Nigeria’s financial regulators are pushing for a major shake-up of the nation’s credit reporting regime as concerns mount over the rising tide of unpaid digital loans and loopholes in credit data management.
This is coming after Daily Sun learnt that the Central Bank of Nigeria (CBN), in partnership with the Nigeria Consumer Credit Corporation (CREDICORP), is currently reviewing the country’s credit information framework, with plans to approach the National Assembly for legislative amendments.
Chief Executive Officer, CREDICORP, Uzoma Nwagba, disclosed this in an interview with one of the news agencies in the country.
The urgency of the reforms is underscored by a dramatic surge in digital lending platforms operating in the country.
As of May 2025, no fewer than 425 companies have been registered and licensed to offer digital loans, up from 320 in the previous year.
This includes 362 companies with full approvals from the Federal Competition and Consumer Protection Commission (FCCPC), 42 under conditional approval, and 21 licensed directly by the CBN.
