In a move aimed at transforming the financial landscape, the Federal Government announced on Tuesday its plans to implement a comprehensive reform that links citizens’ credit scores directly to their National Identification Numbers (NIN). This initiative, unveiled by Uzoma Nwagba, Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), during a “Meet the Press” briefing at the State House in Abuja, seeks to establish a unified, transparent, and accountable credit system.
Nwagba emphasized that the reform intends to consolidate credit information from various financial institutions, including banks, fintech companies, and microfinance institutions, into a centralized national credit bureau. This centralized database will accurately reflect each Nigerian’s credit history based on their borrowing and repayment behavior, reinforcing a standardized approach to credit scoring.
“This marks a fundamental shift in Nigeria’s credit landscape. Your NIN will now serve as the foundation for your credit profile,” Nwagba explained. “Whether you borrowed from a commercial bank, microfinance institution, or digital lender, that data will now be traceable, with real consequences for your financial actions.”
The initiative aims to eliminate loan evasion, as CREDICORP’s new system will enforce strict accountability. Nwagba stated, “Defaulting on a loan could affect your ability to renew important documents like your passport or driver’s license, or even hinder your chances of renting a house. There will be no hiding place.”
Under the new framework, all lenders will be required to report loan repayment activities, which will include structured, yet non-predatory consequences for defaulters. “We are creating an environment that not only encourages responsible borrowing but also rewards financial discipline,” he added.
In addition to enforcing borrowing discipline, the new credit scoring system will integrate both financial and non-financial data to generate comprehensive scores for every Nigerian adult. “The ultimate aim is for every citizen to have a credit score—it won’t be optional,” Nwagba stated, adding that access to economic opportunities will be directly linked to individuals’ financial behaviors.
CREDICORP’s broader agenda aligns with President Bola Tinubu’s Renewed Hope Agenda, which seeks to enhance citizens’ quality of life, combat corruption, and stimulate industrial growth. “Improving the quality of life for Nigerians and making credit more accessible is essential,” Nwagba noted. He remarked that many young professionals resort to unethical practices due to a lack of access to capital, emphasizing that improved consumer credit access could help mitigate such pressures.
“Moreover, we aim to support local industries by tying consumer credit to purchasing locally manufactured goods, thereby promoting job creation and building a sustainable economy,” he continued.
Nwagba urged financial institutions to fully embrace this national credit framework, given the staggering credit gap in Nigeria, estimated at N183 trillion. He asserted, “No government can provide that kind of funding. Financial institutions must step up to ensure that with the right infrastructure and transparency, lenders can gain confidence, resulting in lower interest rates and greater access to affordable credit for Nigerians.”
Additionally, CREDICORP is launching an ambitious youth-focused credit program, YouthCred, designed to empower young Nigerians, especially National Youth Service Corps (NYSC) members, with structured credit support. “YouthCred is not just an idea; it has commenced,” Nwagba confirmed, highlighting the government’s commitment to creating financial opportunities for younger generations.
Olanike Kolawole, Executive Director of Operations at CREDICORP, added that the agency is collaborating with banks, tech platforms, and youth-focused institutions to scale this initiative. “YouthCred represents a generational investment in trust, financial confidence, and economic inclusion, helping youth aged 18 to 35 develop healthy financial habits,” she stated.
With the integration of credit scores and the National Identification Number, the government is poised to revolutionize the way Nigerians interact with civic processes and financial systems, marking a significant step toward a more inclusive and accountable economy.