FG Unveils USSD Code for Loans to Nigerians

The Federal Government has introduced a new mobile phone-based credit service that allows Nigerians to begin accessing loans without an internet connection or smartphone, in a move aimed at widening access to consumer credit.
The service, known as SPARK, was introduced by the Nigerian Consumer Credit Corporation (CREDICORP) to help first-time borrowers and people with little or no formal credit history access financing opportunities.
Interested users can dial *347*333# on their mobile phones to access the platform. However, using the code does not automatically guarantee loan approval, as applicants must meet the relevant eligibility requirements. 
How the new loan service works
Unlike many digital lending platforms that require users to download applications or have mobile data, SPARK uses Unstructured Supplementary Service Data (USSD) technology, making it accessible through basic mobile phones.
CREDICORP says the initiative is designed to help borrowers establish formal credit histories through responsible borrowing and timely repayment. Such records could improve their credit profiles and create opportunities to access further financial services.
The corporation expects the service to become more widely available nationwide before the end of 2026. 
FG targets traders, young people and transport operators
The platform was unveiled during CREDICORP’s CREDICORP for All showcase in Aba, Abia State, where more than 1,000 residents were exposed to consumer credit opportunities.
The event featured credit-access initiatives for market traders, the YouthCred programme for young Nigerians and financing opportunities for transport operators seeking to acquire locally assembled tricycles under the corporation’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative. 
CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said consumer credit should be accessible to ordinary working Nigerians rather than reserved for a privileged few.
The initiative forms part of broader efforts to expand access to financing and connect credit opportunities with businesses, households and local enterprises.
Over 351,000 Nigerians have benefited from credit
According to CREDICORP, the corporation has facilitated more than ₦53.5bn in consumer credit for over 351,000 Nigerians since it began operations, with women accounting for approximately 59 per cent of beneficiaries. 
However, key details of the SPARK service, including specific loan limits, interest rates, repayment periods and full eligibility conditions, have not been comprehensively disclosed in the reports reviewed.
Prospective borrowers should therefore confirm the terms of any loan before accepting an offer and ensure they can meet the repayment obligations.