The Nigerian Consumer Credit Corporation (CREDICORP) has introduced SPARK, a mobile-based credit product that allows Nigerians to access loans through Unstructured Supplementary Service Data (USSD) technology, eliminating the need for smartphones or internet connectivity. The initiative targets first-time borrowers, low-income earners, and the millions of Nigerians underserved by conventional financial institutions.
CREDICORP stated that SPARK will simplify access to consumer credit while helping beneficiaries establish formal credit histories through responsible borrowing and repayment. The corporation disclosed that the product is expected to become more widely available before the end of 2026, potentially opening new borrowing opportunities for Nigerians who rely on basic mobile phones.
How SPARK Loans Work
Unlike conventional digital lending platforms that require smartphones, mobile applications, or internet subscriptions, SPARK operates through USSD technology. This means eligible Nigerians will be able to initiate credit transactions using basic mobile phones, removing a major technological barrier to financial inclusion.
CREDICORP explained that borrowers who consistently repay their loans could gradually strengthen their credit profiles and qualify for broader financial opportunities. However, the corporation has not disclosed the official USSD code, maximum loan amounts, interest rates, or detailed eligibility requirements. Prospective applicants are advised to await official announcements rather than rely on unverified loan registration platforms.
Launch in Abia State
The product was introduced during the corporation's CREDICORP for All showcase in Aba, Abia State, where more than 1,000 residents were exposed to available consumer credit opportunities. The event brought together beneficiaries, financial institutions, traders, local manufacturers, and government representatives.
Activities included credit-access demonstrations for market women, presentations on YouthCred for young Nigerians, and financing opportunities for commercial transport operators. The corporation also showcased locally assembled tricycles available through its Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative, which seeks to connect consumer financing with demand for locally manufactured products.
Government Support and Impact
Representing Governor Alex Otti, Chinenye Mba-Uzoukwu said the Abia State Government was strengthening the business environment to encourage investment, enterprise development, and responsible borrowing. He explained that improved conditions for businesses would enable initiatives such as CREDICORP to reach more traders, young entrepreneurs, and households.
Armstrong Ume Takang, managing director of the Ministry of Finance Incorporated (MOFI) and CREDICORP board member, described the initiative as an example of how public investment could support enterprise and local manufacturing, linking the programme to President Bola Tinubu's consumer credit policy.
CREDICORP Managing Director and Chief Executive Officer Uzoma Nwagba said: "Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian." He explained that SPARK would help Nigerians establish credit histories while other initiatives support traders, young people, and transport operators.
According to the corporation, more than ₦53.5 billion in consumer credit has been facilitated for over 351,000 Nigerians since operations commenced, with women accounting for approximately 59 per cent of beneficiaries. With SPARK's planned expansion, CREDICORP hopes to bring more Nigerians into the formal credit system, although actual loan access will depend on eligibility, participating lenders, and the product's eventual rollout.
