The Federal Government has unveiled a USSD-based shopper credit service that can allow Nigerians to entry loans utilizing primary cellphones with out web connectivity or smartphones.
The service, SPARK, was launched by the Nigerian Consumer Credit Corporation (CREDICORP) to increase entry to inexpensive shopper loans, significantly for first-time debtors with restricted or no formal credit historical past.
The platform is designed to assist Nigerians finance important items, household tools, and productive belongings; enhance their high quality of life; and repay over an agreed interval, whereas stimulating demand for regionally produced items and supporting companies.
CREDICORP’s Managing Director and Chief Executive Officer, Uzoma Nwagba, disclosed this in a publish on X following the pilot unveiling of SPARK on the inaugural CREDICORP for All occasion in Aba, Abia State, on Friday.
The company unveiled ‘*347*333#’ because the USSD code for accessing SPARK, with wider availability anticipated earlier than the top of 2026.
As of 31 October, CREDICORP mentioned 353,561 Nigerians had accessed credit by means of its programmes, with over N61.40 billion disbursed.
SPARK’s objective
Mr Nwagba mentioned the initiative was aimed toward serving to Nigerians entry items and companies required to enhance their day by day lives, assist their livelihoods and develop their companies.
“From mobility and solar energy to digital devices, home improvements, life essentials and household needs, credit is helping Nigerians access what they need to live, work and grow,” Mr Nwagba mentioned.
Explaining the rationale behind the initiative, Mr Nwagba mentioned President Bola Tinubu’s imaginative and prescient for shopper credit was to allow working Nigerians to enhance their residing requirements with out having to pay the total value of important purchases upfront.
“Mr President’s imaginative and prescient for shopper credit is easy: each working Nigerian ought to be capable of enhance their high quality of life in the present day and pay over time, whereas additionally empowering native enterprise through increased buying energy.
“It is about changing how Nigerians think about credit, and making sure they feel its impact in their everyday lives and our economy,” the CREDICORP MD mentioned.
Mr Nwagba mentioned the company had taken the initiative to go to states throughout the nation, including that its programmes had been energetic in all 36 states and the Federal Capital Territory.
Aba inaugural CREDICORP
He described the Aba occasion as a homecoming, saying it introduced collectively CREDICORP’s shopper credit merchandise and credit training in a single location.
According to him, greater than 1,800 residents of Abia State benefited straight from the inaugural occasion, accessing autos, commerce stock, digital units and important items by means of credit amenities offered by collaborating monetary establishments.
The occasion additionally showcased different CREDICORP programmes focusing on completely different classes of Nigerians.
Under the Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative, transport operators obtained regionally assembled tricycles on credit to assist income-generating actions.
The YouthCred programme gives inexpensive shopper credit for members of the National Youth Service Corps (NYSC), employed younger Nigerians and younger entrepreneurs.
The company additionally expanded credit entry for market girls and merchants in search of financing to buy commerce stock.
Mr Nwagba mentioned CREDICORP returned to merchants at Ariaria Market, the place it started its market-focused intervention in June 2025, to increase credit entry to extra merchants and markets.
READ ALSO: FGN’s CREDICORP showcases consumer credit access for over 1,000 Abians, pilots SPARK
He added that collaborating monetary establishments registered employees, merchants and transport operators for credit amenities throughout the occasion.
SPARK operations
SPARK is designed to make shopper credit accessible to Nigerians who could not personal smartphones or have web connectivity.
Through the USSD-based platform, eligible debtors, significantly first-time candidates, can entry credit and start constructing formal reimbursement histories. These data might subsequently strengthen their credit profiles and enhance their possibilities of accessing extra monetary companies.
However, SPARK is a credit facility, not a grant. Borrowers shall be required to repay loans based on the phrases agreed with collaborating monetary establishments.
Mr Nwagba mentioned the company had supported 36 monetary establishments to increase shopper lending and stimulated seven native industries by means of credit-backed demand.
According to him, CREDICORP had recorded zero non-performing loans throughout its wholesale lending portfolio.
Discover extra from Premium Times Nigeria
Subscribe to get the most recent posts despatched to your electronic mail.
