FG Unveils SPARK for Nigerians to Access Loans Without Internet or Smartphones
- CREDICORP’s SPARK will let Nigerians apply for loans through USSD, without smartphones or internet access
- First-time borrowers and low-income earners could build formal credit histories through responsible borrowing and repayment
- CREDICORP says it has facilitated ₦53.5 billion in consumer credit for more than 351,000 Nigerians
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigerian Consumer Credit Corporation (CREDICORP) has unveiled SPARK, a new mobile-based credit product designed to enable Nigerians to access loans without smartphones or internet connectivity.
The initiative, which operates through Unstructured Supplementary Service Data (USSD), targets first-time borrowers, low-income earners and millions of Nigerians who remain underserved by conventional financial institutions.
Source: Facebook
According to CREDICORP, 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 Nigerians can access SPARK loans
Unlike conventional digital lending platforms that require smartphones, mobile applications or internet subscriptions, SPARK is designed to operate 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 therefore advised to await official announcements rather than rely on unverified loan registration platforms.
CREDICORP unveils initiative 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.
The programme seeks to connect consumer financing with demand for locally manufactured products.
Abia government promises support for borrowers
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.
Similarly, 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.
He linked the programme to President Bola Tinubu's consumer credit policy.
Over 351,000 Nigerians benefit from credit
CREDICORP Managing Director and Chief Executive Officer Uzoma Nwagba said the corporation was working to make consumer credit accessible beyond traditional banking channels.
Source: UGC
"Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian," Nwagba said.
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.
Women account 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.
FG Begins N75,000 cash transfer to Nigerians
Legit.ng earlier reported that some vulnerable Nigerian households have reportedly begun receiving ₦25,000 payment alerts under the Federal Government’s Household Prosperity and Empowerment (HoPE) Cash Transfer Programme, raising hopes of financial relief amid rising living costs.
The development suggests that disbursements may have commenced for selected beneficiaries, although authorities have yet to confirm the extent of payments nationwide.
Source: Legit.ng
