Many MindedCredit agency puts first-time borrowing on basic mobile phones
The Nigerian Consumer Credit Corporation (CREDICORP) has introduced SPARK, a credit product delivered over USSD. Users dial *347*333# on a basic mobile phone to reach it. No smartphone or internet connection is needed. SPARK is aimed at first-time borrowers with limited or no credit history, and it is meant to help them build a formal credit record as well as obtain loans.
It was unveiled at the 'CREDICORP for All' showcase in Aba, Abia State. The event also included credit demonstrations for market women and traders, a presentation on the YouthCred initiative for young people, and credit-backed tricycles for transport operators. The tricycles were assembled locally and offered on credit through the S.C.A.L.E. (Securing Consumer Access for Local Enterprises) initiative. CEO Uzoma Nwagba said credit should be available to every working Nigerian rather than a privilege for a few.
The significance is in the delivery channel. A USSD code works on the cheapest handsets and needs no data plan, so it removes two common barriers to formal credit. A recorded repayment history can also open access to later, larger borrowing. The tricycle scheme links credit to income-earning transport, a second route to livelihoods.
CREDICORP says it has facilitated over N53.5bn in consumer credit to more than 351,000 Nigerians, and that about 59 per cent of its beneficiaries are women. These figures are the agency's own claims. The loan amounts, interest rates and eligibility terms for SPARK have not been published in the reporting. CREDICORP expects wider availability before the end of 2026, but that is an expectation, not a commitment. Watch for those terms, and for repayment and uptake data.
Source: Google News