CREDICORP Launches SPARK for Loan Access via USSD

The Nigerian Consumer Credit Corporation (CREDICORP) has introduced SPARK, a mobile-based credit product that allows Nigerians to access loans without needing smartphones or internet connectivity. This initiative operates through Unstructured Supplementary Service Data (USSD) and is aimed at first-time borrowers and low-income earners who are underserved by traditional financial institutions.

CREDICORP stated that SPARK will facilitate consumer credit access and help users build formal credit histories through responsible borrowing and repayment. The product is expected to be widely available before the end of 2026.

During its launch at the CREDICORP for All showcase in Aba, over 1,000 residents learned about consumer credit opportunities. The event included demonstrations for market women and presentations on financing for young Nigerians and commercial transport operators.

Chinenye Mba-Uzoukwu represented Governor Alex Otti, emphasizing the Abia State Government's commitment to fostering investment and responsible borrowing. Armstrong Ume Takang, managing director of the Ministry of Finance Incorporated and CREDICORP board member, linked the initiative to President Bola Tinubu's consumer credit policy.