The Federal Government has introduced a dedicated USSD code for loans designed to help Nigerians finance solar equipment, foodstuffs, and other daily necessities using basic feature phones.
The new mobile service, branded as SPARK, was developed by the Nigerian Consumer Credit Corporation to expand access to affordable credit for citizens without smartphones or internet connectivity.
Ministers unveiled the platform during an economic showcase in Aba, Abia State, marking a major step toward expanding nationwide financial inclusion.
Accessible Mobile Credit on Feature Phones
Under the newly announced framework, citizens can dial 347333# as the primary USSD code for loans to initiate applications.
The platform operates smoothly across standard telecommunications networks. It removes the need for expensive mobile data, smartphone applications, or physical visits to commercial banking halls.
The initiative particularly targets first-time borrowers and informal workers who lack formal credit histories. By participating in structured repayment plans through the USSD code for loans, borrowers can establish recognized credit scores that open doors to future financial services.
CREDICORP disclosed that the product is undergoing a phased operational rollout. The agency expects full nationwide availability across all thirty-six states before the end of the year.
Financing Solar Energy and Everyday Essentials
The mobile service connects directly into the government's wider consumer credit agenda, which covers five essential economic pillars.
These priority areas include solar panels and clean energy generators, mobility solutions such as compressed natural gas conversions, digital devices, and household appliances. The program also supports life essentials such as healthcare services, clothing, and staple food purchases.
Managing Director of the corporation, Uzoma Nwagba, explained that the platform seeks to connect consumer purchasing power with domestic manufacturers and local vendors.
Authorities clarified that funds distributed through the platform represent structured commercial credit rather than non-repayable government grants. Borrowers agree to clear their balances over designated flexible repayment windows.
Expanding Financial Inclusion for Millions
Official records indicate that the agency has already disbursed more than 61 billion naira in consumer financing to over 353,000 citizens nationwide.
Women account for approximately 59 percent of the registered beneficiaries, demonstrating strong participation among female entrepreneurs and household heads.
Economic analysts note that broadening access through basic mobile technology helps cushion household living costs amid persistent inflation. As the service expands toward full nationwide scale, consumer advocates have urged applicants to review repayment terms carefully to maintain clean credit standings.
