By Ediri Ejoh

The Central Bank of Nigeria, CBN  and International Finance Corporation (IFC) have lauded the initiative of the Credit Bureau Association of Nigeria (CBAN) for their contribution towards improving access to finance in Nigeria.

This was disclosed at the 3rd National Credit Reporting Conference organised by CBAN in Lagos. Speaking at the event, CBN Governor, Mr. Godwin Emefiele, who was represented by Mr. James Omebere Tyari, Branch Controller, Central Bank of Nigeria, Lagos noted in his key note address, that the success of credit reporting underpins the stability and economic development of Nigeria has the dangers of Non-Performing Loans (NPL) are a major threat to the stability of our financial system.

In his words, “the quantum leap in data captured by private credit bureau operators has contributed in no small way to the successes recorded in improving the financial environment and access to credit, which has improved the standard of living of Nigerians.”

In her presentation, Mrs. Luz Maria Salamina, IFC Lead Financial Sector Specialist, who was represented at the event by Mr. Ubong Awah stated that a well-developed credit infrastructure is critical to ending poverty and promoting shared prosperity. Credit Reporting builds trust in a financial system and promotes responsible credit culture.

Introduction of credit bureaus has a positive effect on access to finance by MSMEs and individuals and overall economic development. He revealed that through the partnership with CBAN, IFC has started a national awareness campaign to strengthen the credit reporting system in Nigeria.

Senator Rafiu Ibrahim, Chairman, Senate Committee on Banking, Insurance and other financial Institutions, while answering question on the sidelines of the conference  applauded the contributions of Credit Bureaus in Nigeria especially in the area of identity management. The Senate, he noted will do everything to support the association to ensure that it continues to provide strategic support for the financial system.

While giving the welcome address, Mrs. Jameelah Sharrieff-Ayedun, CBAN Chairman and MD/CEO of CreditRegistry Services, expressed optimism that the contribution of the credit bureau segment of the financial services sector will have immense impact on the growth of the economy, she said, “I strongly believe we will consolidate on past successes, enhance the promotion of regulations and policies that will improve access to credit, deepen our strategic business ties and grow the credit bureau segment, financial services sector and Nigeria will get better for it.

Mrs. M’fon Akpan, CRO, Stanbic IBTC Group and Head of Risk for Standard Bank in West Africa,  who represented Mr. Yinka Sanni, MD/CEO Stanbic IBTC, stated in her presentation on Effects of Credit Bureaus Operations on Lending Activities in Commercial Banks: Stanbic IBTCBank’s Experience, “Credit Bureaus play a pivotal role via the role of credit in broader economic development.

Actualizing this potential would require deliberate and concerted efforts from Credit Bureaus, industry practitioners, regulators and relevant stakeholders to make the requisite investment in infrastructure and information management systems, drive and encourage the desired economic behavior, and expand the scope to a wider stakeholder population.”

Mr. Tunde Popoola, MD/CEO of CRC Credit Bureau presentation on Credit Bureaus And Access To Finance: From Inception To Current Status, reviewed the credit industry performance over a 25-year period showcasing the innovative services and products of Credit Bureaus in Nigeria, which has assisted in no small measure to improve access to finance in Nigeria.

Graham Lee, Managing Director, RenMoney Nigeria in his own presentation noted the impact of credit bureau in the success story of RenMoney business model in Nigeria, he explained that the credit bureaus have enabled Renmoney create a unique service and product offerings to the Nigerian market.