The Federal Government, through the Nigerian Consumer Credit Corporation, CREDICORP, has unveiled a new USSD code to allow Nigerians to access consumer loans for phones, laptops and other gadgets without smartphones or internet access.

The initiative, known as SPARK, is designed to expand access to consumer credit, particularly for first-time borrowers, low-income earners and Nigerians with little or no formal credit history.

The USSD code for the service is *\_347\_333#*.

According to CREDICORP, SPARK will enable Nigerians to initiate credit transactions using basic mobile phones, removing a major barrier to financial inclusion. The corporation said the product will also help beneficiaries build formal credit histories through responsible borrowing and repayment.

Speaking on the initiative, the Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, said the corporation is working to make consumer credit accessible beyond traditional banking channels.

CREDICORP disclosed that it has so far facilitated over N53.5 billion in consumer credit for more than 351,000 Nigerians.

The corporation’s broader consumer credit programmes cover five thematic areas:

1. Mobility – CNG and electric vehicles

2. Digital devices – laptops, smartphones and tablets

3. Energy solutions – generators and solar panels

4. Home improvement – furniture, household appliances and building materials

5. Life essentials – healthcare, apparel, food and beverages

However, CREDICORP is yet to confirm if all the categories are immediately covered under the SPARK USSD platform.

The service was showcased at CREDICORP’s Consumer Credit for All event in Aba, Abia State.

The corporation noted that wider availability of the SPARK USSD service is expected before the end of 2026, and advised Nigerians to await official announcements and avoid unverified loan registration platforms.

CREDICORP also clarified that SPARK is a credit facility and not a grant, meaning beneficiaries will be required to repay under agreed terms.

Details on loan limits, interest rates and full eligibility requirements are yet to be released.

Source: Punch News.