The Federal Government is set to launch a sweeping reform that will link the credit profiles of Nigerians to their National Identification Numbers (NIN), in a bid to enhance financial transparency and accountability across the country.
Speaking during a “Meet the Press” session at the State House in Abuja on Tuesday, Uzoma Nwagba, Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), revealed that the new system would ensure that all borrowing activities — whether from commercial banks, microfinance institutions, or digital lenders — are traceable and carry significant consequences.
“This is a fundamental shift in how credit works in Nigeria,” Nwagba stated. “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.”
He added that defaulters could face serious repercussions, including restrictions on renewing passports, driver’s licenses, or even securing rental accommodation. “There will be no hiding place,” he warned.
