Government credit agency launches SPARK scheme for buying food and solar on credit

The Nigerian Consumer Credit Corporation (CREDICORP), a federal government agency, has launched a new scheme called SPARK to help Nigerians buy essential goods on credit, according to reports on Monday, 2 November 2026.
What SPARK offers
The scheme is designed to let people buy items such as food, solar power systems and other household needs without paying the full amount upfront. It also aims to support Nigerian businesses and manufacturers by boosting demand for locally made goods. Reports say Nigerians will be able to access the service through a USSD code, which works on basic phones without internet access.
The numbers so far
CREDICORP says it has facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians since it began operations, and that women make up about 59 per cent of beneficiaries.
A loan, not a grant
Applicants are being reminded that SPARK is a loan that must be repaid, not free money. People are advised to check the official terms, use only official channels and beware of fraudsters who may pretend to offer access to the scheme for a fee.
Background
CREDICORP was set up in 2024 as part of President Tinubu's plan to make consumer credit more widely available, so that working Nigerians can buy goods such as cars, homes and appliances and pay over time. Critics have questioned how many people can afford new debt at a time of high living costs, while supporters say affordable credit can ease pressure on household budgets.
- SPARK lets people buy food and solar systems on credit.
- Over 351,000 Nigerians have accessed ₦53.5 billion so far.
- It is a loan that must be repaid.


