For millions of Nigerians who have never accessed formal loans because they lack established credit histories, a new federal government initiative could offer an opportunity to take their first steps into the consumer credit system.
Key Highlights
- CREDICORP has introduced SPARK, a USSD-based credit service usable on basic phones without internet.
- The USSD code announced for SPARK is 347333#; wider availability is expected before the end of 2026.
- SPARK aims to help first-time borrowers build formal credit histories, but access does not guarantee loan approval.
- The initiative was unveiled at the CREDICORP for All showcase in Aba, Abia State.
- CREDICORP says it has facilitated over ₦53.5 billion in consumer credit for more than 351,000 Nigerians.
The initiative, known as SPARK, is a USSD-based credit service introduced by the Nigerian Consumer Credit Corporation (CREDICORP) to make it easier for Nigerians to access consumer credit using basic mobile phones without requiring smartphones or internet connectivity.
By providing a simpler entry point into formal borrowing, the service is expected to help first-time borrowers establish repayment records that could strengthen their credit profiles and improve their chances of accessing financial services in the future.
The USSD code announced for accessing SPARK is 347333#. However, the service is still being rolled out, with CREDICORP indicating that wider availability is expected before the end of 2026.
Nationwide access and full operating details have not yet been independently confirmed.
The initiative was unveiled during CREDICORP’s CREDICORP for All showcase in Aba, Abia State, where more than 1,000 residents were introduced to consumer credit opportunities through demonstrations involving traders, young people, transport operators and participating financial institutions.
Building Credit Histories
For small business owners and individuals who have struggled to obtain loans because they lack formal borrowing records, the opportunity to establish a credit history could be particularly significant.
A market trader seeking to expand her business, for instance, may need financing to acquire equipment or increase stock but struggle to qualify for a formal loan without an established credit record.
Similarly, a young person hoping to acquire a laptop for work or business may need access to affordable financing.
SPARK is designed to address part of this challenge by creating an entry point through which eligible first-time borrowers can begin building formal credit histories.
However, access to the service does not automatically guarantee loan approval, as borrowers will still be subject to the requirements and lending conditions of participating financial institutions.
What CREDICORP Finances
CREDICORP’s broader consumer credit programmes also cover financing for essential goods and productive assets across five major areas.
These include mobility, covering compressed natural gas vehicles and electric vehicles; digital devices such as laptops, smartphones and tablets; energy solutions, including generators and solar panels; home improvement, covering furniture, household appliances and building materials; and life essentials such as healthcare, clothing, food and beverages.
The categories form part of the corporation’s wider Securing Consumer Access for Local Enterprises initiative, known as S.C.A.L.E.
They should not, however, be interpreted as confirmation that all the listed products are currently available for financing through SPARK.
Unlike a conventional arrangement in which a government agency directly provides loans to individuals, CREDICORP works with participating financial institutions, providing funding and credit support to expand consumer lending.
The institutions are responsible for assessing applications and extending credit to eligible borrowers.
Read also:
- FG Launches YOUTHCRED Programme, Offers Up To ₦2m Loans to 500,000 Young Entrepreneurs
- FG Opens Applications For Credit Laptops, martphones: How To Apply
- CREDICORP Introduces ‘10,000 women in mobility’iInitiative to enhance economic inclusion
‘Credit Should Not Be A Privilege’
At the Aba showcase, the corporation also demonstrated how consumer credit could support local enterprise through its YouthCred initiative for young Nigerians and credit-backed tricycles made available to transport operators under the S.C.A.L.E. programme.
Speaking at the event, CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the initiative was intended to make consumer credit accessible to more Nigerians rather than restrict it to a small section of the population.
“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,” he said.
Similarly, Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Takang, said the initiative demonstrates how public investment could support local manufacturers, stimulate enterprise and create economic opportunities for citizens.
CREDICORP said it has facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 percent of beneficiaries.
The corporation is also working towards the federal government’s broader target of extending consumer credit access to at least 50 percent of working Nigerians by 2030.
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