FG unveils USSD code for consumer credit loans

The Federal Government has launched an USSD-based consumer credit service, SPARK, to enable Nigerians to access loans for essential goods and services without the use of the Internet.

The Nigerian Consumer Credit Corporation (CREDICORP) unveiled the service, which is accessible by dialing *347*333#, and it targets first-time borrowers with limited credit histories.

The loan scheme covers thematic areas including digital devices, household equipment, healthcare, and mobility, such as compressed natural gas and electric vehicles.

CREDICORP Managing Director, Uzoma Nwagba, disclosed that the corporation had facilitated over ₦53.5 billion in consumer credit for more than 351,000 Nigerians, with women accounting for 59 per cent of beneficiaries.

“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian” Nwagba said.

He emphasised that the SPARK rollout is ongoing and expected to become fully operational nationwide before the end of 2026.

Meanwhile, CREDICORP warned prospective borrowers against unofficial agents demanding upfront payments, stressing that the SPARK service is a loan facility requiring repayment according to agreed terms.