FG Introduces USSD Code for Loans Covering Food, Solar, Others

The Federal Government has introduced a new USSD-based credit service, SPARK, to expand access to loans for Nigerians, particularly first-time borrowers and people with limited or no formal credit history.

The platform, developed by the Nigerian Consumer Credit Corporation (CREDICORP), allows users to access the service by dialling 347333# on a mobile phone without requiring internet access or a smartphone.

The initiative was unveiled at CREDICORP’s “CREDICORP for All” showcase in Aba, Abia State, where more than 1,000 residents were introduced to consumer credit opportunities.

According to reports on the launch, the programme is designed to help Nigerians establish formal credit histories through responsible borrowing and timely repayment, potentially improving their access to future financing.

The showcase featured credit options for market traders and small business operators, support for young entrepreneurs through the YouthCred initiative, and credit-financed tricycles for transport operators under the Securing Consumer Access for Local Enterprises (S.C.A.L.E.) framework.

CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said consumer credit should be accessible to working Nigerians rather than limited to a small segment of the population.

The corporation said it had facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians, with women accounting for approximately 59 per cent of beneficiaries.

The SPARK service is expected to expand nationwide before the end of 2026. However, the specific loan amounts, interest rates, repayment terms and detailed eligibility requirements have not been fully disclosed in the reports announcing the service.

Prospective borrowers are advised to confirm the terms of any loan before accepting an offer and to ensure they understand the repayment obligations.