CREDICORP Disburses N61.4bn to 353,561 Borrowers, Launches 333# USSD Loan Service

The Nigerian Consumer Credit Corporation (CREDICORP) has disbursed over N61.40 billion to 353,561 Nigerians across all 774 local government areas. The corporation released the figures on Monday, November 3, 2026, with data as of October 31, 2026. The federal government also introduced a USSD service called SPARK to let Nigerians apply for loans without internet access or a smartphone.

Who received the credit

Women make up 58.8% of all beneficiaries. Young Nigerians account for 47% of those who received credit. The data also shows that 31.81% of borrowers are accessing formal credit for the first time. 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. The report put the portfolio at risk at 0%, meaning no portion of the credit disbursed had been classified as at risk of default as of the reporting date.

SPARK USSD service

SPARK is designed for Nigerians with limited access to digital financial services. Borrowers can dial 333# on any mobile phone. The service is intended to help users build formal credit histories through consistent loan repayments. It adds another channel to the government's push to expand consumer lending beyond urban and digitally connected Nigerians. CREDICORP was set up under President Bola Tinubu's administration to give ordinary Nigerians access to affordable credit, particularly those shut out of formal lending.

Bank of Industry portal

The Bank of Industry (BOI) has also launched a digital platform called MyBOI. The platform allows Nigerian businesses to apply for financing, complete onboarding and monitor their loan applications from start to finish without visiting a branch. BOI described the portal as a central part of its Credit Process Re-engineering and Automation Initiative. The initiative is 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.

What it means

For consumers, the 333# channel lowers the entry barrier for Nigerians without smartphones or internet. For businesses in the supported sectors, the N61.40 billion disbursement and the MyBOI portal point to more formal credit channels. The figures also show that first-time borrowers are entering the formal credit system, which could support repayment records that lenders can use later.