ABA, ABIA STATE — The Federal Government, through the Nigerian Consumer Credit Corporation (CREDICORP), has unveiled a mobile USSD credit service tagged SPARK, allowing Nigerians without smartphones or internet access to apply for consumer loans via feature phones.
The new service, accessed via the shortcode *347*333#, is designed to broaden credit access across the country, particularly for first-time borrowers lacking formal credit histories. By utilizing the shortcode, beneficiaries can establish verified repayment records to improve their financial profiles for future credit opportunities.
CREDICORP introduced the initiative during the “CREDICORP for All” showcase event in Aba, Abia State, where it demonstrated consumer credit opportunities to over 1,000 residents. Activities featured credit access demonstrations for market traders, presentations on the YouthCred program, and the exhibition of credit-backed tricycles produced under the Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative.
Speaking at the event, CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, stated that SPARK is intended to extend credit access beyond traditional banking channels and make financial inclusion practical for everyday citizens, young people, and transport operators.
CREDICORP’s overarching consumer credit priorities encompass five key categories:
- Mobility: Compressed Natural Gas (CNG) and electric vehicles.
- Digital Devices: Laptops, smartphones, and tablets.
- Energy Solutions: Generators and solar energy panels.
- Home Improvement: Furniture, household appliances, and building materials.
- Life Essentials: Healthcare, apparel, food, and beverages.
While *347*333# has been announced as the official channel, CREDICORP clarified that the USSD service is not yet fully operational nationwide, with a wider public rollout expected before the end of 2026. The agency also reminded citizens that SPARK is a structured loan requiring repayment—not a government grant—and cautioned applicants against fraudulent agents soliciting upfront fees.
Since its inception, CREDICORP has facilitated over ₦53.5 billion in consumer credit to more than 351,000 beneficiaries across Nigeria, with women representing approximately 59 percent of total recipients.
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