The Federal Government's consumer credit agency wants to reach Nigerians who have never used a loan app. The Nigerian Consumer Credit Corporation (CREDICORP) has unveiled SPARK, a USSD-based credit service that works on basic mobile phones without a smartphone or an internet connection, ICIR and Leadership report.
The code is *347*333#, News Central reports. SPARK is aimed at first-time borrowers and people with little or no formal credit history, such as small traders and transport operators. Repaying on time is meant to build a credit record that can open the door to other financial services. CREDICORP has not said that the service is live nationwide: it expects SPARK to be more widely available before the end of 2026.
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CREDICORP showed SPARK at a "CREDICORP for All" showcase in Aba, Abia State, which it says reached more than 1,000 residents. The event also covered credit for market women and traders, its YouthCred scheme for young Nigerians, and credit-backed, locally assembled tricycles for transport operators under its S.C.A.L.E. initiative.
"Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian," said Uzoma Nwagba, CREDICORP's managing director and chief executive, according to Leadership. CREDICORP stressed that SPARK is a credit facility, not a grant, and borrowers must repay on the agreed terms.
Loan limits, interest rates, repayment periods and eligibility rules have not been published. CREDICORP does not lend to individuals directly; it works through banks, microfinance banks, fintechs and cooperatives, and it has not named the lenders behind SPARK. It warned Nigerians to avoid unofficial websites, agents or individuals who ask for upfront payment in exchange for guaranteed approval.
