By Sandra Ugwu 

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

The initiative, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP) as part of efforts to expand access to consumer credit, particularly among first-time borrowers and Nigerians without established credit histories.

The service can be accessed through the USSD code *347*333#, although the corporation has indicated that nationwide availability is still being expanded, with a wider rollout expected before the end of 2026.

According to reports, the initiative is designed to enable Nigerians establish formal credit histories through responsible borrowing and repayment, potentially improving their chances of accessing other financial services in the future.

CREDICORP's broader consumer credit programmes cover five major categories, including mobility solutions such as compressed natural gas (CNG) and electric vehicles; digital devices, including laptops, smartphones and tablets; energy solutions such as generators and solar panels; home improvement products, including furniture, household appliances and building materials; as well as essential needs covering healthcare, clothing, food and beverages.

However, the corporation has yet to confirm whether all these categories are immediately accessible through the SPARK platform.

The initiative was unveiled at CREDICORP's CREDICORP for All showcase in Aba, Abia State, where more than 1,000 residents were introduced to consumer credit opportunities aimed at supporting household needs, businesses and economic activities.

The event brought together beneficiaries, financial institutions, local vendors and government representatives, with demonstrations on credit access for market women and traders, presentations on the YouthCred programme for young Nigerians, and the exhibition of credit-backed tricycles for transport operators.

It 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 consumer credit should be accessible to ordinary Nigerians rather than remaining an exclusive privilege of a few.

He explained that the initiative was designed to provide financial opportunities for market women, young people, transport operators and other working Nigerians, adding that SPARK would offer a simplified pathway for individuals 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 creating an enabling environment for businesses to thrive, investments to grow and responsible consumer credit to reach more residents.

Similarly, the Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, described the initiative as an example of how government-backed investments could stimulate enterprise, support local manufacturers and translate public policies into tangible economic benefits 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 the beneficiaries.

The corporation said the expansion of consumer credit was expected to strengthen household purchasing power, support small businesses and improve access to essential goods and productive assets.

Meanwhile, Nigerians interested in accessing the SPARK service have been advised to understand its conditions before applying.

The facility is a loan scheme and not a government grant. Beneficiaries are therefore expected to repay borrowed funds according to agreed terms.

CREDICORP has yet to release comprehensive details concerning SPARK's loan limits, interest rates, repayment schedules and full eligibility requirements.

Prospective applicants have also been cautioned against unofficial websites, agents and individuals demanding upfront payments in exchange for guaranteed loan approvals.

The initiative forms part of the Federal Government's broader consumer credit reform agenda aimed at improving financial inclusion and making affordable credit more accessible to working Nigerians.