By: Goodluck E. Adubazi, Abuja.
The Federal Government has unveiled a new USSD-based credit platform, SPARK, to enable Nigerians access loans and build formal credit histories using basic mobile phones without internet access or smartphones.
The initiative, introduced by the Nigerian Consumer Credit Corporation (CREDICORP), targets first-time borrowers and Nigerians with little or no formal credit history.
Interested Nigerians can access the service by dialling *347*333# on their mobile phones to explore available credit opportunities without an internet connection.
According to CREDICORP, SPARK is designed to simplify access to consumer credit while helping beneficiaries establish repayment records that could improve their credit profiles and qualify them for larger financial services in the future.
The corporation explained that responsible borrowing and timely repayment would enable users to strengthen their credit records and gradually expand their financial opportunities.
It added that the service is expected to become more widely available before the end of 2026.
SPARK was unveiled during CREDICORP’s CREDICORP for All showcase in Aba, Abia State, where affordable consumer credit opportunities were demonstrated to more than 1,000 residents.
The event brought together beneficiaries, financial institutions, local vendors and government representatives, featuring credit-access demonstrations for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the unveiling of credit-backed tricycles for transport operators.
The tricycles were made available through CREDICORP’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative, which also supports locally assembled products.
Speaking at the event, CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said consumer credit should not remain a privilege for a few but an opportunity accessible to every working Nigerian.
He said the Aba showcase demonstrated the corporation’s commitment to providing credit for market women, financial support for young people, productive assets for transport operators and accessible platforms for Nigerians to build credit histories.
Also speaking, the Chief Principal to Abia State Governor, Alex Otti, Chinenye Mba-Uzoukwu, said the state government was creating an enabling environment for responsible consumer credit, business growth and enterprise development.
Similarly, Managing Director of the Ministry of Finance Incorporated (MOFI) and CREDICORP board member, Armstrong Ume Takang, said the initiative demonstrated how public investment could support local manufacturers, stimulate businesses and deliver economic benefits to citizens.
CREDICORP disclosed that it had facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians, with women accounting for approximately 59 per cent of beneficiaries.
The introduction of SPARK is expected to expand financial inclusion and bring more Nigerians, particularly those excluded from conventional lending systems, into the formal credit market.
