The Federal Government has said it will soon attach citizens’ credit scores to their National Identification Number, creating a single, compulsory record of borrowing and repayment behaviour that follows them across banks, fintech apps and micro-lenders.
It added that defaulters risked passport or licence renewal and denied rent access.
The Chief Executive Officer of the Credit Corporation of Nigeria, Uzoma Nwagba, revealed this to journalists at the Meet-the-Press briefing series organised by the Presidential Communications Team at the Aso Rock Villa, Abuja, on Tuesday.
Nwagba said the agency is building a centralised national credit bureau that will feed lenders real-time data tied to each borrower’s NIN.
He explained that the consequences of default would extend beyond higher interest rates.
Under the draft rules, chronic defaulters could be denied passport or licence renewal and even screened out by landlords.
Nwagba explained, “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.
“Whether you borrowed from a commercial bank, a microfinance institution, or a digital lender, that data will now be traceable and carry real consequences.
“This is a fundamental shift in how credit works in Nigeria. Your NIN will now serve as the anchor for your credit profile.”
He said all licensed lenders must now file repayment data to CreditCorp, which will generate algorithmic scores using both financial and non-financial inputs.
The goal, Nwagba said, was to give every adult Nigerian a live credit rating, “not optional, but automatic” that rewards discipline and penalises delinquency without predatory tactics.
“More importantly, consequences for defaulters will be structured and deterrent, but not predatory.
“We are building a system that encourages responsible borrowing and rewards financial discipline,” he added.
The effort will also incorporate financial and non-financial data to generate a comprehensive credit scoring algorithm for every Nigerian adult.
“The ultimate goal is for everyone to have a credit score. This is not optional.
“We are creating a structure where your access to economic opportunities is directly tied to your financial behaviour,” said the CreditCorp chief.
Beyond enforcing credit discipline, CREDICORP’s broader mandate, Nwagba said, aligned with President Bola Tinubu’s Renewed Hope Agenda to improve citizens’ quality of life, curb corruption, and stimulate industrial growth.
“The first goal is to improve the quality of life. This is President Tinubu’s vision to give Nigerians access to resources that can uplift their living conditions.
“The second is to address corruption. Many civil servants and young professionals turn to unethical practices because they lack access to capital to meet life’s basic demands.
“The third goal is to catalyse Nigerian industries. We aim to tie consumer credit to the purchase of locally manufactured goods,” he told journalists.
He also argued that improved consumer credit access would reduce pressure on active income and discourage unethical shortcuts.
“That way, we support local producers, drive demand, and create jobs—ultimately building a sustainable economy,” he noted.
Nwagba put Nigeria’s consumer credit gap at N183tn and urged private lenders to plug it.
“No government in the world can provide that kind of money. Financial institutions must step up.
“With the right infrastructure and transparency, lenders will be more confident, interest rates will drop, and Nigerians will finally have access to affordable credit,” he said.
The agency is also finalising YouthCred, a pilot that will provide structured loans to National Youth Service Corps members before scaling to Nigerians aged 18–35.
The Executive Director of Operations, Olanike Kolawole, said YouthCred is already live in test mode, in partnership with banks and tech platforms.
“YouthCred is not an idea; it is a reality. It has started.
“The President has already announced it, and we’ve put all platforms, systems, and processes in place.
“We are tightening the launch sequence,” she confirmed.
The initiative is part of a broader consumer credit push targeting Nigerians aged 18 to 35.
“YouthCred is more than a loan product—it’s a generational investment in trust, financial confidence, and economic inclusion.
“As we expand beyond NYSC to cover youths aged 18 to 35, we’re ensuring they develop healthy financial habits while accessing the tools to thrive in the economy,” Kolawole said.
Earlier in the briefing, Nwagba said barely six months after receiving its seed funding, CreditCorp disbursed consumer credit facilities to over 100,000 Nigerians, 35,000 of whom are civil servants.
“We got our funding a little over six months ago. As of today, we have signed on 23 financial institutions and delivered credit access to more than 100,000 people.
“Of that total, roughly 35,000 are federal and state civil servants,” he said.
Nwagba hinted that early data show strong uptake for household goods, school fees and micro-enterprise equipment.
