The Federal Government has unveiled a USSD-based consumer credit service designed to help Nigerians access loans through basic mobile phones without requiring smartphones or internet connectivity.

The service, known as SPARK, was introduced by the Nigerian Consumer Credit Corporation (CREDICORP) as part of efforts to expand access to consumer credit, particularly among first-time borrowers with little or no formal credit history.

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The USSD code, *347333#, was unveiled as the access channel for the service. However, CREDICORP has yet to confirm its full nationwide availability, advising interested Nigerians to await a wider rollout expected before the end of 2026.

SPARK is designed to help borrowers establish repayment records, which could strengthen their credit profiles and improve their chances of accessing other financial services in the future.

CREDICORP’s broader consumer credit programmes cover five major areas intended to support access to essential goods, household equipment and productive assets.

They include mobility solutions such as compressed natural gas and electric vehicles; digital devices, including laptops, smartphones and tablets; and energy products such as generators and solar panels.

Other areas include home improvement, covering furniture, household appliances and building materials, as well as life essentials such as healthcare, clothing, food and beverages.

However, the corporation has not confirmed that all these categories are currently available for financing specifically through SPARK.

According to a report by Vanguard published on Sunday and referenced by PUNCH Online on Monday, SPARK was unveiled at CREDICORP’s CREDICORP for All showcase in Aba, Abia State.

The event highlighted consumer credit opportunities for more than 1,000 residents and brought together beneficiaries, participating financial institutions, local vendors and government representatives.

Activities included demonstrations on accessing credit for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the exhibition of credit-backed tricycles for transport operators.

The event also featured locally assembled tricycles provided 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 more accessible beyond traditional financial institutions.

He said the showcase demonstrated how credit could support market women, provide financial opportunities for young people and help transport operators acquire productive assets.

Nwagba added that SPARK would offer Nigerians a simple way to begin building their credit histories.

Representing Abia State Governor Alex Otti at the event, the governor’s Chief Principal, Chinenye Mba-Uzoukwu, said the state government was creating an environment in which businesses could grow and responsible consumer credit could reach more residents.

She said the administration was strengthening the conditions needed to attract investment and support traders, young people and working families across the state.

Similarly, the Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, said the showcase demonstrated how government policies could translate into economic opportunities.

He noted that well-structured public investment could support enterprise, strengthen local manufacturing and deliver economic benefits to citizens.

CREDICORP said it had facilitated more than ₦53.5bn in consumer credit for over 351,000 Nigerians since commencing operations.

Women account for approximately 59 per cent of the beneficiaries, according to the corporation.

The figures form part of the government’s broader efforts to expand access to consumer financing and support economic participation.

SPARK is a credit service, not a grant. Anyone who obtains a loan through the platform will be expected to repay it under the agreed terms.

As of the announcement, comprehensive details of the service’s loan limits, interest rates, repayment periods and eligibility requirements had not been publicly provided.

Nigerians interested in using the service should therefore wait for official guidance from CREDICORP before applying.

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Prospective borrowers should also be cautious of unofficial websites, agents or individuals demanding upfront payments in exchange for guaranteed loan approval.