FG Launches USSD Loan Service: How Nigerians Can Apply

Nigerians can now access a new government-backed credit platform through their mobile phones without buying data or downloading an application.

The Federal Government has introduced a new loan service that allows Nigerians to access consumer credit without an internet connection.

The Nigerian Consumer Credit Corporation (CREDICORP) launched the platform, known as SPARK, to reach people who struggle to access formal loans.

Users can dial 347333# to access the service. They do not need a smartphone or mobile data to get started.

But who can apply, and what should prospective borrowers know before using the platform?

How to apply for the FG loan

Nigerians interested in the SPARK service can start by dialling 347333# on their mobile phones.

The USSD menu will guide users through the available options. Applicants can follow the prompts to begin the process.

Unlike many online lending platforms, SPARK does not require users to download an application or connect to the internet.

However, dialling the code does not guarantee a loan. Applicants must meet the programme’s requirements and pass the relevant assessment.

CREDICORP has not yet published full details of the loan limits, interest rates and repayment periods. Nigerians should check these conditions before accepting any credit offer.

Who can benefit from the SPARK loan?

The programme targets people who have little or no formal borrowing history.

For example, someone who has never taken a bank loan may struggle to convince lenders of their creditworthiness.

SPARK aims to give such people an opportunity to build a borrowing record.

Young workers, traders and other Nigerians who meet the eligibility conditions may find the service useful.

However, applicants should remember that lenders still consider their ability to repay before approving credit.

Why did CREDICORP introduce SPARK?

CREDICORP unveiled SPARK at its ‘CREDICORP for All’ event in Aba, Abia State.

The event brought together residents, financial institutions, businesses and government representatives.

The corporation also showcased other credit programmes.

One of them, YouthCred, targets young Nigerians. Another initiative, known as Securing Consumer Access for Local Enterprises (S.C.A.L.E.), supports transport operators who want to acquire tricycles through credit.

CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said ordinary Nigerians should have access to consumer credit.

The new USSD service forms part of that effort.

How much has CREDICORP given out in loans?

CREDICORP says it has facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians.

Women account for about 59 per cent of the beneficiaries.

The corporation hopes SPARK will help it reach more people, particularly those who cannot easily use internet-based financial services.

For prospective borrowers, the most important thing is to understand the cost of borrowing.

Before accepting a loan, applicants should check the interest rate, repayment deadline, additional charges and penalties for late payment.

CREDICORP expects the service to become more widely available across Nigeria before the end of 2026.