FG to Integrate Credit Score into NIN to Enable Nigerians Buy Cars, Own Houses, Other Amenities

FG to Integrate Credit Score into NIN to Enable Nigerians Buy Cars, Own Houses, Other Amenities

  • The Nigerian government said it is planning to add the credit score of Nigerians to their National Identification Number (NIN)
  • The chief executive officer of the Nigerian Consumer Credit Corporation (CREDITCORP), Uzoma Nwagba, disclosed this recently
  • He said the aim is to improve and track the credit behaviour of Nigerians to enable access to facilities

The Nigerian government said it would use the National Identification Number (NIN) to document Nigerians' credit behaviour under the credit scheme.

Uzoma Nwagba, the chief executive officer of the Nigerian Consumer Credit Corporation (CREDITCORP), revealed this recently in an interview.

Nigeria to track credit score via NIN, CREDITCORP
Nigerians waiting to register for their National Identity Numbers (NIN) Credit: NurPhoto / Contributor
Source: Getty Images

The policy is to improve credit score

Nwagba said every financially active Nigerian would have their credit score on their NIN, adding that the scheme targets about 80 million economically active Nigerians.

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He said the aim is for every Nigerian to earn a modest income so that they can acquire things such as cars, houses, education, laptops, and other things to improve their lives.

He disclosed that the main challenge of the country's credit system is the need for more data and proper identity, stating that every creditor can be identified with the NIN.

The CREDITCORP boss said he aims to boost the credit infrastructure of economically active Nigerians and help them to have their credit scores written on their NIN so they cannot run away from their credit behaviour.

According to data from the Nigerian Identity Management Commission (NIMC), about 107.3 million Nigerians have been registered on the NIN database since April.

Reports say Nwagba disclosed that Nigeria needs to issue about N180 trillion in consumer credits annually but said that the banks are unwilling to give out the money because they fear loss.

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CREDITCORP to partner with CBN

He disclosed that the CBN collaborates with CREDITCORP and other relevant agencies to establish trust.

Nwagba said the corporation will also work with all institutions committed to boosting consumer credits to achieve the plan.

President Bola Tinubu launched the first phase of the Consumer Credit Scheme on April 21 this year to offer credit facilities to working Nigerians.

Full list of FCCPC, CBN-approved loan app companies

Legit.ng reported that the Federal Competition and Consumer Protection Commission (FCCPC) has issued a new list of 154 companies granted full approval to operate loan apps in Nigeria.

Earlier, the FCCPC delisted the approved companies for ‘clean up.’ After adding apps each firm owns under its approval list, the newly released list is more detailed.

The list of the apps associated with the firms will let the customer identify the companies behind the apps they use and also reduce incidents of app duplicity by the companies.

Source: Legit.ng

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Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng