The Federal Government has introduced a USSD-based credit service, SPARK, to enable Nigerians to access loans and build formal credit histories without smartphones or internet connections.

The service, launched by the Nigerian Consumer Credit Corporation (CREDICORP), is particularly targeted at first-time borrowers and people with limited or no credit history.

Interested Nigerians can dial 347333# on their mobile phones to access the service.

According to CREDICORP, SPARK will allow beneficiaries to establish repayment records through responsible borrowing, potentially improving their credit profiles and creating access to further financial opportunities.

The corporation added that the service is expected to become more widely available before the end of 2026.

Why FG Introduced SPARK

SPARK was unveiled at CREDICORP’s ‘CREDICORP for All’ showcase in Aba, Abia State, where the corporation highlighted affordable credit opportunities for more than 1,000 residents.

The event brought together beneficiaries, financial institutions, local vendors and government representatives to demonstrate how consumer credit could support businesses and improve livelihoods.

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 event also featured locally assembled tricycles made available on credit through CREDICORP’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative.

Credit Should Be Available to Every Working Nigerian

CREDICORP’s Managing Director and Chief Executive Officer, Uzoma Nwagba, said the initiative was designed to extend consumer credit 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,” he said.

He explained that the initiative would provide credit opportunities for market women, financial support for young people, productive assets for transport operators and a simple way for Nigerians to begin building their credit histories.

Also speaking, Chinenye Mba-Uzoukwu, Chief Principal to Abia State Governor Alex Otti, said the state government was creating an environment where responsible consumer credit and enterprise could thrive.

Representing the governor, Mba-Uzoukwu said the administration was working to create conditions that would support businesses, attract investments and expand access to responsible credit.

Similarly, Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated (MOFI) and a CREDICORP board member, said the showcase demonstrated how government policies could translate into economic opportunities for 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.