A new report by Enhancing Financial Innovation & Access (EFInA) has raised concerns that Nigeria’s latest push to deepen credit access by linking National Identification Numbers (NIN) to citizens’ credit scores may unintentionally lock out millions of poor and vulnerable Nigerians from the formal financial system.
The Nigerian Consumer Credit Corporation (CrediCorp) announced on June 17, 2025, that all credit scores will now be tied to individuals’ NINs, forming a centralised credit bureau system.
The move is intended to expand consumer credit, improve financial transparency, and enable fairer lending practices by consolidating credit data across banks, fintechs, and microfinance institutions.
But while the policy is designed to include more Nigerians, a new report on Inclusion for All (I4all) by EFInA cautions that it could entrench financial exclusion unless urgent equity-focused measures are taken.
“While this move could unlock access to more accurate credit profiling and deepen financial inclusion, it could also further marginalise already excluded populations,” the report warned.
Identity gap mirrors income inequality
The biggest barrier is that many low-income Nigerians do not have a NIN—the gateway to participating in the new credit scoring regime. According to the report, only 47 percent of adults in the lowest income quintile have an NIN, compared to 76 percent in the highest quintile.
This disparity reflects the country’s deep-seated income and identity gap, it said. “Without an NIN, millions of Nigerians risk being left out of formal credit systems, potentially losing access not just to loans but to services linked to digital identities such as passport renewals and government benefits.”
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Informal sector left in the dark
Nigeria’s informal economy, comprising over 40 million enterprises and accounting for 65 percent of total employment, could also be sidelined.
EFInA disclosed that despite vibrant credit cultures through traditional systems like esusu, adashe, cooperatives, and trade associations, these transactions remain invisible to formal credit bureaus.
“Those without NIN-linked credit histories may face difficulties accessing loans, government benefits, or even renewing official documents, despite the volumes of transactions and healthy credit profiles they may informally possess,” the report noted.
Unless informal financial behaviours are captured in the new credit ecosystem, the report warned, many may lose the social safety nets they’ve long relied on, without gaining new economic opportunities in return.
Disproportionate risks for the poor
Poor Nigerians are also more likely to lack digital literacy and access to smartphones or the internet — key tools for engaging with a digital credit ecosystem.
Additionally, the report states that their exposure to income shocks could result in one-time defaults, which may unfairly harm their credit profiles and reduce future opportunities.
To prevent widespread exclusion, the report recommends increased mobile and community-based NIN registration efforts, especially in underserved areas. It also calls for the development of systems that recognise and include informal credit and savings data, simplification of business formalisation for small enterprises, safeguards to ensure access to services despite a lack of formal credit history, and investment in digital and financial literacy programmes tailored to vulnerable groups.
The report noted that while linking NINs to credit scores presents a unique opportunity to foster financial inclusion, success depends on intentional, equity-led implementation.
“Financial inclusion must not only be about access, but about fairness, relevance, and dignity,” it said.
