FG launches SPARK USSD loan code, early users report it is not working

The Nigerian Consumer Credit Corporation (CREDICORP) has launched SPARK, a USSD-based loan service for Nigerians who do not have smartphones or internet access. The service uses *347333# and was unveiled at the CREDICORP for All showcase in Aba, Abia State.

But within 24 hours of the launch, some Nigerians reported that the USSD code was unavailable or not working. CREDICORP has also not disclosed loan limits, interest rates, repayment periods or eligibility criteria for borrowers on the platform.

What CREDICORP launched

SPARK is designed to let Nigerians on basic mobile phones apply for consumer loans without internet access or a smartphone. The designated USSD code is *347333#. The service targets first-time borrowers and people with little or no credit history, giving them a route to access funds and start building repayment records.

CREDICORP Managing Director Uzoma Nwagba said the service was created to broaden access to credit beyond the small number of Nigerians who currently benefit from formal financial systems. At the launch event, he said: "Consumer credit should not be a privilege reserved for a few."

Early access complaints

Shortly after the launch, complaints began appearing online. X user Alajiki Paul wrote: "Imagine the lie again, the code is not working." Another user, Abdullahi Abiodun, also flagged the issue, saying the code was currently unavailable.

CREDICORP has indicated that the service is not yet fully operational across the country. A nationwide rollout is expected before December 2026. Despite the launch, the corporation has yet to publish specific details about how SPARK will work in practice. Loan limits, interest rates, repayment periods and eligibility conditions have not been disclosed publicly.

Broader loan programme

The broader CREDICORP loan programme covers financing for food, healthcare, solar panels, generators, vehicles, digital devices and household goods. The corporation said it has already facilitated more than N53.5 billion in loans for over 351,000 Nigerians, with women making up about 59% of beneficiaries.

In a related development, the Nigerian government is set to empower market women, small-scale traders and artisans with access to zero-interest loans of up to N100,000 through its upcoming MarketMoni and TraderMoni programmes. MarketMoni will provide market women with interest-free loans to grow working capital, restock inventory and expand their businesses. Beneficiaries will enjoy zero collateral, a 3-month moratorium before repayment and nationwide coverage across all six geopolitical zones.

What it means for borrowers

For Nigerian consumers and small businesses, the value of SPARK will depend on whether the USSD code works reliably and whether CREDICORP publishes loan limits, rates and repayment terms before the national rollout. The early access problems raise questions about availability ahead of the planned nationwide launch.