New CREDICORP initiative targets financial inclusion, household welfare, small businesses and improved living standards.
ABUJA, NOVEMBER 3, 2026
The Federal Government has unveiled a new consumer credit initiative designed to help Nigerians meet essential household needs, improve their livelihoods and access financial services without requiring smartphones or internet connectivity.
The initiative, known as SPARK, was introduced by the Nigerian Consumer Credit Corporation (CREDICORP), with the USSD code *347*333# announced as a simplified channel for accessing consumer loans.
The programme forms part of the Tinubu administration’s broader efforts to improve access to credit, stimulate economic activity and ease financial pressures on working Nigerians.
CREDICORP’s consumer financing programmes cover essential goods and services, including food, healthcare, solar energy systems, household appliances, digital devices and transportation equipment.
The initiative is particularly relevant to market women, traders, young entrepreneurs, transport operators and households traditionally excluded from formal credit facilities.
Speaking at the CREDICORP for All event in Aba, Abia State, the corporation’s Managing Director, Uzoma Nwagba, emphasised the government’s objective of making affordable consumer credit more accessible to ordinary Nigerians.
According to CREDICORP, its programmes had facilitated over ₦61.4 billion in consumer credit for 353,561 Nigerians as of October 31, 2026.
The new SPARK platform is expected to become more widely available before the end of 2026. Loan limits, interest rates and eligibility requirements have yet to be fully published. The facilities are repayable loans, not government grants.
Beyond immediate household needs, expanded consumer credit could stimulate demand for locally manufactured goods, strengthen small businesses and support employment.
The initiative reflects growing policy attention to the relationship between economic reforms, social protection and the purchasing power of Nigerian households.
THE NATIONAL PATRIOTS’ POSITION
The National Patriots commend the Tinubu administration’s growing emphasis on people-focused governance through social and economic interventions designed to ease hardship. Expanding affordable credit for food, healthcare, solar energy and productive assets demonstrates attention to everyday household needs. We encourage transparent implementation, accessible repayment terms and nationwide inclusion, ensuring these initiatives strengthen livelihoods, stimulate enterprise and deliver meaningful relief to Nigerians.
Princess Gloria Adebajo-Fraser MFR MIoD FIPMD is the President of National Patriots and a Member of the APC-PCC Strategic Communications Team.
