The Federal Government has announced a major step to overhaul Nigeria’s credit landscape by linking every citizen’s credit score to their National Identification Number (NIN). The move, led by the Nigerian Consumer Credit Corporation (CREDICORP), is designed to boost financial inclusion, improve loan recovery, and tackle corruption by making credit behavior traceable nationwide.
Speaking at a press briefing in Abuja, CREDICORP Managing Director Uzoma Nwagba explained that all financial institutions, commercial banks, fintechs, and microfinance lenders, will now be required to report loan performance. This means every Nigerian will have an accurate, centralised, and traceable credit score, regardless of where they borrow.
“There will be consequences for loan defaulters, but these will be subtle and structured rather than predatory. If you owe money somewhere, you may not be able to renew your passport, obtain a driver’s license, or even rent a house. There is no hiding place,” Nwagba said.
The centralised credit bureau will create a comprehensive database of Nigeria’s credit profiles, making it easier for lenders to assess risk and for responsible borrowers to access loans. The government believes this will help unlock lending for up to 80 million Nigerians and support an estimated annual credit need of N180 trillion.
The initiative is also expected to reduce the pressure on civil servants and other citizens to engage in corruption, as improved access to credit can help meet personal and family needs without resorting to unethical practices.
CREDICORP is also preparing to launch a major youth-focused credit programme, targeting 400,000 young Nigerians, starting with National Youth Service Corps (NYSC) members.
The government is urging all financial institutions to support the new infrastructure, promising that with better systems in place, lenders will be more confident and Nigerians will have greater access to credit.
