FG launches SPARK USSD loan service for food, phones, solar

The Federal Government has introduced SPARK, a consumer credit service that lets Nigerians apply for loans by dialling 333# without a smartphone or internet access. The Nigerian Consumer Credit Corporation (CREDICORP) unveiled the programme. Applicants can begin the application process on *347*333#.

SPARK is a phased programme. It covers essentials such as food, phones, laptops, solar systems and other household needs. It targets underserved borrowers, including low-income earners and Nigerians outside formal banking. Loan approval depends on eligibility requirements and lending conditions. Availability may vary across locations and participating lenders.

How the service works

SPARK runs on Unstructured Supplementary Service Data (USSD). Users do not need to download an app, buy data or own a smartphone. They dial *347*333# and follow the instructions on their phones. The service is designed to help Nigerians finance essential purchases without large upfront payments. It covers food and household necessities, mobile phones, laptops, digital devices and solar energy systems.

Small-scale traders, transport operators, young entrepreneurs and residents of underserved communities are among those expected to benefit. SPARK also allows first-time borrowers to establish formal credit histories. Timely repayment could improve their eligibility for future credit.

Repayment, fees and fraud warning

SPARK is a loan, not a grant. Beneficiaries must repay borrowed funds under agreements with participating lenders. Applicants should check interest rates, fees, repayment periods and other charges before accepting any offer. Loan limits and eligibility conditions may also vary.

CREDICORP urged Nigerians to avoid fraudulent agents demanding upfront payments or promising guaranteed loan approvals. Borrowers should confirm details through official channels before accepting a loan offer.

CREDICORP record and other relief

CREDICORP previously disclosed that it had facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians. Women accounted for approximately 59% of beneficiaries. The corporation said SPARK forms part of its broader effort to improve access to consumer financing.

Separately, some vulnerable Nigerian households have reportedly begun receiving ₦25,000 payment alerts under the Federal Government’s Household Prosperity and Empowerment (HoPE) Cash Transfer Programme. Authorities have yet to confirm the extent of payments nationwide.

For Nigerian consumers, SPARK adds another borrowing option as living costs rise. It also gives first-time borrowers a route into formal credit records. Repayment discipline will matter for future access.