Credit bureau established in Nigeria

Jan 12, 2010

The creation of a credit bureau has been agreed by the Central Bank of Nigeria.

Under this financial initiative, 12 Nigerian banks will form a partnership with Dun & Bradstreet, Accenture, International Finance Corporation and CRC Credit Bureau Limited.

Commenting on the developments, Angela Nwabouku, chairman of CRC, suggested that the creation of the credit bureau could provide an effective reporting agency.

She is quoted in the Nigerian Guardian newspaper as saying: "We realised the need to continue to contribute to the discourse on the issue in the financial services industry and therefore decided to provide a platform to actualise this."
The measures are in keeping with initiatives to improve risk management in Nigerian finance. The credit bureau will also make access to finance more straightforward and enable lenders to analyse a loan applicant's borrowing history.

Elsewhere, allAfrica reports that Tony Elumelu, managing director and chief executive officer of the United Bank of Africa, claimed that the creation of the credit bureau will be a good thing in terms of providing accurate lending.