A credit bureau is a clearinghouse for bridging the ‘Credit Divide’. Its work is to connect the people whose business it is to make out loans and those who need them to grow their businesses. And these need that support to contribute to growing the economy thereby bringing about development, as well as raising their standard of living.

Seven years ago, the International Finance Corporation (IFC), a member of the World Bank, inaugurated a Global Credit Bureau Programme. Since then the body has supported the development of credit bureaus in over 40 countries through technical assistance and investment. This success story can be seen as support for the regional credit bureau in Central America and the setting up of the first private credit bureau in Egypt. Also, the body sponsored work on a legal and regulatory framework for credit bureaus in Kenya and Panama, as well as ongoing assistance towards the development of a private bureau in Vietnam, all Third World countries with similar socio-economic realities like Nigeria.

For Credit Bureau to blossom and achieve the purpose for which they were set up, the Stakeholder involved require education.  These Stakeholders include the supply and demand side of credit.  The supply side includes Stakeholders such as Banks and other Financial Institutions, Merchandising companies, Telecommunication companies, Leasing companies etc. while the demand side includes the general Public that interfaces with these institutions, and these are the borrowers of money.

Credit Awareness Nigeria, a not-for-profit outfit has been created by SIAO, a professional services to bridge the yawning gay between credit givers and the takers. A three phased approach has been employed to engage all the stakeholders in the capacity building.

The first phase of the awareness programme consists of a National Conference which will hold in Abuja on the 25th of October 2008 at the Transcorp Hilton Hotel. At the conference various speakers of which include Mr. Onno Rühl, the Country Director of the World Bank, Dennis McCuistion, a former Bank CEO, Roberto Giannantoni, formerly of Experian-Scorex. Roberto was Credit Bureau & Fraud Services Director, EMEA at Experian-Scorex , Chris Onyemenam, the present Director General of National Identity Management Commission, Mr. Lamido Sanusi, Executive Director, Risk and Management Control, First Bank of Nigeria Plc., Mr. Remi Babalola, the current Minister of State for Finance, Mrs. Bunmi Lawson, the pioneer Managing Director/Chief Executive Officer of ACCION Microfinance Bank Limited, Ken Appenteng-Mensah the head of Microfinance Banking for the Opportunity International Bank of Malawi, amongst others.

The topics for discussion are designed to provide a healthy interactive forum where the Nationwide campaign would chart its directions from. Topics for discussion include:

1. Credit as an Instrument of Economic Growth

2. Credit Awareness / Financial Literacy - An Antidote to Poverty

1. Credit Bureaus – The impact and relevance to the Nigerian Economy
2. National identity Card: Impact On Financial Sector and the Nigerian Economy
3. The seven challenges facing bankers and how to meet them

Current endorsers of the National Conference include the World Bank, The Central Bank of Nigeria, the Federal Ministry of Finance and SIAO amongst others.