The Nigerian Consumer Credit Corporation (CREDICORP) has announced a groundbreaking partnership with the National Identity Management Commission (NIMC) designed to accelerate the development of credit scores for all Nigerians possessing a National Identification Number (NIN).
This strategic alliance, announced on Thursday, June 27th, 2024, aims to leverage the NIN’s extensive database to streamline the credit scoring process, making it more accessible and efficient for millions of Nigerians. The initiative seeks to address the longstanding challenge of limited credit history, which has hindered many individuals and businesses from accessing financial services.
By linking credit scores to the NIN, CREDICORP and NIMC aim to create a comprehensive credit profile for every Nigerian, enabling lenders to make more informed decisions and offer tailored financial products. This, in turn, is expected to boost financial inclusion, stimulate economic growth, and empower individuals and businesses alike.
To facilitate this ambitious undertaking, CREDICORP has established a dedicated task team to collaborate with regulators, financial institutions, and credit bureaus. The team will focus on developing the necessary infrastructure and processes to integrate credit information with the NIN database seamlessly.
Uzoma Nwagba, the Managing Director of CREDICORP, emphasised the significance of this partnership, stating that it will “democratize access to credit” and “unlock the economic potential of millions of Nigerians.” He further highlighted the NIN’s role as a unique identifier, enabling CREDICORP to track the credit behavior of every Nigerian and provide a more accurate and reliable credit score.
The Director-General of NIMC, Engr. Bisoye Coker-Odusote, also expressed enthusiasm for the collaboration, emphasising the NIMC’s commitment to promoting financial inclusion and economic development. She noted that the integration of credit scores with the NIN will not only benefit individuals but also strengthen the overall financial ecosystem in Nigeria.
This initiative aligns with the Nigerian government’s broader efforts to enhance financial inclusion and promote economic growth. By leveraging technology and data, CREDICORP and NIMC are paving the way for a more inclusive and equitable financial system in Nigeria.
While the exact timeline for the full implementation of this initiative remains unclear, the partnership between CREDICORP and NIMC represents a significant step forward in the quest for universal credit access in Nigeria. As this initiative unfolds, it is expected to have a transformative impact on the financial landscape, empowering individuals and businesses with the tools they need to thrive in the digital age.
