CRC Credit Bureau said over 50 million Nigerians now have credit scores from its repository.

This was revealed by the Chief Executive Officer of CRC Credit Bureau, Dr ‘Tunde Popoola, when the firm launched the new CRC Mobile App, a tool designed to further empower citizens with digital access.

For emphasis, a credit score is a numerical representation of an individual’s creditworthiness, derived from their credit history. It serves as a critical tool for lenders in assessing the risk of lending to a borrower.

According to the bureau, with over 50 million Nigerians now possessing credit scores, the financial system has become more inclusive and transparent, allowing more individuals to access credit facilities previously out of reach. As of August 2024, the bureau puts the figure at 30 million.

Popoola said: “While about 70 million Nigerians currently enjoy credit, over 50 million now have credit scores. With credit scores, individuals and businesses alike could secure loans more easily and at better rates.

“This accessibility to credit can lead to increased financial inclusion, economic growth, and personal advancement. 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. Individuals can pursue personal goals such as homeownership, education, and entrepreneurship with the backing of accessible credit.”

According to him, the mobile app launch is more than just an upgrade. It is a strategic move to use technology to expand access to financial services, he said.

Head of Automations, Isaiah Iyede, provided insights into the features, benefits and strategic objectives of the CRC Mobile App.

Iyede said the upgraded app further expands its digital service offerings by enabling users to conveniently purchase utility services, including electricity payments, airtime, mobile data, and cable television subscriptions such as DSTv, GOtv, StarTimes and Showmax.

The integration positions the CRC Mobile App as a multifunctional digital platform that supports everyday financial transactions in one secure ecosystem.

In alignment with CRC’s mission to promote financial literacy and professional development, the mobile application, Iyede said, now allows users to register directly for CRC training courses.

This addition simplifies access to educational programmes and reinforces CRC’s role in building financial capacity across the market.