The federal government has announced plans to use the National Identification Number (NIN) to track the credit history of all Nigerians as part of its consumer credit scheme.
The CEO of the Nigerian Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, made this statement during a television interview.
Nwagba announced that the credit scores of approximately 80 million economically active Nigerians, earning income, would be tied to their NIN under the scheme.
He said the aim is to ensure that every Nigerian who earns a modest income is able to acquire things that can improve their lives, such as a car, house, quality education, and a laptop, among others, and pay for them over a long period.
ADULAWO NEWS recall that President Bola Tinubu announced the launch of the first phase of the Consumer Credit Scheme on April 21.
Naija News understands that the program is designed to provide credit facilities to working citizens in the country.
The CEO of CREDICORP highlighted that the main challenge of the credit system in Nigeria has been the absence of proper data and identity verification.
However, he expressed confidence that with the NIN, every borrower will be accurately identified.
“My first job is to strengthen the credit infrastructure of the country. It means that every Nigerian who is economically active will have a credit score written on their NIN so that they cannot run away from their credit behaviour,” he said.
According to him, Nigeria needs to annually do about N180 trillion in consumer credits, but banks are reluctant to lend money due to fear of losing it.
“The government cannot fund that. In the financial system, the people who are already doing lending today are the ones who have the capital. They have the money, they’re just afraid because they cannot put their money out there and lose it.
“The CBN is quite a strong partner on this journey with us, as well as credit registries and credit bureaus. Once we have been able to establish the trust, the N180 million we are looking for will go away from all these flights to safety and start lending to Nigerians,” he said.
He further mentioned that CREDICORP would collaborate with institutions dedicated to enhancing consumer credits, including microfinance, fintechs, and cooperatives, empowering them and providing credit guarantees for particular industries and targets.