The Federal Government has unveiled a USSD-based consumer credit service that will enable Nigerians to access loans through basic mobile phones without internet connectivity or smartphones.

The service, known as SPARK, was introduced by the Nigerian Consumer Credit Corporation (CREDICORP), with 347333# unveiled as the access code ahead of its wider rollout.

CREDICORP said the initiative was designed to expand access to consumer credit, particularly for first-time borrowers with little or no formal credit history.

However, the service is not yet confirmed to be fully operational nationwide, with the corporation projecting wider availability before the end of 2026.

The initiative is also expected to help borrowers build repayment records that could improve their credit profiles and enable them to access additional financial services.

CREDICORP’s broader consumer credit programmes cover five major areas, including mobility, digital devices, energy solutions, home improvement and life essentials.

The categories include compressed natural gas and electric vehicles, laptops, smartphones, solar panels, generators, furniture, household appliances, building materials, healthcare, clothing, food and beverages.

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However, the announcement did not confirm that all the listed goods and services would be immediately available for financing through SPARK.

According to Vanguard, the product was unveiled at CREDICORP’s CREDICORP for All showcase in Aba, Abia State, where the corporation highlighted consumer 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 livelihoods and economic activities.

Activities included credit-access demonstrations for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the showcasing of credit-backed tricycles for transport operators.

The event also featured locally assembled tricycles made available through CREDICORP’s Securing Consumer Access for Local Enterprises initiative, known as S.C.A.L.E.

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,” he said.

Nwagba said the showcase demonstrated how credit could support market women, young people and transport operators, while SPARK would provide Nigerians with a simple way to begin building their credit histories.

Chinenye Mba-Uzoukwu, chief principal to Abia State Governor Alex Otti, said the state government was creating an enabling environment for businesses to grow and responsible credit to reach more residents.

Also speaking, 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 enterprise, local manufacturing and economic opportunities.

CREDICORP said it had facilitated more than N53.5bn in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.

The corporation stressed that SPARK was a credit service, not a grant, and borrowers would be required to repay loans under agreed terms.

It has yet to publicly disclose comprehensive details on SPARK’s loan limits, interest rates, repayment periods and eligibility requirements.

Prospective borrowers were also advised to avoid unofficial websites or agents demanding upfront payments in exchange for guaranteed loan approval.

LUKMAN ABDULMALIK
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