In a sweeping new policy aimed at curbing loan defaults and enhancing financial responsibility, the Federal Government has announced plans to integrate individual credit scores with the National Identification Number (NIN) system.
The move, spearheaded by the Federal Ministry of Communications, Innovation and Digital Economy in collaboration with the Central Bank of Nigeria (CBN) and the National Identity Management Commission (NIMC), is expected to tighten access to key government services for chronic loan defaulters.
Under the proposed framework, individuals with poor credit histories or outstanding loan obligations may encounter serious hurdles when attempting to renew or apply for international passports, obtain or renew driver’s licenses, secure rental housing or tenancy agreements, and access certain public and financial services.
Speaking during a press briefing in Abuja on Tuesday, the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, stated that the integration is aimed at promoting financial discipline and accountability in both the public and private sectors.
“Linking credit scores with NIN will enhance transparency and encourage responsible borrowing. The era of taking loans without consequences is coming to an end,” Dr. Tijani declared.
He emphasized that the initiative is also a step toward formalizing Nigeria’s growing digital economy and creating a robust credit culture similar to those in developed economies.
The policy will be executed in phases and will involve collaboration between multiple agencies, including the Nigeria Inter-Bank Settlement System (NIBSS), credit bureaus, and law enforcement where necessary.
Financial experts have welcomed the move, citing its potential to strengthen Nigeria’s credit ecosystem and reduce the alarming rate of loan defaults, especially among users of digital lending platforms.
However, civil society groups are urging caution to prevent misuse or abuse of the system, particularly in ensuring the privacy and rights of borrowers.
Economist and policy analyst, Dr. Chioma Nwankwo, noted: “This policy could be a game-changer if properly implemented. However, transparency and strict regulation will be key in ensuring that the system is not weaponized against vulnerable populations.”
While the government has not specified a rollout date, the announcement has triggered widespread discussions on social media, with mixed reactions from the public.
Some applaud the initiative as overdue, while others express concern about its timing and potential impact on low-income earners.
The Federal Government has promised a comprehensive public sensitisation campaign before full implementation begins.