June 14, 2009

CreditRegistry targets three million customer base

By Michael Eboh
Following the Ap proval-in-Principle (AIP) licence granted it by the Central Bank of Nigeria (CBN), Credit Registry Services Plc has announced plans to shore up its subscriber base to over three million customers before the end of 2009.
According to a statement by Managing Director of the company, Mr. Taiwo Ayedun, “ Our decision to shore up our customer base was borne out of the company’s  focus to bring great value to Nigerian financial institutions, retailers and consumers through the innovative application of advanced technologies.

He disclosed that with over six years of experience in the Nigerian market and the recent approval secured from the CBN, it has gained deep insight into the peculiarities of lending and credit transactions in the country.

He further noted that the recent recognition it got from the apex bank will further empower to it achieve its mission, which is to stimulate economic expansion and wealth creation in Nigeria through the promotion of social accountability mechanisms that will enable lenders and borrowers to engage in mutually advantageous business.

He said, “Today, CreditRegistry remains the first and only credit bureau in the world to integrate biometric technologies into a credit bureau system, providing anti-fraud capabilities to its subscribers. CreditRegistry provides the most secure, cost-effective and innovative credit bureau solutions to help Nigerian creditors to expand credit opportunities to borrowers while simultaneously preventing fraud.

With a database of over one million credit records, CreditRegistry subscribers today are differentiating themselves from the competition by incorporating our credit bureau information into their lending processes to manage risk, reduce fraud and increase profits.
CreditRegistry has 27 subscribers, including 13 commercial banks, Nigeria’s largest telecom company, and several leasing, micro finance, savings and loans and mortgage companies.”Ayedun disclosed that its 5th Annual General Meeting is scheduled to hold on June 15, 2009 in Lagos.