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Credit Services & Registry | |
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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 10th 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 10th 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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