CRC Credit Bureau Limited (CRC) has been named the Best Credit Bureau in Nigeria 2020 by London-based Capital Finance International (CFI.co), a print journal and online resource reporting on business, economics and finance.
The CFI.co judging panel stated in their report that CRC is the largest credit reporting agency in Nigeria, responsible for over 95 percent of the nation’s recorded credit data from commercial banks, on-bank institutions, utility companies and retailers. This impressive market share is the result of a well-designed organisational structure, fine-tuned processes and highly principled governance.
“CRC creates a database of risk profiles deploying diligent research and data mining. Credit providers and borrowers alike rely on CRC Credit Bureau to facilitate informed lending and borrowing decisions with fast and hard facts,” said CFI.co Judges Report, in London, December 2019.
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Creditors can access the CRC database to check a prospective borrower’s credit history or tailor new credit products using its tech-driven development tools. Catch-22 that it is, accessing a credit line requires a good credit history, whether a private person or corporate entity and CRC foresees fintech partnerships filling the gap in financial inclusion.
The report showcased CRC’s choice of international partnerships stating “with the Fair Isaac Corporation (FICO), a worldwide leader of credit analytics, CRC has developed a methodology to standardise credit scoring across the Nigerian market and with its latest partnership with Nova, enables Nigerians who emigrate to the US take their credit history with them and gives them access to credit products and services,” Tunde Popoola, managing director & chief executive officer at CRC Credit Bureau Limited said.
The CFI.co judging panel concluded their report by agreeing that sustainable retail lending is fuelled by digitalisation and data-driven decisions and confirms CRC Credit Bureau as the obvious choice for the 2020 Best Credit Bureau (Nigeria) award.
Each year, CFI.co seeks out individuals and organisations in their various sectors of the economy who truly add value to stakeholders. Reporting from the frontlines of economic convergence, CFI.co realises that best practice is to be found throughout the world.
The awards programme aims to identify and reward excellence wherever it is found, in the hope to inspire others to further improve their own performance. The Capital Finance International judges panel, review information generated from independent sources during the nomination process and draw on their members’ expertise to identify candidates for award consideration.
