The Federal Government has introduced a USSD-based credit service that allows Nigerians to borrow money for mobile phones and other gadgets without needing a smartphone or an internet connection, LEADERSHIP Newspapers reports. The service, called SPARK, was launched by the Nigerian Consumer Credit Corporation (CREDICORP) and is aimed at widening consumer credit access, especially for first-time borrowers who have little or no formal credit history.
According to LEADERSHIP Newspapers, Nigerians can reach the service by dialling 347 333# on their mobile phones.
CREDICORP said SPARK is built to make credit easier to obtain while helping borrowers establish formal credit records through consistent repayment. The corporation said those repayment records could steadily strengthen beneficiaries' credit profiles and open the door to further financial opportunities. It added that the service is expected to reach more Nigerians before the end of 2026.
The product was presented at CREDICORP's "CREDICORP for All" showcase in Aba, Abia State, where the corporation laid out consumer credit opportunities to more than 1,000 residents. The event drew beneficiaries, financial institutions, local vendors and government representatives, and was used to show how consumer credit can support businesses and improve livelihoods.
Why it matters
The launch matters because it lowers the entry barrier to borrowing. A USSD short code works on basic feature phones and requires no data connection, which means Nigerians who have been shut out of app-based or internet-dependent lending platforms can now apply for credit. For a country where many people still use non-smart devices, that is a meaningful shift in who can access formal lending.
The service also targets a gap that traditional lenders have long struggled with: borrowers with no credit file. By tying loan access to repayment records, CREDICORP is effectively trying to turn first-time borrowers into bankable customers over time. According to LEADERSHIP Newspapers, the corporation frames SPARK as a simple starting point for Nigerians to begin building a credit history.
What happened in Aba
The Aba showcase was more than a product launch. Activities included demonstrations of credit access for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the display of credit-backed tricycles for transport operators. Those tricycles were made available through CREDICORP's Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative.
Uzoma Nwagba, Managing Director and Chief Executive Officer of CREDICORP, said consumer credit should reach Nigerians beyond those already served by traditional financial institutions. He said credit should not be a privilege reserved for a few but an opportunity available to every working Nigerian, according to LEADERSHIP Newspapers.
Nwagba said the initiative was meant to open credit to traders, young people and transport operators, while SPARK would give Nigerians a straightforward way to start building their credit histories.
Chinenye Mba-Uzoukwu, Chief Principal to Abia State Governor Alex Otti, said the state government was building an environment that supports businesses and responsible consumer lending. Speaking on the governor's behalf, Mba-Uzoukwu said the state was working to make it easier for initiatives such as CREDICORP to support traders, young people and families.
Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a CREDICORP board member, said the showcase demonstrated how government policies could be converted into economic opportunities.
The numbers behind CREDICORP
CREDICORP said it has facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians since it began operations. Women make up roughly 59 per cent of beneficiaries, according to the corporation.
Those figures give context to the scale the government is now trying to reach with SPARK. The existing portfolio shows CREDICORP has already moved beyond pilot stage, and the USSD channel is intended to push access further out to borrowers who are not reachable through smartphone apps or branch networks.
The structure of the scheme also reflects a broader policy direction: using consumer credit as a tool for household purchasing power and small business activity at once. Market traders, young people and transport operators were all featured at the Aba event as intended beneficiaries, and the credit-backed tricycles under S.C.A.L.E. show how the model extends to productive assets rather than phones alone.
For borrowers, the practical appeal of SPARK is its simplicity. Dialling a short code requires no app download, no data plan and no smartphone, which removes several of the obstacles that have kept basic-phone users away from formal lending. The trade-off, as CREDICORP describes it, is that repayment behaviour is recorded and used to shape future access.
Watch for how quickly SPARK spreads beyond its launch footprint, since CREDICORP says wider availability is expected before the end of 2026.
