Managing Director of the Nigeria Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, has announced that failure to repay loans may soon affect citizens’ access to essential services such as passport renewal, driver’s licence issuance, and even renting a home.
Nwagba disclosed this on Tuesday during a ‘Meet the Press’ session organised by the Presidential Media Team at the State House in Abuja.
According to the CREDICORP boss, the Federal Government was working to link individual credit scores directly to the National Identification Number (NIN), as part of efforts to build a centralised and reliable credit system across the country.
He said all loan providers, whether commercial banks, FinTechs, or microfinance institutions, will be mandated to report loan performance, ensuring every Nigerian has an accurate and traceable credit score.
“Maybe you want to renew your passport, but if something shows that you owe money somewhere, you may not be able to proceed,” he said. “The same applies to renewing your driver’s license or renting a house. There is no hiding place.”
He clarified that the new policy will not be predatory but will impose subtle and structured consequences on defaulters.
“Whether your money is in a commercial bank, FinTech, or microfinance institution, loans taken and not repaid will be tracked and recoverable,” he added.
Nwagba explained that the goal was to ensure that every Nigerian is scored, using a structural algorithm that considers both financial and non-financial data.
CREDICORP’s mandate, he said, includes improving quality of life, reducing corruption driven by financial desperation, and strengthening local industries by enabling Nigerians to access consumer credit to buy locally made goods.
“The President has made it clear that improving lives is a top priority. If people can access credit responsibly, it reduces the pressure that pushes them into corruption or financial missteps. At the same time, it drives demand for Nigerian products and helps create jobs,” he stated.
The CREDICORP boss also revealed plans to roll out a nationwide consumer credit programme targeting 400,000 young Nigerians, beginning with National Youth Service Corps (NYSC) members under the YouthCred scheme.
According to him, the programme’s systems and platforms are fully set up, for imminent official launch.
In a related development, Executive Director of Operations at CREDICORP, Olanike Kolawole, on the sidelines confirmed that the credit initiative will be expanded to cover youths between 18 and 35 years.
She said the project is being executed in partnership with participating banks, tech companies, and youth-focused organisations.
“YouthCred is not just a product. It’s a generational investment in financial confidence, trust, and economic inclusion,” Kolawole said.
The agency estimates that Nigeria needs about ₦183 trillion in credit to support broad-based development, noting that the government alone cannot provide this capital.
“No government has that kind of money,” Nwagba noted. “We need all financial institutions to buy into this and commit to sustainable consumer credit. With the right infrastructure, lenders will be more confident, and Nigerians will have better access to credit.”
CREDICORP, created under the administration of President Bola Tinubu, is spearheading a new credit culture aimed at improving financial inclusion and long-term economic growth.
