The Federal Government has launched SPARK, a USSD-based consumer credit service that lets Nigerians apply for loans from any basic mobile phone by dialling 347333#, with no smartphone, no internet connection and no app required, opening formal credit to millions shut out of the digital lending economy. The service was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP), the government's consumer credit agency, at a showcase in Aba, Abia State, reported by The ICIR on Monday, November 2, 2026. CREDICORP introduced 347333# as the access code and said the product is designed to expand access to credit, particularly for first-time borrowers with little or no formal credit history, the population that conventional banks have historically ignored. What the loans cover The showcase demonstrated credit for the everyday purchases that define household economics: food, solar power systems, healthcare and other consumer goods, with demonstrations for market women and traders, presentations on the YouthCred initiative for young Nigerians, and credit-backed tricycles for transport operators. The target is unglamorous but transformative: turning a phone keypad into a bridge to formal finance for people whose economic lives run entirely on feature phones. The numbers behind the push CREDICORP disclosed that it has facilitated more than N61.4 billion in consumer credit for over 353,561 Nigerians, reaching every one of the country's 774 local government areas as of October 31, 2026, according to figures published through its official X account and reported by Legit.ng. Women account for roughly 59 percent of beneficiaries so far, an unusually strong showing for a credit programme and a signal of where the demand has concentrated: household-level commerce. The honest caveats Two caveats deserve as much attention as the launch itself. First, nationwide availability is not yet confirmed; CREDICORP expects wider rollout before the end of 2026, so the code may not work on every network in every state today. Second, The ICIR noted that comprehensive details of the product, including loan limits, interest rates, repayment periods and eligibility requirements, have not been publicly provided, and warned Nigerians to avoid unofficial websites, agents or anyone demanding upfront payments in exchange for guaranteed loan approvals. A USSD loan code is a magnet for scammers the moment it is announced. Why USSD still matters in Nigeria Nigeria has roughly 220 million mobile lines but smartphone penetration remains well under half of adults, and data costs keep hundreds of millions offline at any given moment. USSD, the star-code protocol that works on any handset, remains the workhorse of Nigerian fintech, carrying banking, airtime and payments for the population the apps never reached. By putting consumer credit on 347333#, CREDICORP is meeting borrowers where they actually are, a design decision that fintech founders have long argued for and government has finally executed. The credit-history play The deeper ambition is a credit economy: SPARK is explicitly pitched as a way for Nigerians to begin building formal credit histories, which then unlock larger loans at lower rates over time. Nigeria's credit registry coverage remains among the lowest in comparable economies, and the absence of a score is what traps capable borrowers in informality. If SPARK's repayment data flows into the national credit infrastructure, the programme's real product is not the first loan but the borrower's second and third. What to watch as rollout proceeds Three markers will show whether SPARK is working: publication of loan limits, interest rates and eligibility criteria, which The ICIR flagged as missing; the actual nationwide availability of the code across networks; and independent evidence that disbursements match the N61.4 billion headline. Nigerians should dial the code directly, ignore any agent charging a fee, and treat the programme's caution against upfront-payment fraud as the operating rule. Frequently asked questions What is the SPARK USSD code? 347333#, run by the Nigerian Consumer Credit Corporation (CREDICORP) for loans on food, solar, healthcare and other consumer purchases. Do I need a smartphone? No. SPARK works on any basic mobile phone because USSD needs no internet connection. Is it available everywhere yet? Not fully confirmed; CREDICORP expects wider nationwide rollout before the end of 2026. Sources: The ICIR, The Telegraph Nigeria, Legit.ng, Daily Champion, The Star Nigeria.
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