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| THE NEWS |
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| AS CREDIT BUREAUS TAKES OFF |
Credit bureaus are essential elements of the financial infrastructure that makes access to finance easier to facilitate as well as to coordinate, especially in working with previously underserved people. Governments around the world have come to the realisation that the SME sector is crucial to their country’s continued growth and development. However, the Nigerian government does not as yet have any real idea of the hidden potential that lies within its SMEs. A present, far less than 25 percent of the people living in developing countries have access to formal financial services, compared to up to 90 percent in developed economies. The level of sophistication of support required for small businesses to break into the mainstream of economic activities will only come about with the establishment of credit bureaus.
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THE SEVEN POINT AGENDA |
Nigeria, with over 140 million residents, is the most populous country in Africa. With 25 Universal Banks and about 700 Micro Finance Banks, Nigeria is experiencing one of the fastest growth rates in the consumer and SME credit market in the whole of the African continent.
Just recently, the Governor of Central Bank, Professor Chukwuma Soludo, released the guidelines for the licensing, operations and regulations of Credit Bureaus in the country. This service is coming at a time when the Nigerian economy is experiencing a boost in the use of the credit card payment system. By establishing a Credit Bureau, issuance of credit cards would be easier and this would be based on facts instead of extrapolation.
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THE CHALLENGES OF A STRONG CREDIT SYSTEM NIGERIA |
The establishment of a consumer credit system is an imperative tool for economic development and is one of the current important tools for actualizing the country’s initiatives for sustainable development and the fight to alleviate poverty. The system, if properly established, operated, managed and sustained will contribute greatly to the production dynamics and the GDP growth of Nigeria. Also, it will contribute to national productivity chains, employment, education and improved infrastructure, poverty alleviation and the creation of wealth and prosperity for our people.
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EXPERTS WELCOME CBN’S GUIDELINES FOR CREDIT BUREAUS
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SIAO, Nigeria’s leading indigenous accounting and business consulting firm has commended the recent release of guidelines for licensing, operations and regulations of credit bureaus by Central Bank of Nigeria (CBN), stating that this will mark a new chapter in the financial landscape of Nigeria.
In a statement released to the press, Mr. Ladi Smith, a Partner at SIAO affirmed that the benefits of a consumer credit system in Nigeria cannot be over-emphasized.
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