FG Introduces USSD Code for Loans Covering Food, Solar and Other Needs

The Federal Government has introduced a new USSD based consumer credit service that will allow Nigerians to access loans using basic mobile phones without requiring internet access or smartphones.

The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP) to expand access to consumer loans, particularly for Nigerians who have little or no formal credit history.

CREDICORP announced *347*333# as the USSD code for accessing the service, with wider availability expected before the end of 2026. However, nationwide availability has not yet been confirmed.

The initiative is designed to make consumer credit more accessible to Nigerians, including first-time borrowers. PUNCH

CREDICORP's broader consumer credit programmes cover five major areas:

Food and essential needs: Food, beverages and other household necessities.

Energy solutions: Solar panels and generators.

Digital devices: Smartphones, laptops and tablets.

Transportation: Compressed natural gas (CNG) and electric vehicles.

Home improvement: Furniture, household appliances and building materials.

The programme also covers healthcare and other essential needs. However, CREDICORP has not confirmed that all these categories are currently available through the SPARK USSD service.

The initiative is part of the government's efforts to improve access to consumer credit and help Nigerians finance essential purchases without paying the full cost upfront.

Many Nigerians struggle to obtain loans from traditional financial institutions due to strict requirements, limited credit histories and collateral demands.

Through SPARK, eligible borrowers will have an opportunity to access credit and build formal repayment records, which could improve their credit profiles and make it easier to access other financial services in the future.

The service was unveiled at CREDICORP's CREDICORP for All showcase in Aba, Abia State, where different credit opportunities for traders, young Nigerians and transport operators were presented.

CREDICORP disclosed that as of October 31, 2026, it had facilitated more than 61.4 billion naira in consumer credit for 353,561 Nigerians. Premium Times

Although SPARK is designed to simplify access to loans, Nigerians should understand that it is a credit facility, not a government grant.

Borrowers will be expected to repay according to the agreed terms and conditions. CREDICORP has not yet provided comprehensive public details about the service's loan limits, interest rates, repayment periods and full eligibility requirements.

Applicants should also be cautious of unofficial agents or websites demanding upfront payments in exchange for guaranteed loan approval.

With rising food prices, transportation costs and household expenses putting pressure on many Nigerian families, easier access to consumer credit could provide some financial relief.

However, access to loans alone may not solve the problem if interest rates and repayment conditions remain difficult for low-income earners.

The bigger question is whether SPARK will make borrowing genuinely affordable and accessible to ordinary Nigerians or create another financial obligation for households already struggling with rising expenses.

Will the new SPARK loan service make borrowing easier for Nigerians?

Who Will Win Nigeria's 2027 Presidential Election?

Follow OpinionMarket for more stories shaping Nigeria and the world and trade your opinions on events happening around the world on OpinionMarket.