The Federal Government has announced plans to integrate Nigerians’ credit scores with their National Identification Numbers (NIN) as part of efforts to establish a centralised credit infrastructure and promote a functional consumer credit system nationwide.
This was disclosed on Tuesday by the Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, while briefing journalists at the State House in Abuja.
According to Nwagba, the new system will ensure that all lenders—commercial banks, microfinance institutions, and fintechs—report loan repayments, enabling every Nigerian to have an accurate credit profile. The credit scores will be tied to the NIN to create a comprehensive national database of financial and non-financial credit behaviour.
“There will be real-life consequences for defaulting on loans,” he said. “For instance, if you owe money and try to renew your passport, driver’s license, or rent a house, your credit status may affect the process. There will be no hiding place. The system will be subtle, structured, and not predatory.”
Nwagba noted that the credit-scoring algorithm being developed will assign scores to all Nigerians, based on aggregated data, to foster accountability and trust in lending. He added that this move would support national development across three core areas: improving quality of life, reducing corruption, and boosting local industry.
He explained that limited access to credit often pushes people, especially civil servants, into corrupt practices to meet their basic needs. By offering structured consumer credit, CREDICORP aims to ease the financial pressure on incomes and reduce the temptation to engage in corruption.
“In addition, we can catalyze local industry by encouraging Nigerians to use consumer credit to purchase made-in-Nigeria goods. This strengthens industries, creates jobs, and enhances purchasing power,” he added.
Highlighting the scale of the financial requirement, Nwagba said Nigeria needs approximately ₦183 trillion in credit to meet its developmental goals. He called on financial institutions to collaborate with CREDICORP in rolling out the initiative.
“No government has that kind of capital. Financial institutions must play their part. With a reliable credit infrastructure, lending will become less risky and more accessible,” he said.
Nwagba also spoke about the upcoming launch of the federal government’s consumer credit programme targeting 400,000 Nigerian youths. He revealed that the initiative has already begun with National Youth Service Corps (NYSC) members under the YouthCred scheme.
“All platforms, systems, and processes have been set up. We are finalising the launch process. It has essentially started,” he confirmed.
The programme is designed to equip young Nigerians with responsible credit habits while improving their living standards through access to affordable loans.
Nzubechukwu Eze
