FG Introduces USSD Code for Consumer Loans, Targets Nigerians Without Smartphones
The Federal Government has introduced a USSD-based credit service that will allow Nigerians to access consumer loans using basic mobile phones without an internet connection or smartphone.
The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP) to expand access to consumer credit, particularly for first-time borrowers with little or no formal credit history.
The USSD code announced for the service is 347333#. However, the platform has not yet been confirmed as fully operational nationwide, with CREDICORP expected to expand its availability before the end of 2026.
The initiative is designed to help Nigerians build credit histories through loan repayments, potentially improving their chances of accessing other financial services in the future.
CREDICORP’s broader consumer credit programmes cover five major categories: mobility, digital devices, energy solutions, home improvement and life essentials.
These include compressed natural gas (CNG) and electric vehicles, laptops, smartphones, tablets, generators, solar panels, furniture, household appliances, building materials, healthcare, clothing, food and beverages.
However, the corporation has not confirmed that all these products and services can currently be financed through SPARK.
According to reports by Vanguard, the service was unveiled at CREDICORP’s CREDICORP for All showcase in Aba, Abia State, where the corporation highlighted consumer credit opportunities for more than 1,000 residents.
The event brought together beneficiaries, financial institutions, local vendors and government representatives to demonstrate how consumer credit could support livelihoods and economic activities.
Activities included credit-access demonstrations for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the presentation of credit-backed tricycles for transport operators.
The event also featured locally assembled tricycles made available through CREDICORP’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative.
CREDICORP’s Managing Director and Chief Executive Officer, Uzoma Nwagba, said the initiative was intended to make consumer credit accessible beyond traditional financial institutions.
He said the SPARK service would provide Nigerians with a simple way to begin building credit histories, alongside other programmes designed to support traders, young people and transport operators.
Representing Abia State Governor Alex Otti at the event, the governor’s Chief Principal, Chinenye Mba-Uzoukwu, said the state was creating an environment that would support business growth, investment and responsible access to credit.
Similarly, Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a CREDICORP board member, said the initiative demonstrated how public investment could support local businesses and create economic opportunities.
CREDICORP said it had facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.
What Nigerians should know about SPARK
SPARK is a loan service, not a grant. Anyone who obtains credit through the platform will be expected to repay the loan 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 made public.
Although 347333# has been unveiled as the access code, Nigerians should confirm the service’s official launch and availability before attempting to apply.
Prospective borrowers should also avoid unofficial platforms or individuals demanding upfront payments in exchange for guaranteed loan approval.
By Oluwafemi Shodipe.
