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Nigeria to track loan defaulters via NIN, enforce credit discipline

Oluwatosin Adeyemi by Oluwatosin Adeyemi
June 21, 2025
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Nigeria's NIN enrollment hits 117.3 million 

Nigeria's NIN enrollment hits 117.3 million 

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The Federal Government of Nigeria has announced plans to use the National Identification Number (NIN) to track all outstanding loans nationwide in an effort to strengthen the nation’s credit system and combat corruption.

The Presidential Media Team hosted a “Meet the Press” briefing at the State House in Abuja on Wednesday, where Uzoma Nwagba, Managing Director of the Nigerian Consumer Credit Corporation, CREDICORP, revealed this information.

Connection of credit scores to NIN

Nwagba revealed that the government is building a centralised credit tracking system that will link every Nigerian’s credit score directly to their NIN.

“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.

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Nigeria’s NIN enrollment hits 117.3 million 

Sanctions on loan defaulters

Neagba explained that as part of its enforcement strategy, CREDICORP will introduce penalties for loan defaulters to ensure compliance and repayment.

“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,” Nwagba warned.

Raising living standards 

The managing director added that the agency’s overarching goal is to improve the standard of living and reduce the temptation for corruption by making credit more accessible.

“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 said.

Additionally, Nwagba revealed plans for a nationwide YouthCred program that will start with National Youth Service Corps (NYSC) members and target 400,000 young Nigerians.

YouthCred programme

The YouthCred program will target people between the ages of 18 and 35 and is being developed in partnership with banks, tech companies, and youth-focused organisations, according to Mrs. Olanike Kolawole, executive director of operations at CREDICORP.

“YouthCred is not just a credit product; it’s a generational investment in financial confidence, trust, and economic inclusion,” she said.

Importance of private sector participation

Kolawole noted that to sustain broad economic expansion, Nigeria needs an estimated N183 trillion in credit. She emphasised the importance of participation in the private sector.

“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.”

According to the Managing Director of CREDICORP, the programme is in line with President Tinubu’s administration’s mission to give Nigerians genuine, respectable economic options.

Over 100,000 Nigerians benefitted

He pointed out that since the program’s launch less than a year ago, more than 100,000 Nigerians—mostly civil servants—have benefited.

The ultimate objective of CREDICORP, Nwagba underlined, is to raise the standard of living for Nigerians while stimulating the local economy.

He clarified that allowing responsible credit access reduces the likelihood that people will turn to dishonest tactics or make incorrect financial choices. Better credit availability also boosts demand for domestically produced goods, which promotes economic expansion and job creation.

Tags: CreditLoanNINYouthCred
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

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