Nigerian Bank Nigeria Access Bank – CBN Endorses Banks Alliance To Form Pioneer Credit Bureau

Source ngrguardiannews.com: 11 January 2010.

The Central Bank of Nigeria (CBN) has approved the establishment of a credit bureau for risk management, banking preservation and reporting, the first in the country. The credit bureau is a partnership between CRC Credit Bureau Limited, Dun & Bradstreet (D&B), International Finance Corporation (IFC), Accenture and 12 Nigerian banks.

The Nigerian banks are Diamond Bank, Access Bank, Bank PHB, First Bank, First City Monument Bank, Guaranty Trust Bank, Intercontinental Bank, Oceanic Bank, Stanbic IBTC, Standard Chartered Bank, Union Bank and United Bank for Africa.

Speaking at the launch of the CRC Credit Bureau Limited in Lagos, CBN Governor, Sanusi Lamido Sanusi, said he was pleased to welcome a new member to the financial system, especially one that would play a vital role in assisting the apex bank to manage credit risks effectively. The governor said the setting up of the bureau was in line with the initiative to implement the three “Rs” -- Reporting, Regulation and Risk management to ensure sustainability in the Nigerian financial system. According to him, the establishment of CRC Credit Bureau Limited in Nigeria was a welcome development that the CBN supports.

He explained that the credit bureau would facilitate access to finance by providing relevant information, especially on the borrower’s history and behaviour for loan applicants that would enable lending institutions make good decision, for more effective risk management and allow for risk-based pricing.

While delivering his keynote address, Sanusi said, the CBN would help the bureau in overcoming the challenge of getting the bargain of members and key stakeholders, who would sign up to the bureau.

Chairman of CRC Credit Bureau Limited, Angela Nwabouku, said that due to the observation that information sharing between lenders would assist in tackling some of the challenges facing the lending industry, it was clear that the time had come to have a functional credit-reporting agency. “We realised the need to continue to contribute to the discourse on the issue in the financial services industry and therefore decided to provide a platform to actualise this,” she said. “I salute the courage and dynamism of the CBN governor for identifying the issues that are affecting the banking industry, particularly the financial services industry in general. “However, she commended the banks that partnered to support the credit bureau.

Nigerian Bank Nigeria Access Bank, Bank PHB, Diamond Bank, First Bank, First City Monument Bank, Guaranty Trust Bank, Intercontinental Bank, Oceanic Bank, Stanbic IBTC, Standard Chartered Bank, Union Bank and United Bank for Africa.