The Federal Government is set to launch a major reform that will link Nigerians’ credit scores to their National Identification Numbers (NIN), aiming to create a unified and transparent credit system nationwide
Speaking at a media briefing at the State House in Abuja on Monday, Uzoma Nwagba, Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), said the new initiative would consolidate credit data from banks, fintechs, and microfinance institutions into a central national credit bureau.
“This marks a fundamental shift in how credit works in Nigeria. Your NIN becomes your financial anchor. Every loan — whether from a bank or fintech — will be tracked and will have consequences,” Nwagba said.
He explained that a national credit database would be created, where citizens’ credit profiles will reflect their borrowing and repayment habits. Defaulters, he warned, could face penalties such as difficulties renewing passports, obtaining driver’s licences, or securing housing.
“There will be no hiding place,” he added.
All financial institutions will be required to report credit activities under the new system, which is built to reward responsible borrowing rather than punish defaults.
“This is about promoting discipline and rewarding financial responsibility,” Nwagba stated.
The credit scoring system will combine financial and non-financial data to create a comprehensive score for every Nigerian adult. “The goal is simple: every Nigerian must have a credit score. Your access to economic opportunities will depend on how you manage money,” he added.
The initiative supports President Bola Tinubu’s Renewed Hope Agenda, which aims to improve living standards, reduce corruption, and boost industrial growth. Nwagba said linking credit access to made-in-Nigeria goods would also stimulate demand, create jobs, and promote sustainable growth.
He urged the private sector to support the project, noting that Nigeria’s estimated N183 trillion credit gap cannot be closed by the government alone.
“With strong institutions and transparency, lenders will gain confidence, interest rates will fall, and affordable credit will become a reality for Nigerians,” he said.
Nwagba also announced that CREDICORP is set to roll out YouthCred, a new credit programme targeting young Nigerians, especially members of the National Youth Service Corps (NYSC).
“YouthCred is no longer an idea. The systems are ready, and rollout is underway,” he confirmed.
Olanike Kolawole, Executive Director of Operations at CREDICORP, said the programme is designed to promote financial literacy and inclusion among Nigerians aged 18 to 35.
“YouthCred is not just about giving loans. It’s about building a generation that understands and practices sound financial habits,” she said.
Both officials noted that linking credit profiles to NIN would also transform how citizens engage with public services and civic processes going forward.
