In a major policy shift, the Federal Government has announced plans to connect the credit profiles of Nigerians to their National Identification Numbers (NIN), with loan defaulters facing serious consequences, including denial of essential government services such as passport renewal and driver’s license issuance.
The initiative was unveiled on Tuesday at a media briefing held at the State House in Abuja by Uzoma Nwagba, Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP).
According to Nwagba, the reform will consolidate credit data from banks, fintech platforms, microfinance institutions, and other lenders into a unified national credit bureau.
“This marks a fundamental shift in how credit works in Nigeria. Your NIN becomes your financial anchor. Whether you’ve borrowed from a bank, micro-lender, or fintech, your record will be tracked and will carry consequences,” Nwagba stated.
The system aims to assign every Nigerian a credit profile based on their borrowing and repayment habits. This profile will help determine eligibility for credit and access to public services.
“There will be no hiding place,” Nwagba warned, noting that those who fail to meet repayment obligations may face restrictions in obtaining travel documents or securing housing.
He emphasized, however, that the framework is intended to foster responsible borrowing and not simply to penalize citizens.
“This is not about punishment. It’s about promoting discipline and rewarding financial responsibility,” he explained.
The credit-scoring model will rely on both financial and non-financial data to create a detailed profile for each adult Nigerian.
“The goal is simple: every Nigerian must have a credit score. Access to economic opportunities will be tied to how you manage your finances.”
Nwagba noted that this reform aligns with President Bola Tinubu’s Renewed Hope Agenda, which aims to boost living standards, reduce corruption, and stimulate industrial development.
“This isn’t just about credit. It’s about giving people access to better lives. When people lack capital to meet their needs, they may resort to unethical practices. We’re changing that,” he said.
Additionally, the new credit system will support local industries by encouraging the use of credit to purchase Nigerian-made goods, thus stimulating the economy, generating employment, and enhancing productivity.
Nwagba also highlighted the scale of Nigeria’s credit shortfall, estimated at ₦183 trillion, and called on the private sector to participate actively in bridging the gap.
“No government can fund that level of credit. But with strong institutions and transparency, lenders will have more confidence, interest rates will fall, and Nigerians will have real access to affordable credit,” he said.
As part of broader reforms, CREDICORP is rolling out “YouthCred”, a new credit initiative targeting young Nigerians, especially members of the National Youth Service Corps (NYSC).
“YouthCred is no longer an idea. It’s in motion. The systems are ready, and rollout is underway,” Nwagba confirmed.
Olanike Kolawole, Executive Director of Operations at CREDICORP, added that the YouthCred programme is structured to empower individuals aged 18 to 35 through financial inclusion and literacy.
“YouthCred is not just about loans, it’s about building a financially literate generation. As we expand, we’re ensuring young people have the tools and habits to succeed,” she said.
Both Nwagba and Kolawole emphasized that the integration of credit scores with NIN will revolutionize how citizens engage with public services, enhance transparency, and promote a culture of financial responsibility in Nigeria.
