The Federal Government has launched a new USSD-based credit service, SPARK, designed to help Nigerians access loans and build formal credit histories using basic mobile phones.

Interested Nigerians can dial 347333# on their mobile phones to access the service without requiring a smartphone or internet connection.

The initiative, introduced through the Nigerian Consumer Credit Corporation (CREDICORP), targets first-time borrowers, low-income earners and people with limited access to conventional banking services.

According to CREDICORP, the platform is expected to simplify access to consumer credit while helping borrowers establish formal credit histories through responsible borrowing and timely repayment.

CREDICORP Managing Director/Chief Executive Officer Uzoma Nwagba disclosed that the corporation has so far facilitated over N53.5 billion in consumer credit for more than 351,000 Nigerians since commencing operations, with women accounting for about 59 per cent of beneficiaries.