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CRC Credit Bureau Ltd 10th Anniversary Forum Examines Credit Penetration In Nigeria

Credit Services & Registry	1599 VIEWS
Credit Services & Registry
1599 VIEWS

Friday, December 13, 2019 / 3:49 PM / NifemiTaiyese for Proshare WebTV / Header Image Credit: @CRCCreditBureau

CRC Credit Bureau Limited, in association with Dun & Broadstreet, celebrated its 10^th Anniversary with a discussion on the theme: "Providing Insight; Enabling Growth".

The event brought together stakeholders in the Nigerian financial market, corporate executives and key operators in the Credit Bureau business.

Giving the opening remarks, the Chairman of CRC Credit Bureau Dr. Gregory Ovie Jobome said the credit industry had come a long way with CRC Credit Bureau playing a critical role in the sector.

He said as a Credit Bureau, CRC set out to provide credible information to assist lenders in Nigeria.

Jobome emphasized on the need for a framework that improves access to credit in Nigeria. He said such a framework was vital to lending and creating economic opportunities including achieving the national objective of financial inclusion and economic development.

He was of the view that Nigeria needs to deepen its credit penetration level, which he saw as critical to increasing economic activities and empowering citizens.

"The CRC Credit Bureau also works with major banks and investors. The Bureau also has an effective governance structure because of its peculiarity to attract partnerships," he said.

He informed stakeholders that CRC Credit Bureau had developed 13 products currently in the market, thereby giving leadership to the industry in Nigeria.

Jobome raised the importance of the state of access to credit in the country, which he considered very important to lending and creating opportunities for economic development.

On his part, Mr. Tunde Lemo, OFR, CFA, Chairman of the event in his remarks, said the credit bureau industry increased access to credit support and responsible lending, reducing the incidence of credit losses by delinquent borrowers and strengthening banking supervision and the monitoring of systemic risks.

Lemo, giving insights into the evolution of the industry, said prior to 1990 Nigeria witnessed a surge in non-performing loans (NPLs) before the first private credit bureau made its entry.

According to Lemo in 2008, the central bank released guidelines for licensing operations and regulations of credit bureaus in Nigeria and subsequently issued market licenses to three private credit bureaus; the First Central Credit Bureau, CRC Credit Bureau and Credit Registry, CRC was, therefore, among the three pioneers of credit bureau business in Nigerian.

"Since the intervention of the Central Bank in 2008 with the licensing and regulation of private credit bureaus, credit reporting in Nigeria has become a pillar of the economy, regulatory policies were formulated to increase financial inclusion in the economy such as the microfinance lending policy and framework launched in 2005 and revised in 2011," Lemo said.

The CEO of CRC Credit Bureau Mr. Tunde Popoola in his speech said the 10^th anniversary forum was designed to stimulate discussion in an important area of focus which is, "Access to Credit".

Popoola stressed that in the last ten years, the CRC Credit Bureau has strived to live up to the vision and mission of deploying innovative products/services and entering strategic partnerships that enhance access to credit for consumers and Micro, Small and Medium Enterprises (MSMEs).

The event featured a keynote address by Mrs Eme Essien Lore the Country Director for the International Finance Corporation (IFC), who shared insight into "Evolving a New Lending Model for the Economic Development of Nigeria".

Lore believed leveraging digital concepts and processes will be critical to deepening the credit industry and financial inclusion in the coumtry, thereby transforming the Nigerian socio-economic space.

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