National Orientation Agency (NOA) has announced that the Nigerian Consumer Credit Corporation (CREDICORP) is set to develop a unified credit system capable of accessing and assessing individuals’ credit histories.
Gatekeepers News reports that according to the agency’s weekly publication, the proposed system will link citizens’ credit scores to their National Identification Numbers (NIN), allowing for a more transparent and accountable credit framework.
The report stated, “In pursuit of transparency and accountability following the expansion of the frontiers of Credicorp operations, the organisation will build a unified credit system that will be empowered to beam its searchlight into the credit history of any individual.”
NOA noted that credit scores play a crucial role for banks and other financial institutions in evaluating eligibility for loans, credit cards, and other financial services.
It added, “ It is also used to assess risks and make lending decisions. The higher the digits of a loan seeker, the higher the credit he can access.”
