The leading credit bureau in Nigeria, CRC Credit Bureau, has said that more than 30 million Nigerians now have credit scores from its repository.
The CRC Credit Bureau said in a statement on Thursday that the milestone highlighted its commitment to enhancing financial inclusion and fostering economic growth in Nigeria.
A credit score is a numerical representation of an individual’s creditworthiness, derived from their credit history.
It serves as a critical tool for lenders in assessing the risk of lending to a borrower.”
According to the bureau, with over 30 million Nigerians now possessing credit scores, the financial system has become more inclusive and transparent, allowing more individuals to access credit facilities previously out of reach.
Commenting on the milestone, the Group Managing Director/Chief Executive Officer of CRC Credit Bureau, Dr Tunde Popoola, said, “Our goal is to ensure that every Nigerian, irrespective of their economic status, has the opportunity to build a credit history. We will continue to invest in educational programs to help individuals understand and improve their credit scores. Leveraging the latest technology, we will enhance our services to provide even more accurate and comprehensive credit information.
“CRC Credit Bureau has been at the forefront of this transformation. Through relentless efforts in data collection, analysis, and technology adoption, we have made it possible for millions of Nigerians to build and maintain credit histories. Our services extend beyond mere credit scoring; we provide comprehensive credit reports, advisory services, and educational programmes aimed at improving financial literacy.
“As we look to the future, we remain dedicated to empowering individuals and businesses, driving economic growth, and making financial inclusion a reality for all Nigerians.”
TCRC Credit Bureau added that with credit scores, individuals and businesses alike could secure loans more easily and at better rates.
“This accessibility to credit can lead to increased financial inclusion, economic growth, and personal advancement. More Nigerians can now participate in the formal financial system, gaining access to loans, mortgages, and other financial products.
“With easier access to credit, businesses can expand operations, invest in new ventures, and drive economic development. Individuals can pursue personal goals such as homeownership, education, and entrepreneurship with the backing of accessible credit,” the bureau said.
According to the Punch newspaper report on Friday, the firm stated that hitting 30 million credit scores was just the beginning, as it was committed to driving further financial inclusion and economic empowerment in Nigeria.
GIK/APA