The Central Bank of Nigeria , CBN, on Tuesday, January 19, said the number of borrowers under the credit bureau system in the country climbed to 26,639,641 in 2015 from 14,523,780 in June 2012.
The number of registered borrowers is also 29,285,471 from 18,640,000 borrowers recorded in June 2012.
At a media awareness and education programme for credit reporting in Lagos yesterday, a Deputy Director at the Central Bank of Nigeria (CBN), Steven Nwadiuko, said the development was a manifestation of the growth of the credit reporting industry in Nigeria.
Nwadiuko expressed the apex bank’s commitment to providing the required regulatory support to enable the credit reporting industry to thrive in Nigeria, adding that the CBN has made it mandatory for all financial institutions to have data exchange agreements with at least two credit bureaux.
He said:“All banks are required to obtain credit report from at least two credit bureaux before granting any facility to their customers, while quarterly portfolio checks must also be carried out to enable them determine borrowers’ current exposure to the financial system.
