By Annette Ikponmwonba | November 2nd, 2026
Key Points
· The Federal Government has introduced SPARK, a USSD-based credit service that lets Nigerians access consumer loans using basic phones without internet or smartphones
· The service was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP), with 347333# given as the access code
· It targets first-time borrowers with limited or no formal credit history
· CREDICORP says SPARK should be more widely available before the end of 2026, but it is not yet confirmed to be fully operational nationwide
· CREDICORP’s wider programmes cover mobility, digital devices, energy, home improvement and life essentials such as food and healthcare
· CREDICORP says it has facilitated over ₦53.5bn in consumer credit for more than 351,000 Nigerians, with women making up about 59 per cent
Main Story
The Federal Government has introduced a USSD-based credit service designed to help Nigerians access consumer loans using basic mobile phones, without needing internet connectivity or a smartphone. The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation, also known as CREDICORP, to expand access to credit, particularly for first-time borrowers with limited or no formal credit history.
The USSD code for accessing SPARK is 347333#, but the service has not been confirmed as fully operational nationwide. CREDICORP said the product was expected to become more widely available before the end of 2026. The initiative is meant to help borrowers build repayment records that could improve their credit profiles and open the door to further financial services.
SPARK 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, participating financial institutions, local vendors and government representatives. 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, assembled locally under the Securing Consumer Access for Local Enterprises initiative, known as S.C.A.L.E.
The Issues
The main question is what SPARK can actually finance. CREDICORP’s broader consumer credit programmes cover five areas: mobility, including CNG and electric vehicles; digital devices such as laptops, smartphones and tablets; energy solutions such as generators and solar panels; home improvement, including furniture, appliances and building materials; and life essentials such as healthcare, apparel, food and beverages. However, the announcement does not confirm that all of these can currently be financed through SPARK specifically.
Key terms are also missing. The corporation has not publicly provided comprehensive details on SPARK’s loan limits, interest rates, repayment periods or full eligibility requirements, which makes it hard for prospective borrowers to judge the cost and suitability of the product.
There is also a consumer protection concern. SPARK is a credit service, not a grant, so borrowers must repay on the agreed terms. Nigerians have been warned to avoid unofficial websites, agents or individuals who demand upfront payments in exchange for guaranteed loan approval.
What’s Being Said
CREDICORP Managing Director and CEO Uzoma Nwagba said the aim is 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 added that the Aba showcase demonstrated what that means in practice: “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. This is how we make credit work for the people.”
Chinenye Mba-Uzoukwu, chief principal to Abia State Governor Alex Otti, represented the governor and said the state is creating conditions for businesses to grow and responsible credit to reach more people. “By strengthening the enabling environment for enterprise, we are making it easier for initiatives such as CREDICORP to support traders, young people and hardworking families across the state,” she said.
Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a CREDICORP board member, said the showcase demonstrated how government policies can translate into economic opportunities. “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.
What’s Next
Nigerians interested in SPARK have been advised to watch for its wider rollout, expected before the end of 2026. Attention will turn to whether CREDICORP publishes loan limits, interest rates, repayment periods and eligibility rules, and whether the full range of goods and services can be financed through the USSD channel, The corporation is also likely to continue similar showcases in other states, while the performance of its existing programmes, including YouthCred and S.C.A.L.E., will be watched as it expands.
Bottom Line
SPARK offers a simple, phone-based route into credit for Nigerians with no formal credit history, but until CREDICORP confirms the nationwide rollout and publishes the loan terms, borrowers should treat it as a promising launch rather than a fully available service, and stay alert to scammers.
