The Federal Government has unveiled plans to track all unpaid loans in the country through the National Identification Number (NIN) to improve credit infrastructure and reduce corruption.
This was disclosed by the Managing Director of Nigerian Consumer Credit Corporation, CREDICORP, Uzoma Nwagba, during a Meet the Press” briefing organized by the Presidential Media Team at the State House, Abuja.
Nwagba announced that the government is building a centralised credit tracking system that links credit scores directly to NIN to ensure 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 ensure loan recovery and repayment discipline, he stated that CREDICORP will impose restrictions on defaulters as part of its enforcement strategy.
“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.
The Managing Director also noted that the agency’s broader mandate is to enhance Nigerians’ standard of living and reduce incentives for corruption through improved 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 said.
Nwagba also unveiled plans for a nationwide YouthCred programme targeted at 400,000 young Nigerians, beginning with National Youth Service Corps (NYSC) members.
Mrs Olanike Kolawole, Executive Director of Operations at CREDICORP, said the YouthCred initiative will focus on individuals aged 18 to 35 and is being developed in collaboration with banks, tech firms, and youth-focused organisations.
“YouthCred is not just a credit product, it’s a generational investment in financial confidence, trust, and economic inclusion,” she said.
Kolawole pointed out that Nigeria requires an estimated N183 trillion in credit to support widespread economic growth. She stressed that private sector involvement is key.
“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.”
The CREDICORP Managing Director added that the programme aligns with President Tinubu’s administration’s mandate to provide real, dignified economic alternatives for Nigerians.
He noted that the initiative, which began less than a year ago, has already benefited over 100,000 Nigerians, mostly civil servants.
Nwagba emphasized that the long-term goal of CREDICORP is to improve the quality of life for Nigerians while boosting the local economy.
He explained that by enabling responsible access to credit, individuals are less likely to resort to corrupt practices or make poor financial decisions. Additionally, increased access to credit stimulates demand for locally made products, which in turn supports job creation and economic growth.
