By 
By Osasómé C.O
The Nigerian government has announced plans to link citizens’ credit scores to their National Identification Number (NIN) and establish a centralised national credit bureau. This landmark program launches a three-pronged attack: securing Nigeria’s financial stability, unlocking credit for consumers, and eradicating corruption.
RELATED: EXECUTIVE NOTE: Redefining Nigeria’s Economic Future: Benue State and the Rise of the Digital Economy
The move is driven by the Nigerian Consumer Credit Corporation (CREDICORP). It will consolidate credit data across commercial banks, FinTechs, microfinance institutions, and other lenders to create a comprehensive credit database for every Nigerian.
Speaking at a “Meet the Press” event in Abuja, Uzoma Nwagba, Managing Director of CREDICORP, explained the far-reaching implications.
“We are building a system that will assign credit scores to every Nigerian. Whether your money is in a commercial bank, a microfinance outfit, or a FinTech, if you take a loan and default, it will be tracked. There will be subtle but structured consequences.”
No passport, driver’s license, and renting homes without credit history
He noted that services such as passport renewal, driver’s license applications, and renting homes may soon depend on one’s credit history.
“There will be no hiding place. The aim is to encourage financial responsibility and ensure loan obligations are met,” he said.
Nationwide Credit System to Drive Transparency, Fight Corruption
Nwagba emphasized that credit infrastructure is central to CREDICORP’s mandate, highlighting three primary goals:
- Improve quality of life by making consumer credit accessible to all working Nigerians
- Reduce corruption, especially in the civil service, by offering legitimate financial support to meet personal needs
- Boost industrial growth by encouraging credit-fueled purchases of locally manufactured goods under the Nigeria First policy
“When Nigerians have access to structured consumer credit, they are less likely to engage in unethical practices to survive. Credit gives dignity, reduces pressure on monthly income, and fuels economic inclusion,” Nwagba added.
Massive Credit Gap Requires Private Sector Buy-in
Highlighting the scale of the task ahead, CREDICORP estimates Nigeria requires ₦183 trillion in credit to meet national development goals.
“No government can foot that bill. We need every financial institution to support consumer credit. With the right infrastructure, lenders will be more comfortable offering loans,” Nwagba said.
YouthCred Targets 400,000 Nigerian Youths
CREDICORP has already launched its YouthCred loan scheme for National Youth Service Corps (NYSC) members, with plans to expand the program to other Nigerian youth aged 18–35.
Olanike Kolawole, Executive Director of Operations at CREDICORP, confirmed that the YouthCred platform is fully operational, with support from partner banks, FinTechs, and national youth-serving organizations.
“YouthCred is more than a product—it’s an investment in trust, financial confidence, and generational empowerment,” she said in an interview with Voice of Nigeria.
What Is a Credit Score and Why It Matters
A credit score is a three-digit number, typically ranging from 300 to 850, that reflects a person’s creditworthiness. In Nigeria, this score will be calculated based on loan repayment behavior, across all financial institutions. The higher the score, the more creditworthy the individual is perceived to be.
Every Nigerian is entitled to one free credit report annually from any registered Nigerian credit bureau.
By integrating financial and non-financial data into a structured scoring algorithm, CREDICORP aims to ensure that credit is accessible, accountable, and fair—creating a new era of responsible lending and borrowing in Nigeria.
