FG to integrate credit scores with NIN in significant financial reform
NIN
Abdullateef Fowewe
The Federal Government has unveiled its intentions to link Nigerians’ credit scores to their National Identification Numbers (NIN) as part of a significant initiative to establish a cohesive, transparent, and accountable credit system nationwide.
During a “Meet the Press” session hosted by the Presidential Media Team at the State House in Abuja, Uzoma Nwagba, the Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), explained that this initiative will consolidate credit data from all financial entities, including commercial banks, FinTech firms, and microfinance institutions, into a national credit bureau.
This announcement was posted in a statement on Wednesday on the National Orientation Agency’s X (formerly Twitter) account.
It reads, “In an apparent bid to build a unified, transparent, and accountable credit system that leaves no citizen out of financial scrutiny, the Federal Government is set to implement a sweeping reform that will link Nigerians’ credit scores to their National Identification Numbers (NIN).
“At a ‘Meet the Press’ engagement hosted by the Presidential Media Team at the State House in Abuja, the Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, announced that the initiative aims to consolidate credit information across all financial institutions, including banks, FinTechs and microfinance outfits, into a centralised national credit bureau.
“According to Nwagba, the initiative will also create a robust database of every Nigerian’s credit history, ensuring that every citizen is accurately scored based on their borrowing and repayment behaviour.
“The director noted that days of loan evasion are fast drawing to a close, as the new system will enforce strict accountability, adding that, ‘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’.”
