Nigerian Government to Integrate Credit Histories with NIN for Transparent Borrowing
If this proposed directive is implemented and adopted, your banks and lenders will have access to your credit history seamlessly to make decisions.
Temmy Samuel
Nigerian Government to Integrate Credit Histories with NIN for Transparent Borrowing
The Nigerian Government has proposed a directive that will change how customers' credit history will be accessed by bank, fintechs, lenders and other financial institutions in the country. They're implementing a centralized national credit framework that connects people's credit ratings to their National Identification Numbers (NIN). When this proposed directive is fully implemented and adopted, financial institutions, including online lenders, in the country will be able to have their hands on comprehensive, detailed and traceable credit profiles of individual seeking credits and loans. This development was disclosed by Uzoma Nwagba, head of the Nigerian Consumer Credit Corporation ( CREDICORP ) at a State House press briefing in FCT, Abuja. How the proposed NIN-linked credit system will work According to Uzoma, all financial entities, such as commercial banks, microfinance bank (MFB s) fintechs, and credit related banks, must report their customers’ credit activities, includi…
About the author
Temmy Samuel
He is a seasoned journalist with extensive experience in consumer tech, economy, finance, business, money and politics. Currently chasing a BSc degree in Accounting.
