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#Business: Credit Bureaux critical to Financial Sector Development –NIM

Michael Olawale Cole- NIM President

Michael Olawale Cole- NIM President

The President and Chairman of Council, Nigerian Institute of Management, Dr. Michael Olawale-Cole, has said that credit bureaux are critical to the development of the financial sector in the country.

Olawale-Cole said during a courtesy visit to CRC Credit Bureaux Limited on Wednesday said there was no way the banking sector could grow without the services of credit bureau.

He also commended CRC Credit Bureau for establishing a database of credible financial information to enhance informed lending.

The NIM president said, “CRC Credit Bureaux has creditably performed its task of providing a platform to enable Nigeria lending industry to effectively discharge its services.

Credit bureaux make it easier to extend credit to millions of individuals, house households and businesses, resulting into growth in demands for goods and services, investment by businesses and increased economic growth.”

While receiveing the NIM team, the Managing Director and Chief Executive Officer, CRC Credit Bureau, Mr. Tunde Popoola, said the company was a neutral third party that facilitated and encouraged sharing of credible and accurate information among commercial lenders to enhance credit penetration.

He said, “At present, the bureau has over 150 companies comprising all commercial banks, microfinance banks, insurance companies, discount houses and other members of the Nigeria service providing and lending industry, while efforts are on-going to bring more lending companies on board,” he said.

Popoola emphasised the importance of the relationship between the bureau and the institute and pledged the bureau’s support for the NIM’s programmes.

He advised members of the institute to conduct personal checks on their financial status through the bureau’s self enquiry report.

Credit bureaux offer credit reporting, which is the exchange of permissible information on borrower performance and repayment behaviour. information usually collected include name, address, phone number, loan amount, loan date, performance status, etc.

The information can be sourced from lenders, insurance companies, landlords, bankruptcy records and court judgments, among others.

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