The Nigerian government is poised to implement a reform linking the credit scores of Nigerians to their National Identification Numbers (NIN) to establish a unified credit system across the country.

The managing director of the Nigerian Consumer Credit Corporation (CREDITCORP), Uzoma Nwagba, disclosed this recently, saying that the plan aims to consolidate credit data from all financial institutions, banks, fintechs, and microfinance operators into a central national credit bureau.

Debtors to face consequences

Nwagba said that the move is a fundamental shift in how credit works in Nigeria, stressing that users' NIN will become their financial anchor.

The CREDITCORP boss said the system will develop a national credit database, giving Nigerians a credit profile based on their borrowing and repayment habits.

He cautioned that loan debtors will soon face consequences such as difficulty in renewing passports, driver’s licenses, or securing houses.

FG to mandate banks to track credit activities

According to reports, Nwagba said all financial institutions will now be mandated to report credit activity, as the system is designed to encourage responsible borrowing without punishment.

He said the move is about promoting discipline and rewarding financial responsibility, and not being punitive.

The Guardian reports that Nwagba said the system will also incorporate financial and non-financial data to generate a comprehensive credit score algorithm for every adult Nigerian.

Every Nigerian must have a credit score

The CREDITCORP MD said every Nigerian must have a credit score, as access to economic opportunities will be linked to how they manage their finances.

Nwagba added that the reform will enhance local production by tying credit facilities to the purchase of made-in-Nigeria products, boosting demand, creating jobs, and supporting sustainable economic growth.

He asked the private sector to support the initiative, saying that Nigeria’s credit gap is estimated at N183 trillion and cannot be met by the government alone.

FG launches new credit scheme for youths

According to him, CREDITCORP is also driving YouthCred, a new scheme to extend structured credit to Nigerian youths, especially members of the National Youth Service Corps (NYSC).

He said the system has already begun, and the rollout is underway.

CREDITCORP’s executive director, Olanike Kolawole, said the scheme will instil financial confidence and inclusion among Nigerians aged 18 to 25 years.

The CREDITCORP officials disclosed that the credit-NIN linking will also transform how Nigerians interact with public services and civic processes in Nigeria.