The Federal Government has announced plans to integrate citizens’ credit scores with their National Identification Number (NIN), creating a centralised system that tracks individual borrowing and repayment behaviour across financial institutions in Nigeria.
The Chief Executive Officer of the Credit Corporation of Nigeria (CreditCorp), Uzoma Nwagba, disclosed this at the Meet-the-Press briefing series hosted by the Presidential Communications Team in Abuja on Tuesday.
He revealed that the move is part of efforts to build a national credit framework that will make credit scores automatic and compulsory for every Nigerian adult, leveraging financial and non-financial data.
“Your NIN will now serve as the anchor for your credit profile,” Nwagba said. “Whether you borrowed from a commercial bank, a microfinance institution, or a digital lender, that data will be traceable and carry real consequences.”
Consequences for Defaults to Include Travel and Housing Restrictions
Under the proposed structure, loan defaulters may face strict penalties beyond traditional interest charges, including being denied passport renewals, driver’s licenses, and even housing opportunities.
“If you default on your loan, it could affect your ability to renew your passport, your driver’s licence, or even rent a house,” Nwagba stated. “There will be no hiding place.”
The agency is currently building a centralised national credit bureau that will provide real-time data to lenders. All licensed lenders will be mandated to report credit information, enabling algorithmically generated credit scores for all borrowers.
A New Culture of Credit Discipline
CreditCorp’s goal, Nwagba said, is to encourage responsible borrowing and reward financial discipline, while deterring default without resorting to predatory lending.
“We are building a system that enables access to credit, but with accountability. This is not optional,” he added. “Every adult Nigerian will have a credit score.”
He also linked the initiative to President Bola Tinubu’s Renewed Hope Agenda, stating that credit access can help:
- Improve citizens’ quality of life
- Curb corruption by reducing financial pressure on civil servants and youth
- Stimulate industrial growth by tying loans to the purchase of locally made goods
₦183 Trillion Credit Gap & YouthCred Rollout
Nwagba estimated Nigeria’s consumer credit gap at ₦183 trillion, saying it’s a space only the private sector can realistically fill.
“No government in the world can provide that kind of capital. With the right infrastructure, lenders will feel confident, rates will drop, and more Nigerians will access affordable credit,” he explained.
He also introduced YouthCred, a structured loan initiative for National Youth Service Corps (NYSC) members, which will soon expand to cover Nigerians aged 18–35.
Olanike Kolawole, Executive Director of Operations at CreditCorp, confirmed the pilot is already active.
“YouthCred is not just a concept it is in test mode and fully operational in partnership with banks and tech platforms,” Kolawole said. “This is a generational investment in financial confidence and inclusion.”
So far, CreditCorp has partnered with 23 financial institutions and disbursed loans to over 100,000 Nigerians, including 35,000 civil servants, just six months after receiving its seed funding.
