New Federal Credit Reform Links Loan History to NIN for Stronger Financial Accountability

New Federal Credit Reform Links Loan History to NIN for Stronger Financial Accountability

The Nigerian government is set to overhaul the country’s credit reporting system by tying individuals’ loan histories to their National Identification Numbers (NIN), creating a unified credit database that will make every borrowing activity traceable.

Uzoma Nwagba, Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), disclosed this on Tuesday during a press briefing hosted by the Presidential Media Team at the State House in Abuja.

According to Nwagba, this move marks a significant change in Nigeria’s financial structure. He explained that the new system will integrate credit data from all lenders whether commercial banks, microfinance institutions, or digital platforms under each citizen’s NIN.

“This is a major shift in Nigeria’s credit culture,” he said. “Your NIN will now form the foundation of your credit profile. Every loan you take regardless of the institution will be traceable and come with real consequences.