WorldStage— The Federal Government of Nigeria has introduced a new Unstructured Supplementary Service Data (USSD) credit service, named SPARK, enabling citizens to access consumer loans entirely offline.
Launched through the Nigerian Consumer Credit Corporation (CREDICORP), the initiative allows Nigerians to apply for financial assistance using basic feature phones without requiring internet connectivity or premium smartphones.
According to government, by dialing the dedicated code 347333#, prospective borrowers can interact with the platform.
The landmark intervention is primarily designed to drive financial inclusion across the country, explicitly targeting first-time borrowers, market traders, and working-class citizens who possess limited or no formal credit history.
Through consistent repayments, beneficiaries can build a formal credit profile to unlock greater financial opportunities in the future.
According to CREDICORP, the broader consumer credit programme addresses vital socioeconomic needs by covering five thematic areas: Life Essentials – affordable financing for daily food, beverages, and vital healthcare services; Energy Solutions – direct access to solar panels and power generators to counter ongoing grid challenges; Mobility – credit avenues for compressed natural gas (CNG) and electric vehicles to ease transportation burdens; Digital Devices – funding options for necessary productivity tools, including laptops, tablets, and smartphones; and Home Improvement – direct procurement of building materials, domestic furniture, and vital household appliances.
The offline credit facility was publicised during the “CREDICORP for All” showcase in Aba, Abia State, where over 1,000 local residents, market women, and transport operators were introduced to the platform.
Uzoma Nwagba, the Managing Director and Chief Executive Officer of CREDICORP, emphasized during the event that access to consumer credit must no longer remain an exclusive privilege reserved for the wealthy elite.
Instead, it should serve as a practical mechanism for everyday working Nigerians to enhance their standard of living and achieve financial autonomy.
While CREDICORP disclosed it has already facilitated over ₦61.4 billion in consumer credit to more than 353,000 Nigerians—with women constituting roughly 59 percent of the beneficiaries—the corporation clarified that SPARK is strictly a loan facility and not a government grant.
Borrowers are fully legally bound to repay according to the designated conditions.
The regulatory body expects a gradual nationwide rollout to become fully operational before the close of 2026.
Details surrounding exact interest rates, maximum lending limits, and explicit eligibility criteria are still being structured.
The public is strongly urged to verify all lending procedures through verified CREDICORP Channels and remain vigilant against predatory agents demanding upfront fees for loan approvals.
