CRC Credit Bureau has said that over 30 million Nigerians now have credit scores from its repository. The bureau firm said this milestone highlighted its commitment to enhancing financial inclusion and fostering economic growth in Nigeria.
The company , in a release yesterday, said credit score is a numerical representation of an individual’s creditworthiness, derived from their credit history, adding that it serves as a critical tool for lenders in assessing the risk associated with advancing financial instrument to a borrower.
And with over 30 million Nigerians now possessing credit scores, the financial system becomes more inclusive and transparent, allowing more individuals to access credit facilities that were previously out of reach, it stated.
The attainment of this milestone, CRC Credit Bureau said, signifies more than just a number, “it represents empowerment,” saying, “with credit scores, individuals and businesses alike can secure loans more easily and at better rates.
“This accessibility to credit can lead to increased financial inclusion, economic growth, and personal advancement,” pointing out that “more Nigerians can now participate in the formal financial system, gaining access to loans, mortgages, and other financial products.”
With easier access to credit, businesses can expand operations, invest in new ventures, and drive economic development, it said , adding that Individuals can pursue personal goals, such as homeownership, education, and entrepreneurship with the backing of accessible credit.
Reaching 30 million credit scores is just the beginning as CRC Credit Bureau is committed to driving further financial inclusion and economic empowerment in Nigeria.
Group Managing Director, CRC Credit Bureau, Dr. Tunde Popoola said the company’s goal was to ensure that every Nigerian, irrespective of their economic status, has the opportunity to build a credit history.
“We will continue to invest in educational programs to help individuals understand and improve their credit scores. Leveraging the latest technology, we will enhance our services to provide even more accurate and comprehensive credit information.
“CRC Credit Bureau has been at the forefront of this transformation. Through relentless efforts in data collection, analysis, and technology adoption, we have made it possible for millions of Nigerians to build and maintain credit histories. Our services extend beyond mere credit scoring; we provide comprehensive credit reports, advisory services, and educational programmes aimed at improving financial literacy. As we look to the future, we remain dedicated to empowering individuals and businesses, driving economic growth, and making financial inclusion a reality for all Nigerians,” Popoola said.