The Nigerian government has announced plans to implement a policy that will mandate linking citizens' credit scores to their National Identification Numbers (NIN), in an effort to establish a comprehensive credit system across the country.
Uzoma Nwagba, Director General of the Consumer Credit Corporation, revealed this initiative during a press conference at the State House presidential villa on Tuesday. The policy aims to consolidate credit data from all financial institutions into a central national credit bureau.
"Your NIN becomes your financial anchor. Whether you've borrowed from a bank, micro-lender, or fintech, your record will be tracked and will carry consequences," Nwagba stated, adding a stern warning to loan defaulters: "There will be no hiding place."
He emphasized that the initiative is not punitive in nature but rather aims to promote financial discipline. "This is not about punishment. It's about promoting discipline and rewarding financial responsibility," he explained.
Financial Implications and Progress
Earlier, BenriNews reported that Nwagba indicated Nigeria would require approximately N183 trillion to effectively service the consumer credit scheme. This represents a significant investment in restructuring the country's financial infrastructure.
The announcement comes after President Bola Ahmed Tinubu's Democracy Day speech on June 12, 2025, where he stated that 100,000 Nigerians had already benefited from his administration's consumer credit scheme.
The new policy marks a fundamental shift in Nigeria's credit system, creating a more transparent financial environment where borrowing history follows individuals across all lending platforms. Financial analysts suggest this could potentially improve access to credit for those with good financial records while making it more difficult for serial defaulters to obtain loans.
This development aligns with the government's broader financial inclusion goals and digitalization efforts, as NIN enrollment recently surpassed 120 million registrations according to the National Identity Management Commission (NIMC).
The implementation timeline for the new credit system has not yet been announced, but officials indicate preparations are already underway for the technical integration between credit bureaus and the national identity database.
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