The Credit Bureau Association of Nigeria (CBAN), held its 5th National Credit Reporting Conference at the Shell Hall, Muson Center, Onikan, Lagos. The theme for this year’s conference was “EXPANDING THE FRONTIERS OF ACCESS TO CREDIT IN NIGERIA”. Hajia Aisha Abubakar, Hon Minister for Industry, Trade and Investment was the Chairperson at the occasion. In attendance at the event were several dignitaries from various financial sectors, including the Central Bank of Nigeria.
Mr. Tunde Popoola, Chairman CBAN and Managing Director, CRC Credit Bureau had stated that Micro, Small and Medium Scale Enterprises (MSMEs) and individuals in Nigeria are constantly faced with difficulties in obtaining finances to grow and improve on their businesses. With the low access to credit in Nigeria, credit bureau coverage remains low. The three licensed credit bureaus cannot boast of more than 60 million records in their database. He further explained that credit reporting expands access to finance. He emphasized on the need for financial institutions
The conference addressed the problems, needs and possible solutions to credit availability for credit consumers in Nigeria. It emphasized that credit should be encouraged in Nigeria to stimulate the economy and help the consumers enjoy the associated benefits thereby making life easy for eligible credit consumers in Nigeria.
The conference analysed the challenges associated with the different means of identifications used by Nigerians .They encouraged the Central Bank of Nigeria to work with the Federal Government to identify one means of identification for all Nigerians as this will reduce the stress of data accumulation for credit consumers.
Attention should be drawn to these MSMEs having .ng domain names for their online presence. The opportunities can be numerous for their growth and improved services.