The initiative, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP) as part of efforts to make borrowing opportunities more accessible to Nigerians, particularly low-income earners and people without formal credit histories.

Unlike many digital lending platforms that require smartphone applications and internet access, SPARK uses Unstructured Supplementary Service Data (USSD) technology, allowing users to initiate transactions through basic mobile phones.

How Nigerians Can Access the New Loan Service

According to reports, the USSD code unveiled for accessing the SPARK service is:

The service is designed to remove the technological barriers associated with conventional online loan applications.

This means Nigerians who use basic mobile phones could potentially apply for consumer credit without downloading an application, purchasing a smartphone or subscribing to mobile data.

However, prospective borrowers should confirm availability through CREDICORP’s official channels before attempting to register.

Who Can Benefit From the SPARK Loan Service?

SPARK is particularly targeted at Nigerians who have little or no formal borrowing history.

These include:

• Market women and traders.

• Young Nigerians seeking financial opportunities.

• Low-income earners.

• First-time borrowers.

• Individuals who do not have access to conventional digital lending platforms.

   

The initiative is also expected to help beneficiaries establish formal credit records through responsible borrowing and repayment.

According to CREDICORP, borrowers who maintain good repayment records could gradually improve their credit profiles and become eligible for additional financial opportunities.

FG Says More Than 351,000 Nigerians Have Benefited From Consumer Credit

CREDICORP disclosed that it had facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians since commencing operations.

The corporation also revealed that women account for approximately 59 per cent of the beneficiaries.

Speaking at the showcase, CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, explained that the initiative was designed to make consumer credit accessible beyond the limited number of Nigerians currently served by traditional financial institutions.

He said the organisation wanted to create opportunities for market women, young people, transport operators and hardworking families.

Nigerians Report Difficulty Accessing the USSD Code

Following the announcement, some Nigerians reportedly complained on social media that the USSD code was unavailable or not working when they attempted to access the service.

The complaints came shortly after the public announcement, raising questions about when the platform would become fully operational nationwide.

However, CREDICORP has indicated that wider availability is expected before the end of 2026. Nigerians are therefore advised to wait for official rollout information rather than rely on unofficial registration links.

Conclusion

The introduction of SPARK represents another attempt by the Federal Government to expand access to consumer credit and make financial services more accessible to Nigerians.

By using USSD technology, the initiative could provide opportunities for people who do not own smartphones or have reliable internet access.

However, Nigerians should remember that the service is a loan facility that requires repayment, not a government grant.

As the nationwide rollout approaches, many prospective borrowers will be watching to see how the programme works, what interest rates apply and how much eligible Nigerians can access.