The Federal Government, through the Nigerian Consumer Credit Corporation (CREDICORP), has introduced a new credit service known as SPARK, designed to enable Nigerians to access loans using basic mobile phones without requiring internet connectivity or smartphones.
The initiative operates through Unstructured Supplementary Service Data (USSD) technology and is targeted at low-income earners, first-time borrowers and people who have limited access to conventional banking services.
According to CREDICORP, the platform is expected to simplify access to consumer credit while helping borrowers establish formal credit histories through responsible borrowing and timely repayment.
The product was unveiled during the CREDICORP for All showcase in Aba, Abia State, where more than 1,000 residents were introduced to available consumer credit opportunities.
The event featured demonstrations on accessing credit for market women, presentations on the YouthCred programme for young Nigerians and financing opportunities for commercial transport operators.
CREDICORP also showcased locally assembled tricycles available through its Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative, which seeks to connect consumer financing with demand for locally manufactured products.
Speaking at the event, the corporation’s Managing Director and Chief Executive Officer, Uzoma Nwagba, said consumer credit should be accessible to Nigerians across different income levels rather than being limited to a few people.
He disclosed that CREDICORP had facilitated ₦53.5 billion in consumer credit for more than 351,000 Nigerians since it began operations, with women accounting for approximately 59 per cent of beneficiaries.
Representing Abia State Governor Alex Otti, Chinenye Mba-Uzoukwu said the state government was working to improve the business environment and encourage investment, enterprise development and responsible borrowing.
CREDICORP said SPARK is expected to become more widely available before the end of 2026. However, the official USSD code, loan limits, interest rates and detailed eligibility requirements have not yet been announced.
Prospective borrowers have been advised to await official information before using any platform claiming to offer registration for the new service.
