The Central Bank of Nigeria (CBN) and International Finance Corporation (IFC) have praised the Credit Bureau Association of Nigeria (CBAN) for their contribution towards improving access to finance in the country.
This was disclosed at the third National Credit Reporting Conference organised by CBAN on Wednesday in Lagos.
Speaking at the event, CBN Governor, Godwin Emefiele, who was represented by CBN Branch Controller, Lagos, James Omebere Tyari, said the success of credit reporting underpins the stability and economic development of Nigeria has the dangers of Non-Performing Loans (NPL) are a major threat to the stability of our financial system.
“The quantum leap in data captured by private credit bureau operators has contributed in no small way to the successes recorded in improving the financial environment and access to credit, which has improved the standard of living of Nigerians.”
IFC Lead Financial Sector Specialist, Mrs. Luz Maria Salamina, who was represented at the event by Ubong Awah stated that a well-developed credit infrastructure is critical to ending poverty and promoting shared prosperity.
CBAN Chairman and MD/CEO of Credit Registry Services, Mrs. Jameelah Sharrieff-Ayedun expressed optimism that the contribution of the credit bureau segment of the financial services sector will have immense impact on the growth of the economy.
“I strongly believe we will consolidate on past successes, enhance the promotion of regulations and policies that will improve access to credit, deepen our strategic business ties and grow the credit bureau segment, financial services sector and Nigeria will get better for it,” she said.
