Nigerian Government Unveils USSD Loan Code For Food, Solar, Other Essentials

The Federal Government has introduced a USSD-based consumer credit service aimed at helping Nigerians access loans through basic mobile phones without requiring internet access or smartphones.

The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP) as part of efforts to expand access to consumer credit, particularly for first-time borrowers with little or no formal credit history.

The USSD code 347333# was announced for accessing the service, although its full nationwide rollout has yet to be confirmed. CREDICORP said the platform is expected to become more widely available before the end of 2026.

SPARK is designed to enable Nigerians to begin building credit histories through loan repayment records, potentially improving their chances of accessing other financial services in the future.

According to a report by Vanguard, sighted by PUNCH Online on Monday, the product was unveiled at CREDICORP’s ‘CREDICORP for All’ showcase in Aba, Abia State, where consumer credit opportunities were presented to more than 1,000 residents.

The event brought together beneficiaries, financial institutions, local businesses and government representatives to demonstrate how consumer credit could support economic activities and improve livelihoods.

Activities at the showcase included credit-access demonstrations for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the unveiling of credit-backed tricycles for transport operators.

The event also featured locally assembled tricycles provided through CREDICORP’s Securing Consumer Access for Local Enterprises initiative, known as S.C.A.L.E.

Speaking at the event, CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the initiative was designed to make consumer credit accessible to Nigerians beyond traditional financial institutions.

He explained that SPARK would provide an opportunity for individuals to establish credit histories, while other programmes would support traders, young people and transport operators.

Nwagba said consumer credit should be accessible to every working Nigerian rather than remain an opportunity available to only a few.

Also speaking, Chinenye Mba-Uzoukwu, Chief Principal to Abia State Governor Alex Otti, said the state government was creating an enabling environment for businesses to grow and responsible consumer credit to reach more residents.

Similarly, the Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, said the initiative demonstrated how public investment could support businesses, local manufacturers and economic development.

CREDICORP's broader consumer credit programmes cover five major areas, including mobility, digital devices, energy solutions, home improvement and essential goods.

These categories include compressed natural gas and electric vehicles, laptops, smartphones, solar panels, generators, household appliances, furniture, healthcare, clothing, food and beverages.

However, the corporation has not confirmed that all these products and services are currently eligible for financing through SPARK specifically.

The corporation also disclosed that it had facilitated more than ₦53.5bn in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.

What Nigerians Should Know

SPARK is a loan service, not a grant. Beneficiaries will be required to repay borrowed funds according to agreed terms.

CREDICORP has yet to release comprehensive details regarding the service's loan limits, interest rates, repayment periods and eligibility requirements.

Prospective applicants have also been advised to exercise caution and avoid unofficial agents or websites demanding upfront payments in exchange for guaranteed loan approvals.