FG expands access to loans without internet

Nigerians will be able to access consumer loans using basic mobile phones without internet connectivity under a new Federal Government-backed initiative.

The service, known as SPARK, is designed to bring more people into the formal credit system, particularly those without smartphones or established credit histories.

The Nigerian Consumer Credit Corporation (CREDICORP), a Federal Government-owned institution under the Ministry of Finance, unveiled the product during its 'CREDICORP for All' programme in Aba, Abia State, on October 28, 2026.

According to the corporation, SPARK will allow users to access credit without downloading mobile applications or requiring internet connectivity.

CREDICORP's Managing Director and Chief Executive Officer, Uzoma Nwagba, described the product as an entry-level credit facility that would help first-time borrowers establish formal credit histories.

He explained that borrowers who take smaller loans and repay them responsibly could gradually qualify for higher credit facilities and other financial opportunities.

The initiative is expected to extend consumer credit access to traders, market women, young people and other Nigerians who may have limited access to traditional financial services.

The unveiling took place during a showcase that attracted more than 1,000 residents, including market women, traders, young people and transport operators.

CREDICORP also disclosed that it had facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.

The corporation said SPARK is currently being piloted, with wider availability expected before the end of 2026.