FG launches USSD code for loans on food, solar, others

The Federal Government has launched a USSD-based loan service that lets Nigerians get consumer credit on basic mobile phones, without internet access or a smartphone.

The PUNCH reports, that the Nigerian Consumer Credit Corporation (CREDICORP) unveiled the service, called SPARK, at its CREDICORP for All showcase in Aba, Abia State.

The code for SPARK is 347333#, but the service is not yet fully running nationwide. CREDICORP said it should be widely available before the end of 2026.

SPARK targets first-time borrowers with little or no credit history and helps them build repayment records. CREDICORP’s wider programmes cover food, healthcare, solar panels, generators, vehicles, digital devices and household items.

“Consumer credit should not be a privilege reserved for a few,” said CREDICORP Managing Director Uzoma Nwagba.

The corporation said it has facilitated over ₦53.5bn in loans for more than 351,000 Nigerians, about 59 per cent of them women.

SPARK’s loan limits, interest rates and repayment terms have not been disclosed.