CRC Credit Bureau is making lending easier for financial institutions who have automated their lending applications via an Application Programme Interface (API).
With CRC’s API, lenders and other credit granters can continue to grant loans and postpaid services via an automated process by accessing CRC’s robust database of over 33 million credit profiles, as one of the criteria needed for decision making. This enables swift informed lending decisions by obtaining quick access to prospective and repeat borrowers’ credit information in seconds.
With the current restriction of movement instated by the Government of the Federal Republic of Nigeria, prospective borrowers are no longer able to physically visit their commercial banks, micro-finance banks or other lending institutions to apply for loans to take care of their personal needs or finance their businesses.
This has made the online mediums or electronic-channels, popularly known as e-channels, the most favourable method of initiating credit requests and other banking transactions such as mobile apps, internet banking, unstructured supplementary service data (USSD) codes etcetera.
With CRC Credit Bureau’s API solutions, lenders can still carry out their credit transactions efficiently and effectively during and post COVID-19.
Tunde Popoola, managing director and chief executive officer CRC Credit Bureau Limited, says during a crisis and economic upheaval, what usually happens is that lenders become more risk-averse but with the CRC API solution, lenders can continue to grant loans to prospective borrowers without lending in the dark. Borrowers can have continued access to finance for various purposes, and still enjoy a good standard of living.
Lenders can have access to CRC’s API solution in three easy steps: request for the API Integration Kit, test and go live. Further information can be obtained by sending CRC Credit Bureau an email to [email protected].
CRC Credit Bureau provides a nationwide repository on credit profiles of corporate entities as well as consumers, thus improving the ability of credit providers and borrowers to make informed lending and borrowing decisions. The bureau’s database covers the credit industry which includes commercial banks, non-bank institutions, retailers, utility service providers and fintech.
STEPHEN ONYEKWELU
