The Federal Government has launched a new credit service that lets Nigerians borrow using ordinary mobile phones, with no smartphone or internet connection required. The service, called SPARK, was unveiled by the Nigerian Consumer Credit Corporation, known as CREDICORP, and is aimed mainly at first-time borrowers who have little or no formal credit history.
CREDICORP has assigned the code *347*333# for the service, although it says SPARK is not yet fully operational across the country. The corporation expects it to become widely available before the end of 2026, and has asked interested Nigerians to watch for the wider rollout.
The thinking behind SPARK is straightforward. By taking small loans and repaying them on time, borrowers build a repayment record that strengthens their credit profile and opens the door to larger loans and other financial services later. For millions of Nigerians who have never been part of a bank’s lending system, that record is the missing piece.
SPARK was introduced at CREDICORP’s “CREDICORP for All” showcase in Aba, Abia State, an event that drew more than 1,000 residents alongside banks, local vendors and government officials. The showcase featured credit demonstrations for market women and traders, the YouthCred scheme for young people, and locally assembled tricycles offered to transport operators through CREDICORP’s S.C.A.L.E. initiative.
CREDICORP’s Managing Director and Chief Executive Officer, Uzoma Nwagba, said consumer credit should not be a privilege for a few but an opportunity for every working Nigerian. He said the Aba event showed what that means in practice, from credit for market women to productive assets for transport operators and a simple way for ordinary people to begin building a credit history.
CREDICORP’s wider consumer credit programmes run across five areas: transport, including compressed natural gas and electric vehicles; digital devices such as laptops and phones; energy solutions like solar panels and generators; home improvement items; and daily essentials including healthcare, food and clothing. The corporation has clarified, though, that not every item on that list can currently be financed through SPARK itself.
Since it began operations, CREDICORP says it has facilitated more than N53.5bn in consumer credit for over 351,000 Nigerians, with women accounting for about 59 per cent of beneficiaries. The corporation was set up in 2024 under the Renewed Hope Agenda, with a target of reaching half of the country’s working population by 2030.
At the Aba event, a representative of Abia State Governor Alex Otti, Chinenye Mba-Uzoukwu, said the state was working to create conditions in which businesses could grow and responsible credit could reach more residents. Armstrong Takang of the Ministry of Finance Incorporated, who sits on CREDICORP’s board, said the showcase demonstrated how well structured public investment could support local manufacturers and reach citizens directly.
There is a note of caution for anyone eager to sign up. SPARK is a loan and not a grant, so borrowers will be expected to repay on agreed terms, and CREDICORP has not yet made public its loan limits, interest rates or repayment periods. The corporation also warns Nigerians to steer clear of unofficial websites or agents demanding upfront payment in exchange for guaranteed approval.