00:00In a bold step toward strengthening Nigerians' financial accountability, the Managing Director of the Consumer Credit Corporation, Uzoma Uwagba, has announced a major policy shift that will directly impact how credit is accessed and managed in the country.
00:18Going forward, your National Identification Number, NIN, will serve as the anchor for your credit profile.
00:27This means that whether you borrow money from a commercial bank, a microfinance institution, or even a digital lending platform, your credit history will now be traceable, centralized, and carry real consequences.
00:43The move is aimed at closing loopholes that previously allowed individuals to take loans across multiple platforms without proper tracking, often resulting in default, identity fraud, and a lack of trust in Nigeria's consumer credit system.
01:03Credit Corp, the government-backed agency created to expand access to consumer credit, says this policy is part of a broader national effort to build a transparent and responsible credit culture.
01:20For consumers, it means one thing, credit behavior is now permanently linked to your identity.
01:27Financial experts say this could boost investor confidence in Nigeria's credit system, encourage responsible borrowing, and expand access to credit for law-abiding citizens with clean records.
01:41But it also comes with a warning, defaulting on a loan could now affect your chances of securing future credit, employment, or even travel, as financial institutions and relevant agencies will now have access to verified credit profiles tied to your NIN.
02:03As the system rolls out, citizens are urged to verify their NINs, update their records, and most importantly, borrow responsibly.
