The Federal government is planning on linking credit scores to NIN, loan defaulters will soon face tangible consequences, including difficulty renewing passports, driver’s licenses, or securing housing.
This implies that, “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.” – MD of CREDICORP, Uzoma Nwagba.
The federal government plans to introduce a comprehensive reform that will connect Nigerians’ credit scores with their National Identification Numbers (NIN). This initiative aims to create a cohesive, transparent, and accountable credit system that ensures every citizen is included in financial oversight.
During a “Meet the Press” session organized by the Presidential Media Team at the State House in Abuja on Tuesday, Uzoma Nwagba, the Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), made an announcement about this development.
He said, “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.
“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.”
~imranmudhz