Federal Government To Link Credit Scores To NIN In Major Reform

The Federal Government is set to implement a landmark reform that will link Nigerians’ credit scores to their National Identification Numbers (NIN) in a bid to establish a unified and transparent credit system nationwide.

Speaking during a media briefing at the State House in Abuja, Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, said the initiative will consolidate credit data from all financial institutions — including banks, fintechs, and microfinance providers — into a central national credit bureau.

“This marks a fundamental shift in how credit works in Nigeria,” Nwagba said. “Your NIN becomes your financial anchor. Whether you’ve borrowed from a bank, micro-lender or fintech, your record will be tracked, and it will carry consequences.”

The system will create a national credit database for each citizen, based on their borrowing and repayment behavior. Defaulters, Nwagba warned, may face penalties such as difficulties renewing passports, obtaining driver’s licences, or renting housing.

“There will be no hiding place,” he said, adding that all financial institutions will be mandated to report credit activity.

However, Nwagba emphasized that the reform is not punitive. “This is not about punishment; it is about promoting discipline and rewarding financial responsibility.”

He revealed that both financial and non-financial data will be used to develop a comprehensive credit scoring algorithm for every Nigerian adult.

“The goal is simple: every Nigerian must have a credit score. Access to economic opportunities will be tied to how you manage your finances,” he said.

The reform supports President Bola Tinubu’s Renewed Hope Agenda, aiming to raise living standards, fight corruption, and boost industrial growth. Nwagba noted that improved access to credit would help reduce unethical practices driven by financial desperation.

“This isn’t just about credit; it is about giving people access to better lives,” he said.

He added that the initiative will also stimulate local production by tying credit access to the purchase of made-in-Nigeria goods, which will drive demand, create jobs, and support long-term economic growth.

Calling on private sector collaboration, Nwagba stressed that Nigeria’s N183 trillion credit gap cannot be closed by the government alone.

“No government can fund that level of credit. But with strong institutions and transparency, lenders will have more confidence, interest rates will fall, and Nigerians will have real access to affordable credit,” he said.

CREDICORP is also rolling out ‘YouthCred’, a programme designed to provide structured credit access to young Nigerians, especially National Youth Service Corps (NYSC) members.

“YouthCred is no longer an idea; it is in motion. The systems are ready, and rollout is underway,” Nwagba announced.

Olanike Kolawole, CREDICORP’s Executive Director of Operations, said the programme will also foster financial literacy and inclusion for youths aged 18 to 35.

“YouthCred is not just about loans; it is about building a financially literate generation. As we expand, we’re ensuring young people have the tools and habits to succeed,” she said.

Both officials noted that linking credit to NIN will ultimately reshape how Nigerians access public services and engage with civic systems.