The Federal Government has introduced a mobile-based consumer credit initiative that could open access to loans for millions of Nigerians who lack smartphones, internet access or established credit histories.
The initiative, known as SPARK, uses the USSD code \*347\*333# and is being developed by the Nigerian Consumer Credit Corporation (CREDICORP) to make borrowing more accessible through basic mobile phones.
Unlike conventional digital lending platforms that require smartphone applications and internet connectivity, SPARK is designed to allow users to access consumer credit through ordinary mobile phone networks.
However, the service is not yet confirmed to be fully operational nationwide, with CREDICORP indicating that a wider rollout is expected before the end of 2026.
The initiative is also expected to help first-time borrowers establish repayment records, potentially improving their credit profiles and making it easier for them to access other financial services in the future.
CREDICORP showcased the initiative at its CREDICORP for All event in Aba, Abia State, where more than 1,000 residents were exposed to different consumer credit opportunities.
The event featured demonstrations for market women and traders, presentations on the YouthCred programme for young Nigerians, and credit-backed tricycles for transport operators.
It also showcased locally assembled tricycles under the corporation’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative.
CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the programme was designed to remove barriers that have traditionally restricted access to consumer credit.
He said credit should not remain a privilege for a few Nigerians but should become an opportunity available to working citizens across different income groups.
Nwagba explained that the SPARK platform would provide a simple entry point for Nigerians seeking to establish their credit histories.
Meanwhile, Chinenye Mba-Uzoukwu, Chief Principal to Abia State Governor Alex Otti, said the state government was working to create an environment that supports businesses, investment and responsible access to credit.
Also speaking, Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a CREDICORP board member, described the showcase as an example of how government policies could translate into economic opportunities.
The rollout of SPARK could widen access to formal credit, particularly among low-income earners and Nigerians excluded from conventional banking services.
However, prospective users may have to wait for confirmation of nationwide availability before attempting to access the service.