Nigeria launches SPARK USSD loan service without smartphones

Nigeria has launched SPARK, a USSD-based loan service allowing citizens to access consumer credit via basic mobile phones without internet or smartphones. The Nigerian Consumer Credit Corporation (CREDICORP) unveiled the service at an event in Abia State, targeting first-time borrowers, with wider availability expected by end of 2026. The corporation has previously facilitated over N53.5 billion in credit for 351,000 Nigerians.

Quick Facts

Launch of SPARK USSD-based credit service
USSD code *347*333# announced for service access
CREDICORP for All showcase event held in Aba
Credit-access demonstrations for market traders and women
YouthCred initiative presentations

The Federal Government of Nigeria has introduced SPARK, a USSD-based consumer credit service that enables citizens to access loans through basic mobile phones without requiring internet connectivity or smartphones. The service, unveiled by the Nigerian Consumer Credit Corporation (CREDICORP), can be accessed by dialing *347*333# and targets first-time borrowers with limited or no formal credit history.

The initiative was publicly launched at CREDICORP's "CREDICORP for All" showcase event in Aba, Abia State on November 1–2, 2026, which brought together over 1,000 residents, participating financial institutions, local vendors, and government representatives. The event included credit-access demonstrations for market traders and women, presentations on the YouthCred initiative for young Nigerians, and exhibitions of credit-backed tricycles for transport operators. CREDICORP also featured locally assembled tricycles provided through its Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative.

According to CREDICORP, SPARK is designed to help borrowers establish repayment records and improve their credit profiles, creating pathways to access additional financial services. The corporation stated that wider rollout of the service is expected before the end of 2026. CREDICORP Managing Director Uzoma Nwagba framed the initiative as extending consumer credit beyond traditional financial institutions, stating: "Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian."

CREDICORP's broader consumer credit programmes span five categories: mobility (CNG and electric vehicles), digital devices (laptops, smartphones, tablets), energy solutions (generators and solar panels), home improvement (furniture, household appliances, building materials), and life essentials (healthcare, apparel, food and beverages). However, current announcements do not confirm that all listed categories are immediately available through SPARK. The corporation has clarified that SPARK loans are credits requiring repayment according to agreed terms, not grants.

Since commencing operations, CREDICORP has facilitated over N53.5 billion in consumer credit for more than 351,000 Nigerians, with women accounting for approximately 59 per cent of beneficiaries. Officials including Armstrong Ume Takang (Managing Director, Ministry of Finance Incorporated and CREDICORP board member) and Abia State representatives highlighted the initiative as demonstrating how government policies can translate into economic opportunities for citizens. CREDICORP has advised Nigerians to avoid unofficial websites, agents, or individuals demanding upfront payments for guaranteed loan approvals.

Topics

Technology Business World

#Nigeria #CREDICORP #Aba #first-time borrowers #Abia State #financial inclusion #SPARK #consumer credit #USSD #mobile phone

Entities

Why This Matters

SPARK extends consumer credit access to 200+ million basic-phone users in Nigeria with no prior formal credit history, addressing a documented financing gap for market traders, transport operators, and informal-sector workers. The USSD-only design bypasses internet infrastructure constraints; measurable effects include credit-profile generation for first-time borrowers, potential expansion of non-bank lending channels, and demand signals for partnered microfinance institutions. CREDICORP's stated wider rollout by end-2026 signals government intent to scale financial inclusion in a market where 77% remain unbanked (World Bank 2023).

Timeline & Sources

Nov 1, 2026

Wire

USSD code *347*333# announced for SPARK service access

Nov 1, 2026

Wire

SPARK USSD-based credit service publicly unveiled by CREDICORP at 'CREDICORP for All' showcase in Aba, Abia State

Nov 2, 2026

Wire

Continuation of CREDICORP for All showcase event with credit demonstrations and YouthCred presentations

Nov 2, 2026

Wire

The ICIR publishes report on SPARK launch