CREDICORP launches a new USSD-based credit product allowing Nigerians to access loans easily without smartphones or internet connection.
The Nigerian Consumer Credit Corporation (CREDICORP) has introduced a brand new financial product that allows citizens across the country to apply for and receive consumer loans using ordinary mobile phones without needing an internet connection or expensive smartphones.
The new service was publicly unveiled to bring banking and credit opportunities closer to everyday working people, local traders, market women, and rural residents who do not have access to steady internet services.
The major announcement was made during a special public showcase event tagged “CREDICORP for All,” which took place in the commercial city of Aba, Abia State.
The gathering brought together hundreds of residents, small business owners, market vendors, and financial institution leaders to see firsthand how ordinary people can benefit from government-backed consumer credit programs without complicated digital hurdles.
The new product, named SPARK, is designed specifically as an entry-level credit tool to help first-time borrowers step into the formal financial system.
By simply dialing a designated short code on any basic phone, citizens can request financial assistance to buy work tools, pay for essential goods, or support their small trades.
Organizers explained that regular and honest loan repayments will help users build a clean credit history, opening doors for bigger financial opportunities in the future.
Speaking during the official presentation of the credit service in Abia State, the leadership of CREDICORP emphasized that financial support should be a right for every hardworking citizen rather than a special privilege reserved for a wealthy few.
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Explaining the core vision behind the new mobile credit product, the leadership stated:
“It is a first-of-its-kind, USSD-based entry-level credit product designed to enable Nigerians, particularly first-time borrowers, to access credit.”
The corporation further explained how the system aims to bridge the massive gap in financial inclusion across the country, adding:
“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian.”
Interested Nigerians can access the service by dialing the official short code *347*333# on their mobile lines. The corporation noted that while the product was launched in Aba, full nationwide availability will scale up progressively before the end of 2026.
During the same exhibition event, CREDICORP also displayed locally assembled tricycles and other work tools provided through its Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative, showing how credit systems can directly support local manufacturing and everyday transport workers.
Economic experts and trade unions have praised the federal initiative, noting that allowing citizens to use basic phones for financial transactions will boost local trade and reduce poverty across grassroots communities.
Jennifer Baba is a journalist, international news correspondent, and writer at Moderncrux, where she covers artificial intelligence, fintech, emerging technologies, global politics, and international affairs. Based in Nigeria, she is passionate about transforming complex global developments into clear, engaging stories that inform and inspire readers.
