The Federal Government has introduced a mobile phone-based credit service aimed at helping Nigerians without smartphones or internet access obtain consumer loans and build credit histories.
The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation, also called CREDICORP, to bring more people, particularly first-time borrowers, into the formal credit system.
The service can be accessed through the USSD code 347333#, although its full nationwide rollout has not been confirmed. CREDICORP said it expected the service to become more widely available before the end of 2026.
The initiative is designed to enable borrowers to establish repayment records, which could improve their credit profiles and help them qualify for other financial services in the future.
CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the service was part of efforts to make consumer credit accessible to more Nigerians.
According to Vanguard, in a report sighted by PUNCH Online on Monday, Nwagba spoke at the corporation’s CREDICORP for All showcase in Aba, Abia State, where credit opportunities were demonstrated to more than 1,000 residents.
He said, “Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian.
“Today in Aba, Abia State, in Nigeria’s South East, we are demonstrating what that means in practical terms: 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.”
The event featured demonstrations on accessing loans for market women and traders, presentations on the YouthCred initiative for young Nigerians and the display of credit-backed tricycles for transport operators.
It also showcased locally assembled tricycles provided through CREDICORP’s Securing Consumer Access for Local Enterprises programme, known as S.C.A.L.E.
The corporation’s wider consumer credit programmes cover mobility, digital devices, energy solutions, home improvement and essential needs. These include CNG and electric vehicles, laptops, smartphones, solar panels, household appliances, healthcare and other basic needs.
However, CREDICORP has not confirmed that all these products and services are currently available for financing through SPARK.
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 for businesses to grow and responsible credit to reach more residents.
“Under Governor Alex Otti’s leadership, Abia State is putting the conditions in place for businesses to grow, investments to flourish and responsible credit to reach more of our people,” he said.
Also speaking, the Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, said the programme showed how government policies could support businesses, local manufacturers and ordinary Nigerians.
CREDICORP said it had facilitated more than N53.5bn in consumer credit for over 351,000 Nigerians since beginning operations, with women accounting for about 59 per cent of beneficiaries.
The corporation advised prospective borrowers to understand the terms of any loan before applying. SPARK is a credit facility, not a grant, and borrowers are expected to repay loans according to agreed conditions.
However, details of the service’s loan limits, interest rates, repayment periods and full eligibility requirements have not been comprehensively made public.
Prospective applicants were also warned against dealing with unofficial agents or individuals demanding upfront payments in exchange for guaranteed loan approval.
