During the CRC Finance and Credit Conference 2024 in Lagos, CRC Credit Bureau Limited revealed that Nigeria’s credit penetration has risen to 14%, largely due to its efforts. Despite this increase, the level is still below the global average, highlighting room for further growth.
Dr. Tunde Popoola, the Group Managing Director/CEO of CRC Credit Bureau Limited, noted that Nigeria has seen significant improvement in credit penetration over the last 15 years. However, he emphasized that more effort is needed to onboard more Nigerians to access credit, as only 33 million Nigerians currently have credit scores in CRC’s database.
Popoola also highlighted the role of regulations, such as the Credit Reporting Act signed in 2017, and support from the Central Bank of Nigeria, in boosting credit penetration. He mentioned that CRC has expanded its offerings from one product in 2010 to 18 products, covering all lending value chains.
Source: Punch