CreditRegistry Services (CR Services) Plc, Nigeria’s preferred Credit Bureau has announced its partnership with LAPO Microfinance Bank Limited to boost sustainable access to credit financing through provision of Credit Bureau services.
Jameelah Sharrieff-Ayedun, managing director of CR Services, said, “this development is set to change the face of microfinance credit market in Nigeria with LAPO’s extensive coverage, CR Services’ total coverage of Nigeria’s financial industry and over 30 million bank customer’s data base.”
Sharrieff-Ayedun noted that it is expedient for credit financing providers to adopt the services of credit bureaus. This is to reduce or mitigate the scourge of bad loans which has been the bane of some microfinance institutions in Nigeria. In addition, it also potentially opens up the financing market for more opportunities.
LAPO MfB is the largest microfinance bank in Nigeria with 1.1 million clients and 327 branches, currently operating in 26 out of 36 states in the country.
It will be recalled that African Development Bank Group (AfDB) granted a N2.364 billion ($12 million) credit facility to LAPO Microfinance Bank Limited to support inclusive growth in Nigeria.
CR Services SmartScore and Credit Report are expected to improve approval turnaround time for Small and Medium Enterprises (SMEs) in the country and increase the proportion of households with sustainable access to financial services in Nigeria.
HOPE MOSES-ASHIKE
