The Federal Government has launched a new USSD-based credit service known as SPARK, designed to help Nigerians access loans and build formal credit histories using basic mobile phones without requiring internet access or smartphones.

The initiative was introduced by the Nigerian Consumer Credit Corporation (CREDICORP) to expand access to consumer credit, particularly for first-time borrowers and individuals with little or no formal credit history.

Interested Nigerians can access the service by dialling *347*333# on their mobile phones and following the instructions provided. The platform is designed to work on basic feature phones as well as smartphones.

According to CREDICORP, SPARK will enable beneficiaries to establish formal repayment records through responsible borrowing. Consistent repayment could gradually improve their credit profiles and create opportunities to access additional financial services.

Why the Federal Government Introduced SPARK

The service was unveiled during CREDICORP’s CREDICORP for All showcase in Aba, Abia State, where more than 1,000 residents explored affordable consumer credit opportunities.

The event featured demonstrations on credit access for market women and traders, the YouthCred initiative for young Nigerians, and credit-backed tricycles for transport operators.

Locally assembled tricycles were also showcased under the corporation’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative, which connects consumers with local manufacturers through affordable credit arrangements.

Speaking at the event, CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said consumer credit should be accessible to ordinary Nigerians rather than remain a privilege reserved for a few.

He explained that the initiative was designed to extend credit opportunities to traders, young people, workers and other Nigerians seeking financial support.

CREDICORP Disburses ₦53.5 Billion to Nigerians

The corporation disclosed that it has facilitated more than ₦53.5 billion in consumer credit to over 351,000 Nigerians since commencing operations.

Women account for approximately 59 per cent of the beneficiaries.

CREDICORP said SPARK is expected to become more widely available nationwide before the end of 2026.

The initiative is expected to strengthen financial inclusion by making formal credit more accessible to Nigerians who may not have smartphones, reliable internet connections or established borrowing records.

Important: Dialling the USSD code provides access to the service but does not automatically guarantee loan approval. Applicants should review applicable interest rates, charges and repayment conditions before accepting any loan.