Federal government's CREDICORP unveils SPARK loans for people without smartphones

Nigerians without smartphones or internet access may soon be able to borrow money through a new government-backed scheme.
What was unveiled
The Nigerian Consumer Credit Corporation (CREDICORP) launched SPARK at a 'CREDICORP for All' event in Aba, Abia State, attended by more than 1,000 residents, according to reports on Sunday, 1 November 2026. The product works on USSD, the basic mobile service available on simple feature phones, allowing eligible users to start credit transactions without a data connection.
Who it is for
SPARK is aimed at first-time borrowers, low-income earners and others who are poorly served by traditional banks. CREDICORP says it will also help users build formal credit histories by borrowing and repaying responsibly. Loan sizes, interest rates and eligibility rules were not disclosed, and the USSD code has not yet been published. CREDICORP expects the product to be widely available before the end of 2026.
Who spoke
CREDICORP's chief executive, Uzoma Nwagba, spoke at the event, along with a representative of Abia Governor Alex Otti and an official of the Ministry of Finance Incorporated.
Background
CREDICORP was set up in 2024 to expand access to consumer credit, so that Nigerians can buy goods such as phones, solar systems and household items and pay over time. Many Nigerians rely on online loan apps, some of which have been criticised for high interest rates and harsh debt-recovery methods.
A warning
Officials urged people to wait for official announcements and to avoid unverified platforms claiming to register people for SPARK loans.
- SPARK works through USSD on basic phones.
- It targets first-time and low-income borrowers.
- Loan sizes and interest rates have not been announced.



