Nigerians may soon be able to access consumer credit through basic mobile phones without internet connectivity, following the introduction of a USSD-based loan service by the Federal Government.
The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP) as part of efforts to expand access to consumer loans, particularly for people who have limited or no formal credit history.
According to the announcement, users will be able to access the service by dialling 347333#, although its full nationwide availability has not been confirmed. CREDICORP said the product was expected to become more widely accessible before the end of 2026.
The initiative is designed to provide first-time borrowers with an opportunity to access credit and build a repayment history. Such records could help improve their credit profiles and make it easier for them to qualify for other financial services in the future.
CREDICORP’s wider consumer credit programme covers several areas, including mobility, digital devices, energy solutions, home improvement and essential goods.
Under the mobility category, the corporation’s credit priorities include compressed natural gas (CNG) vehicles and electric vehicles, while the digital devices category covers laptops, smartphones and tablets.
The energy solutions category includes generators and solar panels, while home improvement financing focuses on furniture, household appliances and building materials.
Other areas identified under the broader programme include healthcare, clothing, food and beverages, aimed at helping Nigerians access essential goods and services through consumer credit.
However, the announcement does not establish that all the listed products and services are currently available for financing through SPARK. Prospective borrowers will therefore need to confirm the specific items covered when the service becomes operational.
CREDICORP’s initiative is a loan facility rather than a grant, meaning beneficiaries will be required to repay any credit obtained in line with the agreed conditions.
Although the USSD code has been announced, important details about the service, including loan limits, interest rates, repayment periods and eligibility requirements, have not been fully disclosed in the available information.
Nigerians interested in using the facility have been advised to await further details on its wider rollout and official operating conditions.
They should also exercise caution when dealing with individuals or unofficial platforms claiming to offer guaranteed access to SPARK loans, particularly where upfront payments are demanded in exchange for approval.
The introduction of a USSD-based option could help extend consumer credit services to people who do not own smartphones or have reliable internet access. Its actual reach, however, will depend on the final operating arrangements and the availability of the service across the country.
