FG launches USSD credit service to help Nigerians with loans

The Federal Government has launched a USSD-based credit service. This service will allow Nigerians to get loans using basic mobile phones without needing internet or smartphones.

The service, called SPARK, was created by the Nigerian Consumer Credit Corporation, also known as CREDICORP. It aims to make affordable loans available, especially for first-time borrowers who may not have a formal credit history.

This platform will help Nigerians buy essential items, household equipment, and productive assets. It aims to improve their quality of life and allow them to repay over time. It will also boost demand for locally made goods and help businesses thrive.

Uzoma Nwagba, CREDICORP’s Managing Director and CEO, shared this news in a post on X after the pilot launch of SPARK at the first CREDICORP for All event in Aba, Abia State, on Friday.

CREDICORP announced that the USSD code for accessing SPARK is ‘347333#’. They expect to make it widely available before the end of 2026.

As of 31 October, CREDICORP reported that 353,561 Nigerians had accessed credit through its programmes, with over N61.40 billion distributed.

SPARK’s Goals

Mr Nwagba explained that the goal of this initiative is to help Nigerians access goods and services that can improve their daily lives, support their businesses, and boost their income.

“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 stated.

He said President Bola Tinubu’s vision for consumer credit is to help working Nigerians improve their living standards without paying all the costs of essential purchases upfront.

“Mr President’s vision for consumer credit is simple: every working Nigerian should be able to improve their quality of life today and pay over time, while also empowering local enterprise via higher purchasing power.

“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 said.

Mr Nwagba mentioned that the corporation has been visiting states across Nigeria. He added that its programmes are active in all 36 states and the Federal Capital Territory.

The Aba Event

He described the event in Aba as a homecoming. It brought together CREDICORP’s consumer credit products and credit education in one place.

According to him, over 1,800 people from Abia State benefited directly from the inaugural event. They accessed vehicles, trade inventory, digital devices, and essential goods through credit facilities from participating financial institutions.

The event also highlighted other CREDICORP programmes for different groups of Nigerians. Through the Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative, transport operators received locally assembled tricycles on credit to boost their income.

The YouthCred programme offers affordable consumer credit to members of the National Youth Service Corps (NYSC), employed young Nigerians, and young entrepreneurs.

The corporation also worked to expand credit access for market women and traders looking to finance their trade inventory. Mr Nwagba said CREDICORP returned to traders at Ariaria Market, where it began its market-focused work in June 2025, to provide credit access to more traders.

He added that participating financial institutions registered workers, traders, and transport operators for credit facilities during the event.

SPARK Operations

SPARK aims to make consumer credit available to Nigerians who may not own smartphones or have internet access. Through this USSD platform, eligible borrowers, especially first-time applicants, can access credit and start building a repayment history. This could help them improve their credit profiles and access more financial services later.

But, SPARK is a credit service, not a grant. Borrowers must repay loans based on the agreements made with participating financial institutions.

Mr Nwagba said the corporation has helped 36 financial institutions to grow consumer lending and has stimulated seven local industries through credit-backed demand.

According to him, CREDICORP has recorded zero non-performing loans in its wholesale lending portfolio.