Credit scheme: FG to integrate credit score into NIN, targets 80 million Nigerians

The Federal Government has said it would leverage the National Identification Number (NIN) to document the credit behaviour of every Nigerian under its consumer credit scheme.

The Chief Executive Officer of the Nigerian Consumer Credit Corporation (CREDICORP) Uzoma Nwagba, stated this during a TV interview.

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.


N180 trillion credits needed annually
According to him, Nigeria needs to be doing about N180 trillion in consumer credits per annum but the banks are not willing to give out the money because they are afraid 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 added that the CREDICORP will also be working with all institutions that are committed to advancing consumer credits such as microfinance, fintechs, and even cooperatives. He said the Corp would enable them to do more and give them credit guarantees for specific industries and specific targets.


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.

https://nairametrics.com/2024/06/13/credit-scheme-fg-to-integrate-credit-score-into-nin-targets-80-million-nigerians/

People wey dey owe Loan App go hear am

Scheme indeed

NwaNimo1:
Big Brother.....they want access to peoples spend data

So much ignorance. When you finally japa to the Eldorado you've been dreaming about you will see how important your credit score is.
The question you should be asking is who will have access to this info.

ElSudani:


So much ignorance. When you finally japa to the Eldorado you've been dreaming about you will see how important your credit score is.

Hmmmm…he doesn’t know better!😊

LordIsaac:

Hmmmm…he doesn’t know better!😊

He doesn't.

This is a right step in the right direction. Long overdue

Another way of looting loading.....


That's how they'll make it sound so "sweet" on black and white until it's time for execution and implementation.

This country ehn.

Good

ElSudani:


So much ignorance. When you finally japa to the Eldorado you've been dreaming about you will see how important your credit score is.
The question you should be asking is who will have access to this info.

how far with NIN curbing kidnappings which is now a big business going on successfully unhindered?
You guys are the ignorant ones here licking the wounds of deceitful men that dont even care whether you exist.
Where is your Nigeria Airways?
Coastal highway to fraud will add to the list.
Everything Scam.

This government is a joke. The credit score system that has never work in US, where people abuse the scheme is now a model adapted by Nigeria?

They be drawing too many projects yet actually carrying out none, or at least it will be dead before it arrives after marking out billions to support the project. Jokers. Saying and doing too much for nothing.

Yawa! i hope all those loan apps won't benefit from this oh. cause many people dey owe them millions

Wahala for who dey owe loan apps.

what are the criteria require from the beneficiaries except for the NIN

Everyday247:
Yawa! i hope all those loan apps won't benefit from this oh. cause many people dey owe them millions

only licensed ones will appear. Like carbon, fairmoney, branch, palm credit etc

This Tinubu's administration is the worst administration we have had from 1999 till date.

Premium nonsense

1Alex:
only licensed ones will appear. Like carbon, fairmoney, branch, palm credit etc

Palmcredit legal? that is not possible with their mafia style recovery method.

I agree that Fairmoney and Branch could be legal because they are also banks but not Palmcredit.

Loan shark companies will not like this idea.

They know that with this majority of their customers will not be eligible for loan.

You're targeting 80 million Nigerians, how many of them earn modest income to meet your requirements to obtain the funds?

Useless initiative, creating another avenue for banks to start ripping off their customers.

Only in Nigeria they will increase interest rate and savings account will not get any increase but they will increase the interest on loans that they collect

Everyday247:
Palmcredit legal? that is not possible with their mafia style recovery method.

I agree that Fairmoney and Branch could be legal because they are also banks but not Palmcredit.

OK I thought palm credit is owned by palm pay.

Everyday247:
Yawa! i hope all those loan apps won't benefit from this oh. cause many people dey owe them millions

Anybody that is owing should go and pay up. Simple.

1Alex:
OK I thought palm credit is owned by palm pay.

I thought the same but then I discovered that Palmpay has its own Loan option and now I'm confused.

Let's see how it goes. When we told them that Tinubu's head is better than all the 250 million heads in Nigeria, they didn't believe. Shey una Mama don thin of Credit Score before?

ELEYIofNigeria:
People wey dey owe Loan App go hear am

Those ones have pushed their Credit Score into Negative at inception.

1Alex:
OK I thought palm credit is owned by palm pay.

Palmcredit is owned by NewEdge, the same company that owns easybuy.

Many go still default after collecting this is Nigeria