… Defaulters may be denied passports, licences, and housing access
In a significant step toward reshaping Nigeria’s credit landscape, the Federal Government has announced plans to link citizens’ credit scores to their National Identification Numbers (NIN).
The initiative, spearheaded by the Nigerian Consumer Credit Corporation (CREDICORP), aims to establish a unified and transparent national credit framework that will influence access to public services and economic opportunities.
Speaking at a State House media briefing in Abuja, the Managing Director of CREDICORP, Uzoma Nwagba, described the reform as a transformative measure designed to consolidate financial data from banks, fintechs, and microfinance institutions into a central national credit bureau.
“This marks a paradigm shift in Nigeria’s credit system, Your NIN will now serve as a financial fingerprint. Whether you’ve taken a loan from a bank, fintech, or a cooperative, your repayment record will follow you—and it will matter.” Nwagba said.
Under the new policy, defaulters may face far-reaching consequences, including being barred from renewing passports, obtaining driver’s licences, or accessing public housing. Nwagba clarified, however, that the intent is not punitive but developmental.
“We’re not looking to punish; we want to build a financially responsible culture. Responsible borrowers will be rewarded, while poor credit behaviour will have real consequences,” he said.
The new system will use both financial and non-financial data to generate credit scores for every adult Nigerian, shaping a national credit profile that will influence their interaction with the economy.
“Our goal is simple: every Nigerian must have a credit score, access to economic empowerment will increasingly depend on financial behaviour.” Nwagba stated.
The broader vision, he said, aligns with President Bola Tinubu’s Renewed Hope Agenda, which aims to boost industrial productivity, reduce corruption, and improve living standards.
“When people lack access to credit, they often resort to unethical means. This reform offers a structured alternative—credit access that is fair, transparent, and inclusive,” he added.
Nwagba also emphasised the economic benefits of the reform, particularly its potential to stimulate demand for locally produced goods. “By tying credit facilities to the purchase of made-in-Nigeria products, we are not only empowering consumers but also supporting domestic industries and job creation.”
With Nigeria’s current credit gap estimated at over N183 trillion, he called for private sector collaboration, stressing that the government alone cannot meet the country’s credit needs.
“Robust institutions and transparency will give lenders the confidence they need. As this happens, interest rates will fall, and access to affordable credit will expand,” Nwagba said.
As part of the reform, CREDICORP is also launching YouthCred, a targeted credit initiative for young Nigerians, particularly members of the National Youth Service Corps (NYSC). The programme aims to embed financial literacy and access to structured credit among youth aged 18 to 35.
“YouthCred is not just about loans—it’s about building a financially capable generation,” said Olanike Kolawole, Executive Director of Operations at CREDICORP. “We’re giving young people the tools to succeed in today’s economy.”
Officials added that integrating credit profiles with NIN will also improve service delivery across government agencies, streamline civic engagement, and promote a data-driven approach to national development.
