Need a loan? Nigerians can now access FG-backed loans by dialing a simple USSD code

• The Federal Government has introduced SPARK, a USSD-based credit service, through the Nigerian Consumer Credit Corporation (CREDICORP).

• Nigerians can dial *347*333# to access the service without a smartphone or internet connection.

• Loan amounts, interest rates, repayment periods and eligibility requirements have not yet been publicly confirmed.

Nigerians seeking loans can now access a new Federal Government-backed consumer credit service using a basic mobile phone, without needing internet access or a smartphone.

The Nigerian Consumer Credit Corporation (CREDICORP) introduced the service, called SPARK, to expand access to formal loans, particularly for people who have never borrowed from banks or other financial institutions.

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To access the service, interested applicants can dial *347*333# on their mobile phones and follow the available USSD instructions.

However, the platform is still being rolled out, and nationwide availability has not been confirmed.

Because it uses USSD technology, applicants do not need to download an application or purchase mobile data.

SPARK is particularly designed for first-time borrowers and Nigerians with little or no formal credit history.

Through responsible borrowing and timely repayment, beneficiaries can begin building credit records that may improve their chances of accessing other financial services in the future.

Additionally, dialling the code does not guarantee loan approval. Applicants will still have to satisfy the programme's lending requirements.

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CREDICORP has not publicly disclosed SPARK's specific lending terms. As of November 4, 2026, the corporation has not confirmed:

• Maximum loan amount: The highest amount an individual can borrow through SPARK.

• Minimum loan amount: The smallest credit facility available.

• Interest rate: Whether loans attract fixed or variable interest and the applicable percentage.

• Repayment period: How long borrowers have to repay their loans.

• Eligibility requirements: Whether applicants need a regular income, employment, BVN or existing bank account.

• Collateral: Whether applicants need to provide security before receiving credit.

The corporation has described SPARK as an entry-level consumer credit product but has not published enough information to establish the exact cost of borrowing.

Not yet. Although CREDICORP has announced the USSD code, the service is not confirmed to be fully operational nationwide.

Some Nigerians who attempted to access it shortly after its announcement reported difficulties, including messages indicating that the service was unavailable. CREDICORP expects wider availability before the end of 2026.

SPARK is also a loan service, not a government grant. Successful borrowers must repay the money under the agreed conditions.