Precious Nwonu, Enugu

The Federal Government has introduced a mobile-based loan service that will allow Nigerians to apply for consumer credit using basic phones without internet access.

The service, called SPARK, was launched by the Nigerian Consumer Credit Corporation (CREDICORP) to extend access to loans, particularly for Nigerians who have little or no formal borrowing history.

The USSD code for the service is *347*333#, although its nationwide rollout has not yet been confirmed. CREDICORP said wider access was expected before the end of 2026.

According to the corporation, SPARK is designed to help first-time borrowers establish repayment records, which could improve their credit profiles and make it easier for them to access other financial services in the future.

The service was unveiled during CREDICORP’s “CREDICORP for All” showcase in Aba, Abia State, where the corporation presented consumer credit opportunities to more than 1,000 residents.

The event featured demonstrations of credit access for market women and traders, presentations on the YouthCred programme for young Nigerians, and the display of credit-backed tricycles for transport operators.

Locally assembled tricycles were also showcased under the corporation’s Securing Consumer Access for Local Enterprises initiative, known as S.C.A.L.E.

CREDICORP’s broader consumer credit programmes cover five major areas: mobility, digital devices, energy solutions, home improvement and essential needs. These include electric vehicles, CNG vehicles, laptops, smartphones, solar panels, household appliances, healthcare, food and clothing.

However, the corporation has not confirmed that all these categories are currently available for financing through SPARK.

Speaking at the event, CREDICORP Managing Director, Uzoma Nwagba, said the initiative was aimed at making consumer credit accessible to more Nigerians, including traders, young people and transport operators.

He explained that the service would provide a simple entry point for Nigerians seeking to establish credit histories.

Representing Governor Alex Otti, the Chief Principal to the Abia State Governor, Chinenye Mba-Uzoukwu, said the state was working to create an environment that supports businesses, investment and responsible lending.

Also speaking, the Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, said the initiative demonstrated how public investment could support local businesses, manufacturers and economic activities.

CREDICORP disclosed that it had facilitated more than ₦53.5bn in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for about 59 per cent of beneficiaries.

The corporation has yet to provide comprehensive details of SPARK’s loan limits, interest rates, repayment periods and eligibility requirements.

Prospective borrowers have been advised to understand the repayment conditions before taking loans and avoid unofficial agents demanding upfront payments in exchange for guaranteed approval.