The Federal Government has introduced a mobile-based credit service that will allow Nigerians to apply for consumer loans using basic mobile phones, without requiring internet access or smartphones.
The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP), with the USSD code *347*333# announced as the access channel.
The initiative is aimed at expanding access to consumer credit, particularly for Nigerians who are first-time borrowers or have little or no formal credit history. However, the service has not yet been confirmed as fully operational nationwide, with CREDICORP indicating that a wider rollout is expected before the end of 2026.
SPARK is also designed to help users establish repayment records 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 life essentials. These include compressed natural gas and electric vehicles, laptops, smartphones, solar panels, generators, furniture, household appliances, building materials, healthcare, clothing, food and beverages.
However, the corporation has not confirmed that all these categories are currently available for financing specifically through SPARK.
The product 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. Activities included demonstrations of credit access for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the display of credit-backed tricycles for transport operators.
The showcase also featured locally assembled tricycles provided through CREDICORP’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative.
Speaking at the event, CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the initiative was intended to make consumer credit accessible beyond traditional financial institutions.
“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian,” Nwagba said.
He explained that the programme was designed to provide credit opportunities for traders, young people and transport operators, while SPARK would offer Nigerians a simple way to begin building their credit histories.
Representing Abia State Governor Alex Otti, the governor’s Chief Principal, Chinenye Mba-Uzoukwu, said the state government was working to create an enabling environment for businesses, investment and responsible consumer lending.
Similarly, Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a CREDICORP board member, said the initiative demonstrated how public investment could support businesses, local manufacturers and economic activities.
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.
Despite the announcement, important details about SPARK, including loan limits, interest rates, repayment periods and eligibility requirements, have not been comprehensively disclosed.
Prospective borrowers are also advised to understand that SPARK provides loans, not grants. Beneficiaries will be required to repay borrowed funds according to agreed terms.
Nigerians have been cautioned against dealing with unofficial websites or agents demanding upfront payments in exchange for guaranteed loan approval.
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