JUSTINA ADEBAYO
CR Services plc (CreditRegistry), the pioneer and only fully operational credit bureau in Nigeria, has announced that it has obtained Approval-in-Principle (AIP) from the CBN to provide credit bureau services in Nigeria. Since inception in January 2003, CreditRegistry’s focus has been on bringing great value to Nigerian financial institutions, retailers and consumers through the innovative application of advanced technologies. With over six years experience in the Nigerian market, CreditRegistry has gained deep insight into the peculiarities of lending in Nigeria.
Today, CreditRegistry remains the first and only credit bureau in the world to integrate biometric technologies into a credit bureau system, providing anti-fraud capabilities to its subscribers. The company provides the most secure, cost-effective and innovative credit bureau solutions to help Nigerian creditors expand credit opportunities to borrowers, while simultaneously preventing fraud.
With a database of over 1 million credit records, CreditRegistry subscribers different itself from competition by incorporating credit bureau information into lending processes to manage risk, reduce fraud and increase profits.
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CreditRegistry has 27 subscribers, including 13 commercial banks, Nigeria’s largest telecoms company, and several leasing, microfinance, savings and loans and mortgage companies.
With the AIP from the CBN, CreditRegistry is further empowered to achieve its mission to stimulate economic expansion and wealth creation in Nigeria by promoting the social accountability mechanisms that will enable lenders and borrowers to engage in mutually advantageous business.
CreditRegistry holds its 5th Annual General Meeting on June 15 in Lagos.
