Credit Bureau Limited, Nigeria foremost credit company, reported Nigeria credit penetration to have risen to 14 percent.
This was disclosed during the Company’s CRC Finance and Credit Conference 2024 in Lagos on Wednesday.
The theme of the conference was titled ‘Sustainable Financing Options: Innovations in Credit Risk Management’.
The conference also serves has a celebration of the 15th anniversary of the company.
The Group Managing Director/CEO of CRC Credit Bureau Limited, Dr Tunde Popoola, said that Nigeria had achieved a significant improvement in credit penetration in the last 15 years of its existence.
Popoola added that “only 33 million Nigerians had their credit scores on the database of CRC Credit Bureau Limited, noting that a whole lot of effort is needed to bring onboard more Nigerians to access credit”.
“33 million Nigerians have credit scores. 29.4 million searches were conducted in 2023. More than 10 million searches have been conducted in Q1, 2024. CRC has moved from one product in 2010 to 18, cutting across all value chains of lending,
“Today so many millions of Nigerians get loans on their phones and lenders rely on CRC to lend. The Credit Reporting Act signed in 2017 by the Buhari regime to back credit reporting and the backing of the CBN have boosted credit penetration over the years,” he said.
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