FG Launches USSD Offline Loan Service as CREDICORP Disbursement Hits N61.4 Billion
- CREDICORP reached 353,561 beneficiaries across all 774 LGAs in Nigeria as of October 31, 2026
- Women make up 58.8% of all beneficiaries, while nearly half of those who received credit are young Nigerians
- The FG also introduced a USSD service called SPARK to help Nigerians access loans without internet
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian Consumer Credit Corporation (CREDICORP) has disbursed over N61.40 billion to 353,561 Nigerians, covering every one of the country's 774 local government areas, according to figures released on Monday, November 3, 2026.
The corporation shared the data through its official X account, confirming that the scheme had achieved full nationwide reach as of October 31, 2026.
Source: Getty Images
CREDICORP was set up under President Bola Tinubu's administration to give ordinary Nigerians access to affordable credit, particularly those who had been shut out of formal lending.
Who is benefiting from the scheme
The figures reveal a strong youth and female presence among borrowers. Women account for 58.8% of all beneficiaries, and 47% of those who received credit are young Nigerians.
The data also shows that 31.81% of borrowers are accessing formal credit for the very first time, meaning they had no prior relationship with any official financial institution before joining the scheme.
CREDICORP works through 36 partner financial institutions and currently supports eight sectors, including vehicles and mobility, solar energy, digital devices, home improvements and household essentials.
One figure that stands out in the report is a 0% portfolio at risk, meaning no portion of the credit disbursed had been classified as at risk of default as of the reporting date.
Federal Government launches USSD loan access service
Alongside CREDICORP's latest figures, the federal government has introduced a USSD-based service called SPARK, designed to let Nigerians apply for loans without a smartphone or internet connection.
Borrowers can access the service by dialling 347333# on any mobile phone, Vanguard reports.
Source: Facebook
The platform targets Nigerians with limited access to digital financial services and is intended to help users build formal credit histories through consistent loan repayments.
The move adds another channel to the government's broader push to expand consumer lending beyond urban and digitally connected Nigerians.
Together, CREDICORP's disbursement record and the SPARK rollout reflect the administration's continued effort to deepen financial inclusion and bring more Nigerians into the formal credit system.
BOI launches digital portal to simplify access to loans
Earlier, Legit.ng reported that the Bank of Industry (BOI) has launched a new digital platform called MyBOI, which allows Nigerian businesses to apply for financing, complete onboarding and monitor their loan applications from start to finish without visiting a branch.
The bank described the portal as a central part of its Credit Process Re-engineering and Automation Initiative, built to tackle longstanding problems in its financing process, including manual paperwork, multiple customer touchpoints and slow turnaround times that left applicants with little visibility into where their applications stood.
Source: Legit.ng
