Nigeria Introduces USSD Loan Code to Expand Consumer Credit Access

The Federal Government of Nigeria has introduced a new USSD-based credit service designed to help citizens access consumer loans using basic mobile phones, eliminating the requirement for internet connectivity or smartphones. Known as SPARK, the service was unveiled by the Nigerian Consumer Credit Corporation, also recognized as CREDICORP, to expand financial access particularly for first-time borrowers who have limited or no formal credit history.

The official USSD code established for accessing the service is *347*333#. However, authorities have noted that the service is not yet fully operational nationwide, and it is expected to achieve wider availability before the end of 2026. The initiative is structured to assist borrowers in building reliable repayment records, which can enhance their credit profiles and open doors to additional financial services in the future.

The product was officially unveiled during the CREDICORP for All showcase event held in Aba, Abia State, where leadership highlighted consumer credit opportunities for more than 1,000 local residents. The gathering brought together beneficiaries, participating financial institutions, local vendors, and government representatives to demonstrate how consumer credit can actively support livelihoods and economic activities.

CREDICORP Managing Director and Chief Executive Officer Uzoma Nwagba emphasized that consumer credit should be available to every working Nigerian rather than remaining a privilege reserved for a select few. Speaking at the event, Nwagba stated that the program provides tangible support, including credit for market women, a financial head start for young people, productive assets for transport operators, and a simple method for citizens to build their credit histories through SPARK.

While CREDICORP's broader institutional programs cover five thematic areas—such as mobility for CNG and electric vehicles, digital devices, energy solutions including solar panels, home improvements, and life essentials like food, healthcare, and apparel—officials have clarified that the announcements do not yet confirm that all listed goods and services are immediately eligible for financing specifically under the SPARK USSD platform.

Local leadership voiced strong support for the program during the rollout. Chinenye Mba-Uzoukwu, representing Abia State Governor Alex Otti, stated that the state government is actively creating an environment where businesses can flourish and responsible credit can reach a larger portion of the population. Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a CREDICORP board member, added that well-structured public investments are successfully stimulating local enterprises and delivering measurable economic impact.

Since commencing operations, CREDICORP reports having facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians, with women accounting for approximately 59 percent of the total beneficiaries. Corporation officials emphasize that SPARK is strictly a credit service rather than a grant, meaning borrowers must repay their loans according to agreed terms with participating financial institutions.

As the rollout progresses, prospective borrowers have been cautioned by authorities to avoid unofficial websites, unauthorized agents, or individuals demanding upfront payments in exchange for guaranteed loan approvals. Comprehensive public details regarding exact loan limits, interest rates, and full eligibility requirements for the USSD service remain to be finalized and fully disclosed.