Group Managing Director/CEO UBA Plc, Mr. Tony Elumelu has applauded the establishment of credit bureaus in Nigeria describing it as a historic milestone in the financial services sector in the country.

Mr. Elumelu, whose goodwill address was delivered on his behalf by the bank’s Executive Director and Group Chief Finance Officer Mr. Victor Osadolor, at the launch of the CRC Credit Bureau Limited in Lagos Thursday, said the move represent a positive response to the problem of accurate lending in the banking sector.  Whilst acknowledging the pioneering role played by UBA in the coming on board of the company he said “we are very happy that this idea muted by us years back has finally come to light”.

According to him credit bureaus in the Nigerian market will engender a smooth coordination and cooperation among operators in the industry, ensuring transparency in the system and providing accurate information and thus creating a conducive environment for the borrowers and lenders to transact business.

Also speaking, Mrs. Angela Nwabuoku, Executive Director, United Bank for Africa (UBA) Plc and Chairman CRC Credit Bureau identified the need to address the gap in information asymmetry between borrowers and lenders as a cardinal reason for setting up of the CRC Credit Bureau.

Nwabuoku said the company, owned by a consortium of leading banks in Nigeria and in partnership with Accenture and Dun &Bradstreet, a leading global credit information service provider, will assist providers of credit in taking informed decisions by generating and supplying members, credit information reports on borrowers in the consumer and corporate sectors. “CRC Credit Bureau will be a disinterested and neutral third party service provider for a closed user group of its members” she explained.

Also in his address at the event, Central Bank of Nigeria (CBN) Governor, Lamido Sanusi Lamido  who was the former Acting Chairman of  CRC Credit Bureau  pledged the support of the apex regulatory institution in particular and the federal government in general, to the CRC Credit bureau.

Sanusi said the credit bureau will fill the yawning gap in the industry in Nigeria, while facilitating accesses to finance by providing information on the credit history of borrowers. “It will allow improved credit risk portfolios and consolidation of credit and customers based information amongst other benefits. The CRC initiative is in tandem with the federal government’s vision 2010 goals” he concluded.

Other partner institutions involved with the CRC Credit Bureau include; GTBank, FCMB, Diamond Bank, Intercontinental Bank, Standard Chartered Bank, Stanbic IBTC, Access Bank and some of the microfinance banks operating in the country. Others are Dun&Bradstreet, South Asia and Middle East, and Accenture.