Nigeria Plans NIN-Credit Score Linkage for Seamless Borrowing

By Modupe Gbadeyanka

The federal government is considering the integration of National Identification Number (NIN) and credit scores of Nigerians to make borrowing seamless.

The Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), Mr Uzoma Nwagba, disclosed this in Abuja on Tuesday.

He explained that linking citizens’ credit scores to NIN would create a robust database of every Nigerian’s credit history, ensuring every citizen is accurately scored based on their borrowing and repayment behaviour.

“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,” Mr Nwagba informed newsmen, noting that this would consolidate credit information across all financial institutions, including banks, FinTechs, and microfinance outfits, into a centralised national credit bureau.

“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,” he stated.

Mr Nwagba said 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.

“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, noting that 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,” he said.

“The 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.

He 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.