CREDICORP unveils SPARK USSD loan product for Nigerians without smartphones

The Nigerian Consumer Credit Corporation (CREDICORP) has unveiled SPARK, a mobile-based credit product that lets Nigerians apply for loans through USSD without smartphones or internet access. The product targets first-time borrowers, low-income earners and millions of Nigerians who remain underserved by conventional financial institutions.

CREDICORP said SPARK will simplify access to consumer credit while helping beneficiaries build formal credit histories through responsible borrowing and repayment. The corporation expects the product to become more widely available before the end of 2026.

How SPARK works

Unlike conventional digital lending platforms that require smartphones, mobile applications or internet subscriptions, SPARK is designed to operate through USSD technology. Eligible Nigerians will be able to initiate credit transactions using basic mobile phones, removing a major technological barrier to financial inclusion.

CREDICORP said borrowers who consistently repay their loans could gradually strengthen their credit profiles and qualify for broader financial opportunities. The corporation has not disclosed the official USSD code, maximum loan amounts, interest rates or detailed eligibility requirements. Prospective applicants should await official announcements rather than rely on unverified loan registration platforms.

Aba showcase and policy push

The product was introduced during 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. CREDICORP also showcased locally assembled tricycles available through its Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative, which seeks to connect consumer financing with demand for locally manufactured products.

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.

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.

CREDICORP Managing Director and Chief Executive Officer Uzoma Nwagba said the corporation was working to make consumer credit accessible beyond traditional banking channels. "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.

Credit book and what it means

According to CREDICORP, 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. Actual loan access will depend on eligibility, participating lenders and the product's eventual rollout.

For Nigerian consumers, the immediate takeaway is to wait for official details on costs and eligibility. For businesses, CREDICORP is tying consumer credit to demand for locally manufactured products through S.C.A.L.E.