The initiative, known as SPARK, was introduced through the Nigerian Consumer Credit Corporation (CREDICORP) to expand access to credit, particularly for first-time borrowers and Nigerians with little or no formal credit history.
Interested Nigerians can dial *347*333# on their mobile phones to access the service. However, CREDICORP says the platform is expected to become more widely available nationwide before the end of 2026.
What Can Nigerians Get Loans For?
CREDICORP’s broader consumer credit programmes cover several areas, including:
- Food and essential items: Food, beverages, clothing and other basic needs.
- Energy: Solar panels and generators.
- Digital devices: Smartphones, laptops and tablets.
- Mobility: Compressed natural gas (CNG) and electric vehicles.
- Home improvement: Furniture, household appliances and building materials.
- Healthcare: Access to credit for healthcare needs.
However, these are categories covered by CREDICORP’s wider consumer credit programmes, and not all have been confirmed as currently available through SPARK.
Why Did FG Introduce SPARK?
According to CREDICORP, the initiative is designed to make consumer credit accessible to Nigerians who may struggle to obtain loans through traditional financial institutions.
It will also allow borrowers to establish formal repayment records. Nigerians who borrow responsibly and repay on time could gradually improve their credit profiles and become eligible for additional financial opportunities.
The platform was unveiled during CREDICORP’s CREDICORP for All showcase in Aba, Abia State, where more than 1,000 residents were introduced to different consumer credit opportunities.
CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said consumer credit should be an opportunity available to every working Nigerian rather than a privilege reserved for a few.
The corporation also disclosed that it had facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.
Important Things Nigerians Should Know
SPARK is a loan service, not a government grant. Beneficiaries will be expected to repay borrowed money according to agreed terms.
CREDICORP has not yet provided comprehensive public details on the loan limits, interest rates, repayment periods and full eligibility requirements.
Nigerians are therefore advised to understand the repayment conditions before accepting any loan and avoid individuals or unofficial platforms demanding upfront payments in exchange for guaranteed approval.
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