CREDICORP Launches SPARK for Easy Access to Credit

The Nigerian Consumer Credit Corporation (CREDICORP) has launched a new initiative called SPARK, which allows Nigerians to access credit for essential items such as food, mobile phones, and solar systems without the need for smartphones or internet connections. This service can be accessed by dialing *347*333# on mobile phones, making it particularly beneficial for low-income earners and those financially underserved.

SPARK operates through Unstructured Supplementary Service Data (USSD), enabling users of basic mobile phones to apply without needing mobile data. The initiative is being rolled out in phases, with availability varying by location and lender.

Loan approvals will depend on eligibility requirements and lending conditions. SPARK aims to help Nigerians finance essential purchases while reducing the burden of large upfront payments and establishing formal credit histories for first-time borrowers.

CREDICORP has previously facilitated over ₦53.5 billion in consumer credit for over 351,000 Nigerians, with women making up about 59% of beneficiaries. Borrowers must repay loans according to their agreements, and CREDICORP warns against fraudulent agents.