The Federal Government has announced a transformative policy that will link Nigerians’ credit scores to their National Identification Numbers (NIN), marking a bold step toward a unified and transparent national credit system.
Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, disclosed the initiative on Tuesday during a “Meet the Press” briefing organized by the Presidential Media Team at the State House, Abuja.
According to Nwagba, the initiative aims to consolidate credit data from all financial institutions—commercial banks, FinTechs, and microfinance institutions—into a centralized national credit bureau. This move will enable the creation of comprehensive credit profiles for all Nigerian adults, anchored to their NIN.
“This is a fundamental shift in how credit works in Nigeria,” Nwagba stated. “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 reform will drastically curtail loan evasion, as defaulters will face real-life consequences, including difficulty in renewing passports, obtaining driver’s licenses, or even renting homes.
“There will be no hiding place,” he said. “If you default on your loan, it could affect your ability to access basic services and civic privileges.”
A System That Rewards Discipline, Not Punishes Poverty
The CREDICORP boss stressed that all lenders will be mandated to report loan repayment activities, and that the new framework will prioritize fairness over predation.
“Consequences for defaulters will be structured and deterrent—but not predatory,” he said. “We are building a system that encourages responsible borrowing and rewards financial discipline.”
Beyond financial transactions, the government plans to incorporate both financial and non-financial data into a credit scoring algorithm that will apply to all Nigerian adults.
“The ultimate goal is for everyone to have a credit score. This is not optional. We are creating a structure where your access to economic opportunities is directly tied to your financial behaviour,” Nwagba stated.
Tinubu’s Renewed Hope Agenda: Credit as a Tool for Reform
Nwagba linked the credit reform to President Bola Tinubu’s Renewed Hope Agenda, which prioritizes improving citizens’ quality of life, reducing corruption, and stimulating local industries.
“The first goal is to improve quality of life. The second is to tackle corruption, by reducing the pressure that pushes people into unethical behaviour. And thirdly, we want to catalyze Nigerian industries by tying consumer credit to the purchase of locally made products,” he explained.
He noted that Nigeria’s current consumer credit gap—estimated at N183 trillion—cannot be filled by government funding alone, urging full participation from financial institutions.
“No government in the world can provide that kind of money. The private sector must lead. With proper infrastructure and transparency, lenders will be more confident, interest rates will drop, and affordable credit will be a reality for Nigerians.”
YouthCred: Financial Inclusion for a New Generation
CREDICORP is also leading the rollout of YouthCred, a youth-focused credit program aimed at empowering Nigerians aged 18 to 35, especially National Youth Service Corps (NYSC) members.
“YouthCred is not an idea—it’s a reality,” Nwagba confirmed. “The President has announced it, and the systems, platforms, and processes are already in place.”
Executive Director of Operations at CREDICORP, Olanike Kolawole, added that the program is designed to build financial confidence among the youth while encouraging responsible borrowing habits.
“YouthCred is more than a loan product—it’s a generational investment in trust, financial confidence, and economic inclusion.”
She said the agency is collaborating with partner banks, tech platforms, and national institutions to scale the program nationwide.
A New Civic and Financial Landscape
With the integration of credit data and the NIN, the government is not only enhancing financial transparency but also transforming how Nigerians interface with governance, public services, and economic opportunities.
“We are designing a future where your credit behaviour becomes central to how you interact with society—from accessing healthcare to education, business capital, or even renting a home,” Nwagba concluded.