The federal government of Nigeria is set to track all unpaid loans through the National Identification Number (NIN) to improve the country’s credit system.
The Managing Director of Nigerian Consumer Credit Corporation, CREDICORP, Uzoma Nwagba, made this known at a press briefing in Abuja, noting that the government is developing a centralised credit tracking system that connects credit scores directly to the National Identification Number (NIN) to promote responsible lending and repayment.
“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
To guarantee the recovery of loans and maintain repayment discipline, he indicated that CREDICORP will implement restrictions on defaulters as a component of its enforcement strategy.
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The Managing Director further emphasised that the agency’s wider objective is to elevate the standard of living for Nigerians and diminish the motivations for corruption by facilitating better access to credit.
“The idea is simple: when civil servants can access consumer credit to improve their homes, buy vehicles, or handle personal needs, the pressure to engage in corrupt practices significantly reduces. Corruption becomes less comfortable when your basic needs are already met,” he added.
Additionally, he clarified that facilitating responsible access to credit reduces the likelihood of individuals engaging in corrupt practices or making unwise financial choices.
Moreover, enhanced access to credit boosts demand for locally produced goods, thereby fostering job creation and promoting economic development.
