The Federal Government, through the Nigerian Consumer Credit Corporation, CREDICORP, has unveiled a USSD-based credit service designed to allow Nigerians, including first-time borrowers without smartphones or internet access, to begin accessing consumer credit and building formal credit histories.
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The service, known as SPARK, is expected to be accessed through the USSD code 347333#, although CREDICORP has not confirmed that the platform is already fully operational nationwide. The corporation said wider availability is expected before the end of 2026.
SPARK is targeted particularly at Nigerians with little or no formal credit history, allowing them to begin establishing repayment records that could improve their credit profiles and expand their access to financial services.
The initiative forms part of CREDICORP’s wider mandate to democratise access to responsible consumer credit for Nigeria’s working population.
CREDICORP’s broader financing programmes cover five major areas: mobility, including compressed natural gas and electric vehicles; digital devices such as laptops, smartphones and tablets; energy solutions including generators and solar panels; home improvement products such as furniture, appliances and building materials; and essential needs covering healthcare, clothing, food and beverages.
However, the corporation has not stated that every product under those wider categories is already available for financing specifically through SPARK.
The USSD service was unveiled during the “CREDICORP for All” showcase in Aba, Abia State, where the corporation demonstrated different consumer-credit opportunities to more than 1,000 residents.
The event brought together beneficiaries, participating financial institutions, local businesses and government representatives and featured credit-access demonstrations for traders and market women, presentations on the YouthCred programme and credit-backed tricycles for transport operators.
Locally assembled tricycles were also showcased under CREDICORP’s Securing Consumer Access for Local Enterprises, S.C.A.L.E., initiative.
CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the corporation was seeking to make consumer credit accessible beyond conventional 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 said the Aba programme demonstrated the practical application of the policy through credit support for market women, young Nigerians and transport operators.
According to him, SPARK would also provide Nigerians with a simpler means of beginning to establish formal credit histories.
“Today in Aba, Abia State, in Nigeria’s South East, we are demonstrating what that means in practical terms: credit for market women, a financial head start for young people, productive assets for transport operators, and with SPARK, a simple way for Nigerians to begin building their credit histories,” he said.
Chief Principal to Abia State Governor Alex Otti, Chinenye Mba-Uzoukwu, who represented the governor, said the state was working to create an environment where businesses, investments and responsible consumer credit could expand.
He said initiatives such as CREDICORP could support traders, young people and families where an enabling environment for enterprise was in place.
Also speaking, Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, said the programme demonstrated how properly structured public investment could support businesses, local manufacturing and economic opportunities for citizens.
CREDICORP said it had facilitated more than ₦53.5 billion in consumer credit to over 351,000 Nigerians since commencing operations, with women accounting for about 59 per cent of beneficiaries.
The corporation’s official mandate rests on three major pillars: providing capital and credit guarantees to participating financial institutions, strengthening consumer-credit infrastructure and credit scoring, and encouraging Nigerians to view responsible borrowing as a tool for improving living standards and economic productivity.
Prospective users should, however, note that SPARK is a credit facility and not a government grant. Any loan obtained through the programme would be repayable according to applicable terms.
CREDICORP has also not yet publicly provided comprehensive details on SPARK’s loan limits, interest rates, repayment periods or full eligibility conditions.
Nigerians interested in the programme have therefore been advised to confirm availability and requirements through official CREDICORP channels and avoid individuals or unofficial platforms demanding upfront payments in exchange for guaranteed loan approvals.
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