The Federal Government is set to implement a major reform that will link the credit profiles of Nigerians to their National Identification Numbers (NIN), in a move designed to strengthen financial accountability and enhance access to consumer credit.
Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, disclosed this at a “Meet the Press” session organized by the Presidential Media Team at the State House in Abuja on Tuesday.
“This is a fundamental shift in how credit works in Nigeria,” Nwagba said. “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.”
According to him, the integrated system will ensure that loan defaulters face tangible repercussions, such as difficulty renewing official documents like passports and driver’s licenses, and even challenges with renting property.
“There will be no hiding place,” he added.
The initiative is part of broader efforts to formalize Nigeria’s credit system, improve transparency, and encourage responsible borrowing and lending practices nationwide. It also aligns with President Bola Tinubu’s renewed push for financial inclusion and economic reform.
Industry analysts suggest the policy could transform Nigeria’s credit landscape, though it may also raise concerns over data privacy and access to essential services for low-income citizens.
