Samson Echenim 
The Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, has disclosed the Corporation’s move to link citizens’ credit scores to their National Identification Numbers (NIN) in a sweeping loan reform that will ensure that defaulters face tangible consequences, including difficulty in renewing passports, driver’s licenses, or securing housing.
Briefing newsmen at the State House, Abuja on Tuesday, Nwagba said the reform would establish a unified and transparent credit system across the country, explaining that the initiative aimed to consolidate credit data from all financial institutions, banks, fintechs, and microfinance providers into a central national credit bureau.
The CREDICORP boss clarified that the move would build a national credit database, offering each citizen a credit profile shaped by their borrowing and repayment behaviour.
He emphasised that loan defaulters would soon face tangible consequences, including “difficulty renewing passports, driver’s licenses, or securing housing.”
He said: “This marks a fundamental shift in how credit works in Nigeria. 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. There will be no hiding place.
“All financial institutions will now be mandated to report credit activity. The system is designed to encourage responsible borrowing without being punitive. This is not about punishment. It’s about promoting discipline and rewarding financial responsibility.”
Nwagba said the system would also incorporate financial and non-financial data to generate a comprehensive credit scoring algorithm for every Nigerian adult, noting that the broader objective “is aligned with President Bola Tinubu’s Renewed Hope Agenda, targeting improved living standards, reduced corruption, and industrial growth.”
“The goal is simple: every Nigerian must have a credit score. Access to economic opportunities will be tied to how you manage your finances,” he disclosed.
