Nigeria Moves to Link Loans with NIN for Credit Reform

The Federal Government of Nigeria has announced a sweeping plan to track all unpaid loans through the National Identification Number (NIN) in a bid to clean up the country’s credit system and fight corruption.

This development was revealed by Uzoma Nwagba, Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), during a “Meet the Press” briefing in Abuja. According to him, the government is now building a centralised credit infrastructure where all lenders — from commercial banks to microfinance institutions — must report the credit performance of borrowers.

“Every Nigerian will have an accurate and traceable credit score. No matter where the loan originates, unpaid credit will be tracked and recoverable,” Nwagba explained.

Repayment or Restrictions: What the New Credit Rule Means

Under the new structure, defaulters may face tough consequences. Nwagba warned that loan repayment will no longer be optional, as delays or defaults could result in serious limitations on basic civil services. These may include restrictions on passport renewal, access to driving licences, and even tenancy agreements.

The CREDICORP boss also stressed the agency’s broader goal of reducing the temptation for corruption by expanding access to legitimate credit. “Corruption becomes less comfortable when your basic needs are already met,” he noted.

In the long run, the credit reform aims to normalise responsible borrowing and encourage financial inclusion across all sectors of Nigerian society.

YouthCred Aims to Rebuild Financial Confidence

The government’s credit revolution is also targeting Nigeria’s younger population through a bold new initiative called YouthCred. The programme is expected to launch with 400,000 beneficiaries — beginning with members of the National Youth Service Corps (NYSC) — and will cater to individuals aged 18 to 35.

According to Mrs Olanike Kolawole, Executive Director of Operations at CREDICORP, “YouthCred is not just a credit product. It’s a generational investment in financial confidence, trust, and economic inclusion.”

Kolawole added that Nigeria needs an estimated ₦183 trillion in credit to power large-scale economic development. However, she emphasised that the government cannot meet this figure alone. The initiative, she said, hinges on private sector collaboration to create a functional credit culture.

“With the right infrastructure, lenders will be more confident, and Nigerians will have better access to credit,” she said.