33 Million People borrowed Money from Banks in Last 4 Years

Sarah Alade, Acting Governor of Central Bank of Nigeria (CBN), has said nation’s credit bureaux had recorded about 33 million registered borrowers in the last four years.
Alade made the disclosure at a Public-Private Dialogue on the role of credit bureaux in creating access to finance for businesses in Lagos.
She said that credit bureaux had been assisting the CBN in the effective management of banks credit risks through the provision of adequate information on entrepreneurs seeking loans.
According to her, there was a need for financial institutions to utilise the services of the credit bureaux to encourage more lending to the economy.
“We have already mandated all financial institutions to have data exchange agreements with at least two credit bureaux.
“All banks are required to obtain credit report from these credit bureaux before granting any facility to customers,” she said.
Alade said that CBN through various intervention funds would continue to enhance the growth of MSMEs in the country.
Mobolanle Adesanya, Chairman, Credit Bureau Association of Nigeria, said that lack of affordable financial products and services had alienated many Nigerians from the financial sector.
She noted that credit bureaux, through the issuance of credit scores and ratings would speed up loan acquisition processes and encourage more lending to the economy.
Adesanya also said that the adoption of alternative data such as utility bills would help credit bureaux create a veritable substitute for financial records of MSMEs.
“From these records, credit bureaux can build a character profile for entrepreneurs vis-a-vis their monetary obligations as well as their fidelity with payment,” she said.
Also speaking, Ezekiel Oseni, General Manager, Risk Management, Bank of Industry, appealed to the National Identity Management Commission to speed up registration of Nigerians in order to resolve the problem identity verification.
He condemned the fraudulent attitude of some Nigerians who often changed their identity to escape loan repayment. 
Source: The Observer

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