A lack of unique individual identification has hurt the growth of Nigeria’s domestic credit market. Lending institutions have shifted from extending retail credit to a market where individuals could remain relatively anonymous.
However, this may be about to change as financial sector stakeholders move towards a consensus on using National Identity Numbers (NINs) as unique borrower identification.
At a recent credit market conference, participants discussed the practicality of using NINs as unique identification tracers for managing and monitoring borrowers.
The use of NINs was a pivotal part of the proposals from a panel discussion at the CRC Finance and Credit Conference 2024, a…
Source: Nigerian Tribune
