Federal government has unveiled SPARK, a USSD-based credit product designed to help Nigerians access consumer loans using basic mobile phones without needing internet connectivity or a smartphone, RaveNewsOnline reports.
Launched by Nigerian Consumer Credit Corporation (CREDICORP), SPARK, hopes to expand access to credit, particularly for first-time borrowers with limited or no formal credit history.
Unveiled as a pilot in Aba, Abia State, and the *347*333# code is rolling out gradually rather than being immediately operational nationwide.
CREDICORP has noted that full public details regarding exact loan limits, interest rates, and repayment terms are pending wider deployment.
CREDICORP’s broader consumer credit programmes cover five thematic areas aimed at improving access to essential goods, household equipment and productive assets.
They include, Mobility: Compressed natural gas (CNG) and electric vehicles, Digital devices: Laptops, smartphones and tablets, Energy solutions: Generators and solar panels, Home improvement: Furniture, household appliances and building materials, and Life essentials: Healthcare, apparel, food and beverages.
Uzoma Nwagba, managing director and chief executive officer, CREDICORP, said the initiative was intended to extend consumer credit beyond traditional financial institutions.
He said,”Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian.
“Today in Aba, Abia State, in Nigeria’s South East, we are demonstrating what that means in practical terms: credit for market women, a financial head start for young people, productive assets for transport operators, and with SPARK, a simple way for Nigerians to begin building their credit histories. This is how we make credit work for the people.”
Chinenye Mba-Uzoukwu, chief principal to Abia State Governor Alex Otti, said the state government was creating an environment in which businesses could grow and responsible consumer credit could reach more residents.
“Under Governor Alex Otti’s leadership, Abia State is putting the conditions in place for businesses to grow, investments to flourish and responsible credit to reach more of our people,” Mba-Uzoukwu said, representing the governor at the event.
“By strengthening the enabling environment for enterprise, we are making it easier for initiatives such as CREDICORP to support traders, young people and hardworking families across the state.”
Similarly, Armstrong Ume Takang, managing director of the Ministry of Finance Incorporated and a CREDICORP board member, said the showcase demonstrated how government policies could translate into economic opportunities.
