Bureau foresees fintech partnerships filling gaps in financial inclusion

A credit reporting agency in Nigeria, Credit Bureau Limited (CRC), has said that it foresees fintech partnerships filling the gap in financial inclusion.

The bureau noted that with its tech-driven development tools and database of risk profiles deploying diligent research and data mining would draw more fintech collaboration, thereby filling the gap in financial inclusion services.

The bureau, which is responsible for over 95 per cent of the nation’s recorded credit data from commercial banks, on-bank institutions, utility companies and retailers, maintained that its market share is the result of a well-designed organisational structure, fine-tuned processes and highly principled governance.

Managing Director/Chief Executive Officer, CRC Credit Bureau Limited, Tunde Popoola, told The Guardian that creditors can access the CRC database to check prospective borrowers credit history and tailor new credit products, using its tech-driven development tools.

This is even as it earned the 2020 recognition of Capital Finance International (CFI.co), headquartered in London, United Kingdom, as the best credit bureau in Nigeria.CFI.co argued that CRC’s sustainable retail lending is fuelled by digitalization and data-driven decisions, which further earned it the recognition.

CFI.co, a print journal and online resource reporting on business, economics and finance, judging panel said the recognition was made due to the firm’s impressive market share.

The report showcased CRC’s choice of international partnerships where it 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 service.

Yearly, 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.