CR Services (Credit Bureau) Plc, Nigeria’s leading credit bureau company, announces that it has recorded 100 per cent coverage of the commercial banking industry.

This implies that all 24 deposit money banks are subscribers to CR Services’ Credit Bureau service.

In a statement from the Chief Executive Officer, Mr. Taiwo Ayedun, he says “We are grateful to the entire banking industry for making this possible.

“Since we commenced operations, we have continued to record success upon success including being the first private credit bureau operator in Nigeria, the first credit bureau to integrate biometric technologies into a credit bureau system, and today we are the first credit bureau to record 100 per cent coverage of the commercial banking space.

“We have developed the most reliable and secure credit bureau solution in Nigeria today, but more importantly we have satisfied customers who have grown their profit margins, increased debt collection and reduced fraud as a direct result of using our services.

“I give kudos to the Central Bank of Nigeria (CBN), under the leadership of Governor Sanusi Lamido, for its efforts at encouraging banks to benefit from the important services of credit bureaus.

“I take this opportunity to assure all our subscribers of our continued commitment to delivering the best credit bureau and fraud prevention services using innovative, world class technologies.

“We encourage all lending institutions and creditors everywhere in Nigeria to partner with CR Services Credit Bureau for their financial success as we help them to fulfill CBN regulatory requirement.

“By subscribing to CR Services, our subscribers have access to the largest and most robust credit information database in Nigeria and this would empower them to make accurate and informed decisions and conduct more profitable lending.”

Mr. Ayedun equally ascribed the company’s successes to the company’s quality employees as well as the invaluable support and relentless commitment of the members of the Board of Directors, led by Mr. Fola Adeola.

Mr. Ayedun made this announcement in the wake of a recent CBN circular in which banks and other financial institutions are required to give report of their activities with credit bureaus over the past year.

This follows a similar directive issued last year by CBN, directing banks to engage at least two credit bureaus.

These provisions have formed part of CBN’s efforts at strengthening the credit appraisal procedures of financial institutions with a view to enhancing credit quality and responsible credit behavior in the nation’s financial system.