Loan: FG plans to link credit scores to NIN 

• Loan defaulters may be denied passports, driver’s licence, and more.

The Managing Director of the Nigeria Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, has revealed that Nigerians who fail to repay loans may soon face restrictions in accessing essential services such as passport renewals, driver’s licences, and even rental housing.

Speaking at a ‘Meet the Press’ event hosted by the Presidential Media Team at the State House, Nwagba said the Federal Government is planning to link citizens’ credit scores to their National Identification Numbers (NIN), creating a centralised credit profile for every Nigerian.

“Maybe you want to renew your passport, but if something shows that you owe money somewhere, you may not be able to proceed,” he warned. “The same applies to renewing your driver’s licence or renting a house. There is no hiding place.”

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Under the proposed system, all financial institutions—including commercial banks, fintechs, and microfinance outfits—will be mandated to report loan performance, ensuring loan defaults are recorded and traceable.

Nwagba emphasised that the policy is not punitive but aims to encourage responsible borrowing and reduce financial desperation. He said credit scores will be built using both financial and non-financial data, forming part of President Tinubu’s push to improve living standards and drive local economic growth.

As part of this effort, CREDICORP will soon launch YouthCred, a nationwide consumer credit programme targeting 400,000 Nigerians, starting with NYSC members. The programme will later expand to include all youth aged 18 to 35. “YouthCred is not just a product.

It’s a generational investment in financial confidence, trust, and economic inclusion,” added Olanike Kolawole, CREDICORP’s Executive Director of Operations. The agency estimates Nigeria needs ₦183 trillion in credit to meet national development goals and calls for full participation from financial institutions to sustain a strong credit culture.