CREDICORP, NIMC team up to fast-track credit score for Nigerians with NIN

The Nigerian Consumer Credit Corporation (CREDICORP) said it has entered into a partnership with the National Identity Management Commission (NIMC) to fast-track the building of credit scores for all Nigerians with the National Identification Number (NIN).

The CREDICORP disclosed this on Friday, noting that the partnership was sealed during its Managing Director, Engr. Uzoma Nwagba’s working session with the Director General of NIMC, Engr. Bisoye Coker-Odusote, earlier this week.

To accelerate the process, CREDITCORP said they have set up a task team to work with regulators, financial institutions, and credit registries.

“The two organizations, having examined existing infrastructure, set up a task team to work closely with the regulators, financial institutions, and credit registries to accelerate consumer credit reporting and mainstream credit scores for Nigerians,” it stated.

“Identity is the foundation of a functioning credit system, and the NIN – accounting for over 100 million Nigerians today – is critical to the mission of CREDICORP to strengthen credit infrastructure,” CREDICORP added

Integrating credit score into NIN

The Federal Government has said it would leverage the National Identification Number (NIN) to

Earlier, the Chief Executive Officer CREDICORP, Uzoma Nwagba, stated in a TV interview that the credit agency would leverage the NIN to document the credit behaviour of every Nigerian under its consumer credit scheme.

According to him, every Nigerian who is economically active would have their credit score written on their NIN.

Nwagba added that the scheme is targeting about 80 million Nigerians, who are economically active and are earning income.

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 laptop, among others, and pay for it over a long period.

Identity problem

The CREDICORP CEO noted that the major challenge of the credit system in Nigeria has been the lack of data and proper identity. He, however, expressed the confidence that with the NIN, every creditor will be properly 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.

While registration for the NIN has been slow over the years, the National Identity Management Commission (NIMC) recently disclosed that over 107.3 million Nigerians have been registered as of April this year.

What you should know

President Bola Tinubu announced the launching of the first phase of the Consumer Credit Scheme on April 21, a programme designed to offer credit facilities to working citizens in the country.

• The President’s special adviser on media and publicity, Ajuri Ngelale, said the first phase of the scheme will begin with civil service members before extending to the main public.
• Ngelale emphasized that consumer credit plays a pivotal role in modern economies, empowering individuals to elevate their standard of living by acquiring goods and services upfront and responsibly managing payments over time.
• The scheme facilitates vital investments like housing, transportation, education, and healthcare, crucial for sustaining stability and pursuing personal aspirations.