Group Managing Director/CEO UBA Plc, Mr. Tony Elumelu has applauded the establishment of credit bureaus in Nigeria describing it as a historic milestone in the financial services sector in the country. ChairmanKing.com recently reported that Nigeria hopes to boost lending with the launch of three credit bureaus, namely Credit Reference Company (CRC), Credit Registry, and XDS Credit Bureau.

Tony Elumelu, whose goodwill address was delivered on his behalf by UBA’s Executive Director and Group Chief Finance Officer Mr. Victor Osadolor, at the launch of the Credit Reference Company (CRC) Credit Bureau Limited in Lagos recently, said the move represent a positive response to the problem of accurate lending in the banking sector.

According to him credit bureaus in the Nigerian market will engender a smooth coordination and cooperation among operators in the industry, ensuring transparency in the system, and providing accurate information and thus creating a conducive environment for the borrowers and lenders to transact business.

Also speaking, Mrs. Angela Nwabuoku, Executive Director, United Bank for Africa (UBA) Plc and Chairman CRC Credit Bureau, identified the need to address the gap in information between borrowers and lenders as a cardinal reason for setting up of the CRC Credit Bureau.

Nwabuoku said the company, owned by a consortium of leading banks in Nigeria and in partnership with Accenture and Dun & Bradstreet, a leading global credit information service provider, will assist providers of credit in making informed decisions by generating and supplying members with credit information reports on borrowers in the consumer and corporate sectors. “CRC Credit Bureau will be a disinterested and neutral third party service provider for a closed user group of its members” she explained.

Also in his address at the event, Central Bank of Nigeria (CBN) Governor, Lamido Sanusi who was the former Acting Chairman of CRC Credit Bureau pledged the support of the federal government, in general, and the apex regulatory institution, in particular, to the CRC Credit bureau.

Sanusi said the credit bureau will fill the yawning gap in the industry in Nigeria, while facilitating access to finance by providing information on the credit history of borrowers. “It will allow improved credit risk portfolios and consolidation of credit and customer-based information, amongst other benefits. The CRC initiative is in tandem with the federal government’s Vision 2020 goals”, Lamido concluded.

Other partner institutions involved with the CRC Credit Bureau include: Guaranty Trust Bank (GTBank), First City Monument Bank (FCMB), Diamond Bank, Intercontinental Bank, Standard Chartered Bank, Stanbic IBTC, Access Bank, and some of the microfinance banks operating in Nigeria.

United Bank for Africa (UBA) | Credit Reference Company (CRC)

Source(s): United Bank for Africa (UBA)