Managing Director, CRC Credit Bureau, Tunde Popoola.
By Barnabas Esiet.
Non implementation of Unique Identification Number for every Nigerian is frustrating growth of credit in the country.
The Managing Director of CRC Credit Bureau, Tunde Popoola, said this at a forum with the theme; “Stimulating Economic Growth Through Improved Access To Credit” organised in Lagos by the Finance Correspondents Association Of Nigeria, FICAN.
He noted that the unique identification number, which may not be a card, is necessary to facilitate credit advances to individuals and businesses in the country.
L-R Chairman FICAN, Obina Chima, MD CRC Credit Bureau, Tunde Popoola.
“Credit enhances productivity leading to higher GDP and quality of life of the people, it helps to determine the vibrancy of the economy.” Popoola said.
He underscored the importance of Credit Bureaus to growth of the economy noting that the penetration in Nigeria is very low compared to its peer countries as only 14 adult Nigerians out of 100 had access to credit in 2019.
cross section of finance correspondents at the forum.
“Credit facility in Nigeria goes to sectors with relatively low contributon to the GDP, oil and gas with less than 10℅ enjoys more credit compared to agriculture that contributes the most.” The CRC Bureau boss said.
He pointed out that the operation of Credit Bureaus in the country has helped reduce the cost of credit as well as the size of non performing loans from about 32.8℅ in 2009 to 9.3℅ in 2019.
Popoola said 1500 institutions in Nigeria have registered for the services of CRC Credit Bureau with about 33million credit records processed so far.
CRC Credit Bureau is the Largest credit reporting agency in Nigeria.