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The Federal Government of Nigeria, through the Nigerian Consumer Credit Corporation (CREDICORP), has unveiled a new USSD-based consumer credit framework designed to allow citizens to access loans for mobile phones and other electronic gadgets without requiring a smartphone or internet connection.
The new micro-credit feature, dubbed “SPARK,” is specifically tailored to deepen financial inclusion and provide first-time borrowers with limited or no formal banking history an accessible gateway into the formal credit ecosystem.
According to official details released during the product launch, interested applicants can access the service directly from any feature phone or smartphone by dialing the official shortcode *347*333# on their mobile networks.
CREDICORP highlighted that the SPARK feature simplifies the borrowing process while actively recording repayment activity, allowing beneficiaries to build verifiable credit scores that unlock higher loan thresholds and broader financial services in the future.
The agency added that nationwide accessibility and vendor integration under the SPARK umbrella will scale continuously across all 36 states before the end of 2026.
The novel USSD tool was officially launched during CREDICORP’s regional “CREDICORP for All” showcase in Aba, Abia State, where over 1,000 local traders, artisans, and residents gathered to explore consumer credit pathways.
The multi-sectoral event featured live demonstrations of micro-loans for market women, strategic presentations on the YouthCred initiative for young entrepreneurs, and the distribution of credit-financed commercial tricycles to transport workers under the Securing Consumer Access for Local Enterprises (S.C.A.L.E.) program.
Addressing delegates at the exhibition, the Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, reiterated that structured consumer credit must be democratized across all socio-economic strata rather than restricted to salaried corporate workers.
“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian,” Nwagba stated.
He explained that while the broader CREDICORP interventions target transport workers, youth enterprises, and small-scale traders, the SPARK feature gives every citizen a simple, text-based entry point into building personal credit history.
Representing Abia State Governor Alex Otti at the event, Chinenye Mba-Uzoukwu, Chief Principal to the Governor, affirmed the state’s readiness to partner with federal agencies to foster a secure environment for responsible consumer lending and commerce.
Also speaking, Dr. Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated (MOFI) and CREDICORP Board Member, noted that the Aba showcase illustrates how macroeconomic policies can be converted into tangible economic relief for grassroots citizens.
Operational data released by CREDICORP reveals that the corporation has facilitated over ₦53.5 billion in consumer credit to more than 351,000 Nigerians since its establishment, with female entrepreneurs constituting approximately 59 percent of total loan beneficiaries.
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