The Nigerian government plans to roll out a policy that will mandate linking Nigerians’ credit scores to their National Identification Numbers (NIN).
The initiative aims to establish an accurate credit system across the country by consolidating credit data from all financial institutions into a central national credit bureau.
According to Uzoma Nwagba, Director General of the Consumer Credit Corporation, “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.”
The policy is designed to promote discipline and reward financial responsibility, rather than punish loan defaulters.
Nwagba warned that “there will be no hiding place” for loan defaulters, emphasizing the importance of maintaining a good credit record.
The government has reported that 100,000 Nigerians have benefited from the consumer credit scheme, which requires N183 trillion to be effectively serviced.