Reactions 24 Hours After FG Launches USSD Code To Help Nigerians Access Loans Without Internet

• The Nigerian Consumer Credit Corporation launched SPARK, a USSD-based loan service for Nigerians without smartphones or internet access
• Some Nigerians who tried the service within 24 hours of its launch reported that the USSD code was unavailable or not working
• CREDICORP has not yet disclosed loan limits, interest rates or eligibility criteria for borrowers on the platform

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Nigerians have taken to social media to express frustration over the Federal Government's newly launched USSD loan service, with several users reporting that the platform was inaccessible barely a day after its public announcement.

The Nigerian Consumer Credit Corporation (CREDICORP) introduced the service, named SPARK, at its CREDICORP for All showcase held in Aba, Abia State.

The initiative is designed to allow Nigerians using basic mobile phones to apply for consumer loans without needing internet access or a smartphone, with *347333# as the designated USSD code.

Nigerians complain SPARK is not working

Shortly after the launch, complaints began appearing online.

X user Alajiki Paul wrote:

"Imagine the lie again, the code is not working."

Another user, Abdullahi Abiodun, also flagged the issue, saying the code was currently unavailable.

These reactions come as CREDICORP has indicated that the service is not yet fully operational across the country, with a nationwide rollout expected before December 2026, Vanguard reports.

How the SPARK loan service works

CREDICORP Managing Director Uzoma Nwagba said the service was created to broaden access to credit beyond the small number of Nigerians who currently benefit from formal financial systems.

He said at the launch event:

"Consumer credit should not be a privilege reserved for a few."

SPARK is specifically aimed at first-time borrowers and those with little or no credit history, giving them a route to access funds and begin building repayment records.

The broader CREDICORP loan programme covers financing for food, healthcare, solar panels, generators, vehicles, digital devices and household goods.

The corporation said it has already facilitated more than N53.5 billion in loans for over 351,000 Nigerians, with women making up about 59% of beneficiaries.

Key details still missing

Despite the launch, CREDICORP has yet to publish specific details about how the SPARK service will work in practice. Loan limits, interest rates, repayment periods and eligibility conditions have not been disclosed publicly.

The corporation has only confirmed that a full national rollout is planned before the end of 2026.

For Nigerians hoping to use the platform, the early access problems raise questions about its availability ahead of the planned nationwide rollout.

FG opens portal; Nigerians can borrow up to N300,000 easily

In a related development, the Nigerian government is set to empower market women, small-scale traders, and artisans with access to zero-interest loans of up to N100,000 through its upcoming programmes, MarketMoni and TraderMoni.

MarketMoni will provide market women with interest-free loans to grow working capital, restock inventory, and expand their businesses.

Beneficiaries will enjoy zero collateral, a 3-month moratorium before repayment, and nationwide coverage across all six geopolitical zones.