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Thursday,
February 06, 2020 / 02:00PM / CRC Credit Bureau / Header Image Credit: CFI.co
CRC Credit Bureau Limited
(CRC) is named the Best Credit Bureau, Nigeria 2020 by Capital Finance
International (CFI.co) a print journal and online resource reporting on
business, economics and finance with its Headquarters in London, United
Kingdom.
The CFI.co judging panel
stated in their report that "CRC is the largest credit reporting agency in
Nigeria, responsible for over 95% of the nation's recorded credit data from
commercial banks, on-bank institutions, utility companies and retailers. This
impressive market share is the result of a well-designed organisational
structure, fine-tuned processes and highly principled governance".
"CRC creates a database of
risk profiles deploying diligent research and data mining. Credit providers and
borrowers alike rely on CRC Credit Bureau to facilitate informed lending and
borrowing decisions with fast and hard facts. Creditors can access the CRC
database to check a prospective borrowers credit history or tailor new credit
products using its tech-driven development tools. Catch-22 that it is,
accessing a credit line requires a good credit history, whether private person
or corporate entity and CRC foresees fintech partnerships filling the gap in
financial inclusion" CFI.co Judges Report, London 9th
December,2019.
The report showcased CRC's
choice of international partnerships stating "with the Fair Isaac Corporation
(FICO), a world-wide leader of credit analytics, CRC has developed a
methodology to standardise credit scoring across the Nigerian market and with
its latest partnership with Nova, enables Nigerians who emigrate to the US take
their credit history with them and gives them access to credit products and
services".
The CFI.co judging panel
concluded their report by agreeing "that sustainable retail lending is fuelled
by digitalization and data-driven decisions and confirms CRC Credit Bureau as
the obvious choice for the 2020 Best Credit Bureau (Nigeria) award".
Each year, CFI.co seeks
out individuals and organisations in their various sectors of the economy who
truly add value to stakeholders. Reporting from the frontlines of economic
convergence, CFI.co realises that best practice is to be found throughout the
world. The Awards Programme aims to identify and reward excellence wherever it
is found, in the hope to inspire others to further improve their own
performance. The Capital Finance International judges panel, review information
generated from independent sources during the nomination process and draw on
their members expertise to identify candidates for award consideration.
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