The Federal Government has unveiled plans to integrate the National Identification Number into a centralized system for tracking all unpaid loans in Nigeria, in a bid to strengthen credit infrastructure and tackle corruption.
This was disclosed by Uzoma Nwagba, Managing Director of the Nigerian Consumer Credit Corporation, during a “Meet the Press” session organised by the Presidential Media Team at the State House, Abuja.
Nwagba explained that the initiative involves building a unified credit tracking framework that ties individuals’ credit performance directly to their NIN.
The aim is to foster responsible borrowing and ensure efficient recovery of loans across financial institutions.
“All financial institutions, whether commercial banks, FinTechs, or microfinance lenders, will be mandated to report loan performance. Every Nigerian will have an accurate and traceable credit score. No matter where the loan originates, unpaid credit will be tracked and recoverable,” he said.
As part of enforcement measures, Nwagba warned that loan defaulters may face significant restrictions. “Beneficiaries must repay their loans on schedule. Defaulters may face restrictions such as being unable to renew their passport, obtain a driver’s license, or even rent a house,” he cautioned.
He added that the overarching mission of CREDICORP is to elevate the standard of living for Nigerians and reduce the lure of corruption by providing reliable access to credit.
In addition, Nwagba announced the forthcoming launch of YouthCred, a national credit initiative aimed at empowering 400,000 young Nigerians, beginning with members of the National Youth Service Corps.
Further elaborating on the programme, CREDICORP’s Executive Director of Operations, Mrs. Olanike Kolawole, said the scheme targets individuals aged 18 to 35 and is being developed in collaboration with banks, technology firms, and youth-oriented organizations.
“YouthCred is not just a credit product, it’s a generational investment in financial confidence, trust, and economic inclusion,” she said.
Kolawole emphasized the need for private sector involvement to meet Nigeria’s growing credit demands, stating that the country requires an estimated N183 trillion in consumer credit to stimulate inclusive economic development.
“No government has that kind of money. We need all financial institutions to buy into this and commit to sustainable consumer credit. With the right infrastructure, lenders will be more confident, and Nigerians will have better access to credit,” she added.
