Nigerians Rush To Apply as FG Launches USSD Code To Access Loans Easily

• The FG's SPARK USSD loan service has indicated that disbursements are ongoing, with high traffic reported following its introduction
• Nigerians attempting to access the service through the USSD code have received a message saying demand is currently high
• The initiative, launched by CREDICORP, is designed to help Nigerians access consumer credit without smartphones or internet connections

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The federal government's new offline loan platform, SPARK, is already processing credit disbursements as Nigerians rush to access the service following its launch.

The Nigerian Consumer Credit Corporation (CREDICORP) introduced SPARK to enable Nigerians to apply for consumer loans using basic mobile phones without requiring a smartphone or internet connection.

The service is accessible by dialling *347*333# on any mobile phone.

However, Nigerians attempting to access the platform are receiving a message indicating that demand is exceptionally high.

The message reads:

"Welcome to spark Spark. Disbursement are ongoing, traffic is at all time high."

The notification indicates that credit disbursements are ongoing, even as the platform experiences heavy traffic from prospective borrowers.

What the SPARK service offers

The USSD platform is designed to expand access to formal consumer credit among Nigerians who have historically faced barriers to conventional lending, particularly those without smartphones or reliable internet access.

It forms part of the Federal Government's broader efforts to expand consumer lending and promote responsible borrowing across the country.

CREDICORP has yet to release specific details on the loan amounts available through SPARK, applicable interest rates or repayment arrangements.

Nigerians are advised to review borrowing costs and repayment conditions carefully before accepting any credit offer through the platform.

CREDICORP's wider credit programme

The rollout of SPARK follows progress in CREDICORP's broader consumer lending activities.

The corporation disclosed that it had facilitated more than N61 billion in credit for 353,561 Nigerians across all 774 local government areas as of October 31, 2026.

Women accounted for 58.8% of beneficiaries, while young Nigerians represented close to half of those who accessed credit.

What Nigerians can use the credit for

CREDICORP said its consumer credit programme supports purchases and expenses across several categories, including:

• Mobility: Vehicles and other transportation needs.
• Home improvement: Repairs, renovations and upgrades.
• Solar energy: Clean energy solutions.
• Digital devices: Smartphones, laptops and other technology products.
• Life essentials: Healthcare and education.
• Household needs: Everyday living essentials.

FG opens portal for Nigerians to apply for N1m

Earlier, Legit.ng reported that the federal government has outlined the application process for Nigerians seeking affordable financing to purchase laptops, smartphones, tablets, and other digital devices under the Credit for Laptops, Internet, Connectivity, and Knowledge Digital Devices (C.L.I.C.K.D.) Programme.

Launched through the Nigerian Consumer Credit Corporation (CREDICORP), the initiative aims to improve access to digital devices by providing consumer credit to eligible Nigerians.

Applicants must complete an online registration form before the scheme can consider them.