The Federal Government has unveiled a USSD-based client credit service that may allow Nigerians to entry loans utilizing primary cellphones with out web connectivity or smartphones.
The service, SPARK, was launched by the Nigerian Consumer Credit Corporation (CREDICORP) to increase entry to reasonably priced client loans, notably for first-time debtors with restricted or no formal credit historical past.
The platform is designed to assist Nigerians finance important items, household tools, and productive belongings; enhance their high quality of life; and repay over an agreed interval, whereas stimulating demand for regionally produced items and supporting companies.
CREDICORP’s Managing Director and Chief Executive Officer, Uzoma Nwagba, disclosed this in a publish on X following the pilot unveiling of SPARK on the inaugural CREDICORP for All occasion in Aba, Abia State, on Friday.
The company unveiled ‘*347*333#’ because the USSD code for accessing SPARK, with wider availability anticipated earlier than the top of 2026.
As of 31 October, CREDICORP stated 353,561 Nigerians had accessed credit via its programmes, with over N61.40 billion disbursed.
SPARK’s function
Mr Nwagba stated the initiative was aimed toward serving to Nigerians entry items and providers required to enhance their every day lives, help their livelihoods and develop their companies.
“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.
Explaining the rationale behind the initiative, Mr Nwagba stated President Bola Tinubu’s imaginative and prescient for client credit was to allow working Nigerians to enhance their dwelling requirements with out having to pay the complete price of important purchases upfront.
“Mr President’s imaginative and prescient for client credit is easy: each working Nigerian ought to have the ability to enhance their high quality of life at this time and pay over time, whereas additionally empowering native enterprise through increased buying energy.
“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 stated.
Mr Nwagba stated the company had taken the initiative to go to states throughout the nation, including that its programmes had been lively in all 36 states and the Federal Capital Territory.
Aba inaugural CREDICORP
He described the Aba occasion as a homecoming, saying it introduced collectively CREDICORP’s client credit merchandise and credit schooling in a single location.
According to him, greater than 1,800 residents of Abia State benefited immediately from the inaugural occasion, accessing autos, commerce stock, digital units and important items via credit amenities offered by taking part monetary establishments.
The occasion additionally showcased different CREDICORP programmes focusing on completely different classes of Nigerians.
Under the Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative, transport operators obtained regionally assembled tricycles on credit to help income-generating actions.
The YouthCred programme gives reasonably priced client credit for members of the National Youth Service Corps (NYSC), employed younger Nigerians and younger entrepreneurs.
The company additionally expanded credit entry for market girls and merchants searching for financing to buy commerce stock.
Mr Nwagba stated CREDICORP returned to merchants at Ariaria Market, the place it started its market-focused intervention in June 2025, to increase credit entry to extra merchants and markets.
READ ALSO: FGN’s CREDICORP showcases consumer credit access for over 1,000 Abians, pilots SPARK
He added that taking part monetary establishments registered employees, merchants and transport operators for credit amenities in the course of the occasion.
SPARK operations
SPARK is designed to make client credit accessible to Nigerians who could not personal smartphones or have web connectivity.
Through the USSD-based platform, eligible debtors, notably first-time candidates, can entry credit and start constructing formal compensation histories. These information may subsequently strengthen their credit profiles and enhance their probabilities of accessing further monetary providers.
However, SPARK is a credit facility, not a grant. Borrowers might be required to repay loans in line with the phrases agreed with taking part monetary establishments.
Mr Nwagba stated the company had supported 36 monetary establishments to increase client lending and stimulated seven native industries via credit-backed demand.
According to him, CREDICORP had recorded zero non-performing loans throughout its wholesale lending portfolio.
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