The Federal Government on Tuesday, June 17, announced plans to link Nigerians’ credit scores to their National Identification Numbers (NIN), as part of a sweeping reform aimed at creating a unified, transparent, and accountable national credit system.
Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, disclosed this during a “Meet the Press” briefing organized by the Presidential Media Team at the State House in Abuja.
According to Nwagba, the new system will consolidate credit information from all financial institutions—including banks, fintech firms, and microfinance institutions—into a centralized national credit bureau. This initiative will build a comprehensive credit history database for every Nigerian, anchored on their NIN.
“This is a fundamental shift in how credit works in Nigeria,” Nwagba said. “Your NIN will now serve as the anchor for your credit profile. Whether you borrowed from a commercial bank, a microfinance institution, or a digital lender, that data will now be traceable and carry real consequences.”
He emphasized that the era of loan default without repercussions is coming to an end. Under the new system, defaulting on a loan could affect a person’s ability to renew official documents such as a passport or driver’s license, or even rent a home.
“There will be no hiding place,” Nwagba stated. “All lenders will be mandated to report repayment activities.”
While warning of strict accountability, he assured that penalties for defaults will be structured and fair—not predatory. “We are building a system that encourages responsible borrowing and rewards financial discipline.”
The reform will use both financial and non-financial data to generate a detailed credit scoring algorithm for every adult Nigerian. “The ultimate goal is for everyone to have a credit score. This is not optional,” Nwagba stressed. “We are creating a structure where your access to economic opportunities is directly tied to your financial behaviour.”
CREDICORP’s broader mandate also aligns with President Bola Tinubu’s Renewed Hope Agenda. The program is designed to:
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Improve quality of life – by giving Nigerians easier access to resources.
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Combat corruption – by reducing the temptation to engage in unethical behavior due to lack of access to credit.
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Boost local industries – by tying consumer credit to purchases of Nigerian-made goods, thereby driving domestic production and job creation.
Nwagba noted that Nigeria’s consumer credit gap is currently estimated at ₦183 trillion, a figure too large for the government to cover alone. He called on the private sector, especially financial institutions, to fully participate in the national credit framework.
“No government in the world can provide that kind of money. Financial institutions must step up,” he said. “With the right infrastructure and transparency, lenders will be more confident, interest rates will drop, and Nigerians will finally have access to affordable credit.”
As part of its efforts, CREDICORP is also launching YouthCred, a credit initiative targeting young Nigerians, especially National Youth Service Corps (NYSC) members. The program is designed to provide structured credit access for individuals aged 18 to 35.
“YouthCred is not an idea—it is a reality. It has started,” Nwagba said. “We are tightening the launch sequence, and all systems are in place.”
Olanike Kolawole, Executive Director of Operations at CREDICORP, added that the initiative will go beyond providing loans to instill financial responsibility and boost inclusion.
“YouthCred is more than a loan product—it’s a generational investment in trust, financial confidence, and economic inclusion,” she said. “We are working with partner banks, tech platforms, and national youth-focused institutions to expand it.”
The credit-NIN integration is also expected to reshape how Nigerians engage with civic and economic systems, making financial behavior a central determinant of access to services and opportunities.
