• Thursday, February 29, 2024
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Leveraging Credit Bureau Act will make credit data possible – Expert

Leveraging Credit Bureau Act will make credit data possible – Expert

As public and private sector operators struggle with credible credit data for making informed decision and predicting performance, a financial expert said having a credible credit data is possible if operators can leverage the benefit of the credit bureau act of 2017 that mandates all lenders to remit the credit records of all borrowers.

Oladimeji Peters, managing director of First Central Credit Bureau who spoke at the West Africa Innovation Awards 2023, recently in Lagos, reminded stakeholders that the bureau also mandates a regular update of such record for the benefit of the borrowers, lenders and even regulators for effective credit allocations.

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Speaking on “the Strategic role of credible credit data to the future of business development in West Africa”, he said Credit data refers to accessible credit information of individuals and organisations, their histories and behaviours with credits which can come in many different forms.

“This data is collected and maintained by accredited credit reporting agency like Firstcentral Credit Bureau.It includes details about a person’s or organisation borrowings and repayment activities, such as loans, mortgages, credit card usage, auto loans and other forms of credit”.

Oladimeji who was represented by Mary Ohalete-Uwaoma, marketing and business development unit of FirstCentral credit bureau said credit data also helpsin measuring performance, improving processes, solving problems and innovation. “The best decisions any leader or manger will make are decision backed up with credible data”.

At the award, some companies were rewarded for their innovation.

In his address, Abidemi Adesanya, Project director West Africa Innovation Awards said the event was put together to celebrate organisations and individuals who have moved from one conquest to another with awe and sometimes apprehension. It was also to celebrate “Leaders that have confronted the challenges and vicissitudes of building brands with the heart of lion and have set out worthy examples for other leaders to emulate.

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One of the awardees, Odunayo Ojo, managing director UPDC plc who went home with two awards – West African CEO of the year which he won and West African Real estate company of the year which UPDC plc won said the awards is a confirmation that the market recognises what they do as topmost in real estate industry.