Credit bureaus to curtail bank's lending risks
Lending would soon come at minimal risks to banks and lending organisations as they scramble to access the services of credit bureaus, before creating new assets.
Taiwo Ayedun, managing director, CR Credit Registry, a credit bureau, said here has been an 85 per cent success hit rate in bureau requests so far, by lending firms.
Reports show that there was an encouraging percentage growth in credit in the first half of 2011, compared to the first half of 2010, as banks make more use of credit bureaus, companies that collect information from various sources and then provide consumer credit information and bill paying habits especially on individuals borrowing.
Industry watchers say this was due to marketing efforts by the credit bureaus and the Central Bank’s circular for banks to start using the services of credit bureau before giving out credit to lenders.
“There is a tremendous opportunity for the banks. The country and the banking sector have tremendous opportunity for growth. In May,
CR achieved 100 per cent coverage of the commercial banking space. Every successful economy is to create credit. The highest contribution of credit to the Nigerian GDP is 12 per cent. There are lots of growth prospects” he said.
Industry usage
Chief accountability officer of XDS Credit Bureau Limited, Ubong Awah, said the coming on board of the Asset Management Corporation of Nigeria (AMCON) and the threat of compliance enforcement by the Central Bank of Nigeria (CBN) has resulted in an upswing in the patronage of the credit bureau by the banks in the past few months.
“The banks are beginning to see the benefits in real terms of credit reporting as incidences of multiple borrowing and bad loans have reduced since embracing credit bureaus,” he said.
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According to Mr Awah, the sector is still plagued by the dearth of information on individuals and poor data gathering techniques which is affecting the quality of data available. “Coverage is yet to be total though and unique identification and poor
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