was to allow working Nigerians to enhance their residing requirements with out having to pay the total price of important purchases upfront.
“Mr President’s imaginative and prescient for shopper credit is straightforward: each working Nigerian ought to be capable to enhance their high quality of life at present and pay over time, whereas additionally empowering native enterprise by way of larger buying energy.
“It is about changing how Nigerians think about credit, and making sure they feel its impact in their everyday lives and our economy,” the CREDICORP MD stated.
Mr Nwagba stated the company had taken the initiative to go to states throughout the nation, including that its programmes had been energetic in all 36 states and the Federal Capital Territory.
Aba inaugural CREDICORP
He described the Aba occasion as a homecoming, saying it introduced collectively CREDICORP’s shopper credit merchandise and credit training in a single location.
According to him, greater than 1,800 residents of Abia State benefited instantly from the inaugural occasion, accessing automobiles, commerce stock, digital units and important items by way of credit services offered by collaborating monetary establishments.
The occasion additionally showcased different CREDICORP programmes focusing on completely different classes of Nigerians.
Under the Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative, transport operators obtained regionally assembled tricycles on credit to assist income-generating actions.
The YouthCred programme gives reasonably priced shopper credit for members of the National Youth Service Corps (NYSC), employed younger Nigerians and younger entrepreneurs.
The company additionally expanded credit entry for market girls and merchants searching for financing to buy commerce stock.
Mr Nwagba stated CREDICORP returned to merchants at Ariaria Market, the place it started its market-focused intervention in June 2025, to increase credit entry to extra merchants and markets.
READ ALSO: FGN’s CREDICORP showcases consumer credit access for over 1,000 Abians, pilots SPARK
He added that collaborating monetary establishments registered staff, merchants and transport operators for credit services through the occasion.
SPARK operations
SPARK is designed to make shopper credit accessible to Nigerians who might not personal smartphones or have web connectivity.
Through the USSD-based platform, eligible debtors, significantly first-time candidates, can entry credit and start constructing formal compensation histories. These information might subsequently strengthen their credit profiles and enhance their possibilities of accessing extra monetary providers.
However, SPARK is a credit facility, not a grant. Borrowers will likely be required to repay loans based on the phrases agreed with collaborating monetary establishments.
Mr Nwagba stated the company had supported 36 monetary establishments to broaden shopper lending and stimulated seven native industries by way of credit-backed demand.
According to him, CREDICORP had recorded zero non-performing loans throughout its wholesale lending portfolio.
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