CREDICORP Launches SPARK USSD Loan Platform in Nigeria

The Nigerian federal government has launched a new offline loan platform called SPARK, introduced by the Nigerian Consumer Credit Corporation (CREDICORP). This service allows Nigerians to apply for consumer loans using basic mobile phones by dialing *347*333#.

Following its launch, there has been a significant surge in demand, with users receiving notifications about exceptionally high traffic. The platform aims to improve access to formal consumer credit for Nigerians who have faced barriers to traditional lending, particularly those without smartphones or reliable internet access.

While the service is operational, specific details regarding loan amounts, interest rates, and repayment terms have not been disclosed. As of October 31, 2026, CREDICORP reported facilitating over N61 billion in credit for 353,561 Nigerians across all 774 local government areas.

The initiative is part of the government's broader efforts to promote responsible borrowing and expand consumer lending in Nigeria.