The Nigerian Consumer Credit Corporation (CREDICORP) has begun piloting SPARK, a loan-access service designed for basic mobile phones, as Nigerians await details of its wider availability and borrowing terms. Unveiled at a showcase in Aba, Abia State, last week, the USSD product aims to give first-time borrowers a route into formal credit without a smartphone or internet connection.
The initiative was presented during the CREDICORP for All Abia State event at the Prime Time Event Centre in Aba. A display at the unveiling advertised the code *347*333#, which is intended to allow prospective users to begin the credit process through an ordinary mobile handset.
CREDICORP describes SPARK as an entry-level product for people with little or no established credit history. The corporation says responsible borrowing and repayment could help participants build a formal record, potentially improving their ability to obtain credit in future. That objective is separate from a guarantee that every applicant will receive a loan.
Although the launch display described SPARK as live, the corporation said the service was expected to become more widely available across Nigeria before the end of 2026. The distinction matters for applicants who may assume that the public announcement means the product is already operating in every state and on every mobile network.
Questions about immediate access have emerged. On 2 November, Legit.ng documented complaints from prospective users who said they could not access the USSD service after the announcement. Those reports do not establish the scale of any technical problem, and nationwide availability has not been independently confirmed. The corporation has yet to publish a comprehensive public guide setting out the final eligibility conditions, interest rates, loan limits and repayment periods for SPARK.
The Aba event brought together financial institutions, traders, vendors, government representatives and residents to examine consumer credit options. CREDICORP said more than 1,000 Abia residents were reached through the showcase. That attendance figure should not be confused with the number of SPARK loans approved or disbursed, which has not been separately established.
Among the activities were demonstrations for market women and traders, presentations on YouthCred for young Nigerians, and displays of locally assembled tricycles offered through credit arrangements. The tricycles form part of the Securing Consumer Access for Local Enterprises programme, known as S.C.A.L.E., which seeks to connect borrowers with Nigerian manufacturers and vendors.
CREDICORP Managing Director Uzoma Nwagba said the organisation wanted to move consumer credit beyond a limited group of existing bank customers. He described access to finance as an opportunity that should be available to working Nigerians, citing traders, young people and transport operators among the groups the programme is intended to serve.
Chinenye Mba-Uzoukwu, representing Abia State Governor Alex Otti, welcomed the showcase and linked access to responsible credit with conditions for enterprise growth in the state. Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a CREDICORP board member, also attended the event.
The corporation reported that its wider programmes had facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians since operations began, with women accounting for approximately 59 per cent of beneficiaries. These are CREDICORP-wide figures, not a measure of SPARK’s pilot performance or the amount lent at the Aba event.
The federal institution operates through participating financial institutions rather than treating every expression of interest as an approved loan. Its official website lists lenders and credit products with different application channels and terms. Borrowers considering SPARK or another scheme will need to examine the actual lender, charges, repayment schedule and any conditions before accepting an offer.
SPARK is part of the Federal Government’s broader effort to extend formal consumer credit to more working Nigerians. For now, the announced USSD route represents a pilot with a proposed wider rollout, while detailed terms and evidence of reliable nationwide access remain outstanding. Further information on participating lenders is available through CREDICORP’s official website.
Photograph: CREDICORP press image from the SPARK pilot launch in Aba, supplied via Premium Times, October 2026.
