FG launches USSD service to help Nigerians access loans without internet [How to apply]

The Federal Government has launched a new USSD-based credit service, SPARK, designed to help Nigerians access loans and build formal credit histories using basic mobile phones. The product, introduced by the Nigerian Consumer Credit Corporation (CREDICORP), targets Nigerians, particularly first-time borrowers who have limited or no credit history. Interested Nigerians can dial *347*333# on their mobile phones to access the service without requiring a smartphone or internet connection.

According to CREDICORP, SPARK is designed to simplify access to consumer credit while helping beneficiaries establish repayment records that could improve their credit profiles and open up further financial opportunities. “By establishing repayment records through responsible borrowing, beneficiaries can progressively improve their credit profiles and create pathways to greater financial opportunities,” the corporation said.

It added that the product is expected to become more widely available to Nigerians before the end of 2026. Why FG introduced SPARK The product was unveiled at CREDICORP’s ‘CREDICORP for All’ showcase in Aba, Abia State, where the corporation highlighted affordable credit opportunities for more than 1,000 residents. The event brought together beneficiaries, participating financial institutions, local vendors and government representatives to demonstrate how consumer credit could support businesses and improve livelihoods.

Activities included credit-access demonstrations for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the showcasing of credit-backed tricycles for transport operators. The event also featured locally assembled tricycles made available on credit through CREDICORP’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative.

CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the initiative was designed to make consumer credit accessible beyond traditional financial institutions. “Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian,” he said. He added, “Today in Aba, Abia State, in Nigeria’s South East, we are demonstrating what that means in practical terms: credit for market women, a financial head start for young people, productive assets for transport operators, and with SPARK, a simple way for Nigerians to begin building their credit histories.

This is how we make credit work for the people.” Chinenye Mba-Uzoukwu, chief principal to Abia State Governor Alex Otti, said the state government was creating an environment where responsible consumer credit and enterprise could thrive. “Under Governor Alex Otti’s leadership, Abia State is putting the conditions in place for businesses to grow, investments to flourish and responsible credit to reach more of our people,” Mba-Uzoukwu said, representing the governor at the event.

“By strengthening the enabling environment for enterprise, we are making it easier for initiatives such as CREDICORP to support traders, young people and hardworking families across the state.” Similarly, Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated (MOFI) and a CREDICORP board member, said the showcase demonstrated how Federal Government policies could translate into economic opportunities for Nigerians.

“Through CREDICORP, we are seeing how well-structured public investment can stimulate enterprise, support local manufacturers and deliver measurable economic impact directly to citizens,” Takang said. CREDICORP said it had facilitated more than N53.5bn in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.