The Federal Government has revealed plans to launch a monthly consumer loans support program providing N50,000 to targeted vulnerable households.
The funds aim to cushion the financial burden imposed by rising living costs.
Minister of Humanitarian Affairs and Poverty Reduction, Bernard Doro, announced the initiative in a statement on Friday.
Doro explained that the presidential initiative, named the National Emergency Relief and Stabilization Intervention (NERSI), seeks to provide immediate financial relief to millions of low-income Nigerians.
The Federal Government has launched a USSD-based credit facility to enable Nigerians to secure consumer loans using basic feature phones without requiring smartphones or internet access.
Introduced by the Nigerian Consumer Credit Corporation (CREDICORP), the SPARK service aims to expand credit access, targeting first-time borrowers with limited or no formal credit history.
CREDICORP disclosed the access code 347333# while advising interested applicants to monitor updates regarding the broader rollout.
Full nationwide functionality remains unconfirmed, though the organization expects the service to achieve wider availability by the end of 2026.
The program aims to help borrowers establish repayment histories that improve their credit profiles and unlock access to broader financial services.
What CREDICORP credit can be used for
The initiative aligns with CREDICORP’s overarching consumer financing strategy, which spans five key thematic areas designed to expand access to household appliances, productive assets, and essential items.
These focus areas cover mobility, including compressed natural gas (CNG) and electric vehicles; digital devices, such as laptops, smartphones, and tablets; energy solutions, including solar panels and generators; home improvement, encompassing furniture, appliances, and building materials; and daily necessities, including healthcare, clothing, food, and beverages.
These categories outline CREDICORP’s overarching consumer credit priorities. However, current information does not guarantee that every product and service listed can be directly financed through the SPARK facility.
What Nigerians ought to know
SPARK functions strictly as a credit facility rather than a grant, requiring borrowers to repay loans according to agreed terms.
In its initial rollout announcements, CREDICORP did not disclose specific details regarding loan limits, interest rates, repayment schedules, or comprehensive eligibility criteria.
The agency also cautioned prospective applicants against fraudulent websites, unauthorized third parties, and schemes demanding upfront fees for guaranteed loan approvals.
Backstory…
Meanwhile, this comes after federal government revealed plans to launch a monthly cash support program providing N50,000 to targeted vulnerable households.
The funds aim to cushion the financial burden imposed by rising living costs.
Minister of Humanitarian Affairs and Poverty Reduction, Bernard Doro, announced the initiative in a statement on Friday.
Doro explained that the presidential initiative, named the National Emergency Relief and Stabilization Intervention (NERSI), seeks to provide immediate financial relief to millions of low-income Nigerians.
Read Also: FG to Launch N50,000 Monthly Cash Support for Vulnerable Nigerians
