The Federal Government has introduced a mobile phone-based credit service to enable Nigerians to access consumer loans without smartphones or internet connections, in a move to expand financial inclusion and bring first-time borrowers into the formal credit system.
The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation, also called CREDICORP, with 347333# designated as its access code.
The initiative is designed to help Nigerians, particularly those without formal credit histories, obtain loans and establish repayment records that could improve their credit profiles and qualify them for future financial services.
However, the USSD service is not yet confirmed to be fully operational nationwide, with CREDICORP indicating that wider availability is expected before the end of 2026.
SPARK forms part of the Federal Government's broader consumer credit programme, which targets essential household needs and productive assets.
The corporation's credit priorities cover five major areas: mobility, digital devices, energy solutions, home improvement and life essentials.
Under mobility, the programme covers compressed natural gas and electric vehicles, while digital devices include laptops, smartphones and tablets.
Energy solutions include generators and solar panels, while home improvement covers furniture, household appliances and building materials.
The life essentials category includes healthcare, clothing, food and beverages. However, CREDICORP has not confirmed that all these categories are currently available for financing specifically through SPARK.
The initiative was showcased at CREDICORP's Consumer Credit for All event in Aba, Abia State, where more than 1,000 residents were introduced to consumer credit opportunities.
The event brought together beneficiaries, participating financial institutions, local vendors and government representatives to demonstrate how access to credit could support household needs and economic activities.
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 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 Aba showcase demonstrated how credit could support market women, provide young people with financial opportunities and help transport operators acquire productive assets.
He added that SPARK would give Nigerians a simple way to begin building their credit histories.
Representing Abia State Governor, Alex Otti, his Chief Principal Secretary, Chinenye Mba-Uzoukwu, said the state was creating an environment where businesses could grow and responsible consumer credit could reach more residents.
“Under Governor Alex Otti's leadership, Abia State is putting the conditions in place for businesses to grow, investments to flourish and responsible credit to reach more of our people,” she said.
She added that the state's efforts to strengthen the business environment would make it easier for initiatives such as CREDICORP to support traders, young people and working families.
Also speaking, Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, said the programme demonstrated how government investment could support local businesses and manufacturers.
“Through CREDICORP, we are seeing how well-structured public investment can stimulate enterprise, support local manufacturers and deliver measurable economic impact directly to citizens,” he said.
CREDICORP disclosed that 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 said the initiative was part of efforts to expand access to credit and enable more Nigerians to acquire essential goods and assets that could improve their livelihoods.
However, SPARK is a loan facility, not a government grant. Beneficiaries are expected to repay borrowed funds under agreed terms.
CREDICORP has yet to publish comprehensive details of the service's loan limits, interest rates, repayment periods and full eligibility requirements.
Prospective applicants have also been advised to avoid unofficial websites, agents and individuals demanding upfront payments in exchange for guaranteed loan approval.
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