Renewables
Nigeria introduces USSD credit platform to widen loan access
The Nigerian Consumer Credit Corporation has launched a USSD credit service to help citizens finance household needs and solar systems without internet access.
Key points
- The Federal Government launched the SPARK USSD platform to provide consumer loans via basic mobile phones.
- CREDICORP reported that over 353,000 people have accessed credit worth more than N61.40 billion across its programmes.
- The initiative aims to finance essential goods, solar energy equipment, and productive assets to stimulate local enterprises.
What happened
According to Premium Times, the Nigerian Consumer Credit Corporation (CREDICORP) has introduced a USSD-based credit service named SPARK. The platform allows citizens to secure loans using basic mobile handsets without requiring smartphones or internet connectivity. The service aims to assist first-time borrowers with limited credit histories in financing household equipment, solar energy systems, and other productive assets.
Uzoma Nwagba, the managing director of CREDICORP, announced the rollout following a pilot launch during an event in Aba, Abia State. The platform uses the code 347333# and targets a wider national availability before the conclusion of 2026. Official figures released by the corporation indicate that by October 31, approximately 353,561 individuals had received loans totalling over N61.40 billion through various institutional frameworks.
Programme reach and local impact
The Aba event served as a platform to demonstrate several federal credit schemes, including the Securing Consumer Access for Local Enterprises initiative, which distributed locally assembled tricycles to transport workers. Additional programmes like YouthCred provide financing options for young professionals and entrepreneurs, while separate arrangements cater to market traders seeking inventory support.
Mr Nwagba noted that the corporation's interventions operate across all 36 states and the Federal Capital Territory. Participating financial institutions registered numerous workers, traders, and transport operators during the Abia State engagement to expand formal repayment tracking.
Why it matters
Expanding consumer credit for decentralised energy solutions such as solar installations addresses critical infrastructure gaps in Nigeria. According to World Bank figures from 2024, only 62.5 percent of the Nigerian population has access to electricity, with average electricity use standing at 140.6 kWh per person, compared to global averages of 91.9 percent and 3,708.5 kWh respectively. Enabling citizens to finance solar systems and household appliances via basic mobile technology can accelerate energy adoption outside the main grid, supporting both domestic productivity and local renewable energy suppliers.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Renewables are the fastest-growing part of the world’s energy system. The COP28 goal is to triple capacity by 2030, and solar mini-grids are the fastest route to power for millions of people without electricity.
22.0% of electricity in Nigeria was renewable in 2021Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
