Chairman of the Credit Bureau Association of Nigeria, Mr. Tunde Popoola, has praised recent improvements in Nigeria’s credit infrastructure, noting that the country has made significant progress in expanding access to credit over the past three years.
Speaking on Channels Television’s Business Morning on Friday, Popoola said Nigeria’s credit system has evolved positively since the establishment of credit bureaus in 2009, and recent developments have made the sector more accessible and reliable for both lenders and borrowers.
“Nigeria has done well in the last two to three years. We’ve had significant improvement in access to credit,” he said. “The credit infrastructure was weak before the introduction of the credit bureau in 2009.”
He added that the current credit ecosystem is far more inclusive, with multiple players entering the space beyond the traditional banking sector. “I’m happy to report that the issue of access to credit is gaining significant momentum. We now have many lenders in the space,” he noted.
‘’Apart from commercial banks, which traditionally mobilise deposits and make credit available to Nigerians, we also have a lot of micro-lenders and fintech companies entering the space. These are providing increased access to what we call consumer credit for Nigerians.”
Popoola explained that the success of this expansion has been largely driven by the credit bureaus, which have created a structured and transparent lending environment.
Through the services of these bureaus, lenders are now able to obtain timely and accurate information needed to assess creditworthiness.
“These bureaus help lenders access the information they need to identify credible individuals and businesses to lend to,” he said. “They also assist in profiling credit applications and monitoring loans already granted.”
He emphasised that even in cases of delinquency or default, the bureaus offer solutions to help manage the risk, thereby improving lenders’ confidence in the system.
“The credit bureaus have developed products and services to help manage these situations effectively,” he added.
