Mr. Tunde Popoola, Chairman of the Credit Bureau Association of Nigeria, has commended Nigeria’s advancements in credit infrastructure, citing significant strides in broadening access to credit over the past three years.
During an appearance on Channels Television’s Business Morning show on Friday, Popoola said, “Nigeria has done well in the last two to three years. We’ve had significant improvement in access to credit,” he said. “The credit infrastructure was weak before the introduction of the credit bureau in 2009.”
Popoola also said the current credit ecosystem is far more inclusive, with multiple players entering the space beyond the traditional banking sector. “I’m happy to report that the issue of access to credit is gaining significant momentum.
Apart from commercial banks, which traditionally mobilize deposits and make credit available to Nigerians, we also have a lot of micro-lenders and fintech companies entering the space. These are providing increased access to what we call consumer credit for Nigerians.
The chairman stressed that the success of this expansion has been largely driven by the credit bureaus, which have created a structured and transparent lending environment. He said that through the services of these bureaus, lenders are now able to obtain timely and accurate information needed to assess creditworthiness.
“These bureaus help lenders access the information they need to identify credible individuals and businesses to lend to,” he said. “They also assist in profiling credit applications and monitoring loans already granted.”
Even in cases of delinquency or default, the bureaus offer solutions to help manage the risk, thereby improving lenders’ confidence in the system.
“The credit bureaus have developed products and services to help manage these situations effectively,” he added.
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