The federal government is set to implement a sweeping reform that will link Nigerians’ credit scores to their National Identification Numbers (NIN) as part of a bold strategy to build a unified, transparent, and accountable credit system that leaves no citizen out of financial scrutiny.

This development was announced by the Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, during a “Meet the Press” engagement hosted by the Presidential Media Team at the State House, Abuja, on Tuesday.

According to Nwagba, the initiative aims to consolidate credit information across all financial institutions, including banks, FinTechs, and microfinance outfits, into a centralised national credit bureau.

This will create a robust database of every Nigerian’s credit history, ensuring every citizen is accurately scored based on their borrowing and repayment behaviour.

“This is a fundamental shift in how credit works in Nigeria. 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”, Nwagba declared.

He noted that the days of loan evasion are fast drawing to a close, as the new system will enforce strict accountability.

“If you default on your loan, it could affect your ability to renew your passport, your driver’s license, or even rent a house. There will be no hiding place,” he stressed.

The CREDICORP boss explained that all lenders will now be mandated to report loan repayment activities.

“More importantly, consequences for defaulters will be structured and deterrent, but not predatory. We are building a system that encourages responsible borrowing and rewards financial discipline”, he added.

The effort will also incorporate financial and non-financial data to generate a comprehensive credit scoring algorithm for every Nigerian adult.

“The ultimate goal is for everyone to have a credit score. This is not optional. We are creating a structure where your access to economic opportunities is directly tied to your financial behaviour”, Nwagba said.

Beyond enforcing credit discipline, CREDICORP’s broader mandate, Nwagba revealed, aligns with President Bola Tinubu’s Renewed Hope Agenda to improve citizens’ quality of life, curb corruption, and stimulate industrial growth.

“The first goal is to improve the quality of life. This is President Tinubu’s vision—to give Nigerians access to resources that can uplift their living conditions. The second is to address corruption. Many civil servants and young professionals turn to unethical practices because they lack access to capital to meet life’s basic demands”, Nwagba said.

He noted that improved consumer credit access would reduce pressure on active income and discourage unethical shortcuts.

“The third goal is to catalyse Nigerian industries. We aim to tie consumer credit to the purchase of locally manufactured goods. That way, we support local producers, drive demand, and create jobs—ultimately building a sustainable economy”, he continued.

Nwagba called on all financial institutions to commit to the national credit framework, warning that the magnitude of the country’s credit gap—estimated at N183 trillion—requires full private sector participation.

“No government in the world can provide that kind of money. Financial institutions must step up. With the right infrastructure and transparency, lenders will be more confident, interest rates will drop, and Nigerians will finally have access to affordable credit”, he urged.

CREDICORP is also spearheading an ambitious youth-focused credit program called YouthCred, aimed at empowering young Nigerians, especially National Youth Service Corps (NYSC) members, with structured credit support.

“YouthCred is not an idea; it is a reality. It has started. The President has already announced it, and we’ve put all platforms, systems, and processes in place. We are tightening the launch sequence,” Nwagba confirmed.

The initiative is part of a broader consumer credit push targeting Nigerians aged 18 to 35.

Executive Director of Operations at CREDICORP, Olanike Kolawole, added that the agency is collaborating with partner banks, tech platforms, and national youth-focused institutions to scale the program.

“YouthCred is more than a loan product—it’s a generational investment in trust, financial confidence, and economic inclusion. As we expand beyond NYSC to cover youths aged 18 to 35, we’re ensuring they develop healthy financial habits while accessing the tools to thrive in the economy”, Kolawole said.

With the credit-NIN integration, the government is also transforming how Nigerians interface with civic processes. (The Nation)