The Federal Government has introduced a USSD-based credit service designed to help Nigerians access consumer loans using basic mobile phones without requiring internet connectivity or smartphones, in a move aimed at expanding financial inclusion and access to formal credit.

The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation, CREDICORP, to expand access to credit particularly for first-time borrowers with limited or no formal credit history, allowing them to begin their credit journey through smaller loans and build verifiable repayment records.

Interested Nigerians can access the platform by dialling _347_333# on any mobile phone, according to reports, with the technology using Unstructured Supplementary Service Data (USSD) to make the service accessible even on basic feature phones, unlike many digital lending platforms that require app downloads or mobile data.

The product was unveiled during CREDICORP’s CREDICORP for All showcase in Aba, Abia State, where more than 1,000 residents including market women, traders, youths and transport operators were introduced to different affordable consumer credit opportunities, including working capital for traders and the YouthCred program for young entrepreneurs.

According to CREDICORP, its broader consumer credit programmes cover five thematic areas aimed at improving access to essential goods and productive assets, including Mobility covering CNG and electric vehicles and locally assembled tricycles under its S.C.A.L.E initiative, Digital devices like laptops and smartphones, Energy solutions like generators and solar panels, Home improvement and Life essentials including healthcare, food and beverages.

CREDICORP disclosed that it has so far facilitated more than N53.5 billion in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries, while its Managing Director, Uzoma Nwagba, said consumer credit should be accessible to ordinary working Nigerians rather than reserved for a privileged few.

However, CREDICORP noted that dialling the code does not automatically guarantee loan approval as applicants must meet eligibility requirements, while key details such as loan limits, interest rates and repayment conditions have not yet been fully disclosed, with the corporation saying the service is still a pilot and is expected to become more widely available nationwide before the end of 2026.