The Federal Government of Nigeria has announced the rollout of a unified national credit system that ties individual credit histories to their National Identification Numbers (NIN), in a move to improve access to transparent and traceable credit profiles across Nigeria’s financial landscape. The development was revealed by the Managing Director of the Nigerian Consumer Credit Corporation (CREDICOP), Uzoma Nwagba, during a press briefing at the State House, Abuja, on Tuesday, June 17.
Under the new framework, all financial institutions—including commercial banks, fintechs, and microfinance institutions—will be required to report credit information such as loan applications, repayment records, and defaults, directly linked to each customer’s NIN. According to Nwagba, this strategy marks a major shift towards a credit system that rewards responsible borrowing and penalises defaulters with real-life consequences, such as restrictions on renewing passports, driver’s licenses, or even accessing rental housing.
Traditionally, banks have assessed creditworthiness based on account activity and BVN-linked data, often excluding many informal borrowers due to perceived risk. Fintechs, on the other hand, have relied on digital footprints like smartphone usage and social behaviour, though their loans usually come with higher interest rates. With the new NIN-based credit system, a centralised credit bureau will now be accessible to financial institutions and select government agencies, potentially influencing decisions beyond credit—such as eligibility for public services.
Nwagba urged lenders and industry stakeholders to support the national credit framework, highlighting its potential to close Nigeria’s estimated ₦183 trillion credit gap. He said the transparent infrastructure would boost lender confidence, reduce interest rates, and ultimately improve access to affordable credit for ordinary Nigerians.