Emefiele declares National Credit Reporting Conference open today

Godwin Emefiele, governor, Central Bank of Nigeria (CBN), will today declare open the second National Credit Reporting Conference (NCRC) which is being organised by Business Development & Investment (BDI) Limited in conjunction with CBN and Credit Bureau Association of Nigeria.

The conference with the theme, ‘Towards An Integrated Credit Reporting System for Inclusive Economic Development’, would have Emefiele deliver a keynote address as well as contributions from speakers including Uzoma Dozie, group managing director, Diamond Bank; head, credit programme, sub-Sahara Africa, International Finance Corporation (IFC); managing director, CRC Credit Bureau; director-general, National Identity Management Commission (NIMC), Chris Onyemenam; and managing director, Bank of Industry, Rasheed Olaoluwa.

The National Credit Reporting Conference (NCRC) is a gathering of stakeholders in the credit industry that reviews developments in the industry and charts the path for future action. It also provides a forum for practitioners to update and share knowledge.

It will take place at the Victoria Crown Plaza Hotel, Victoria Island, Lagos, from November 19 to 20.

The conference will be focusing on how to leverage credit and other information to expand retail lending; assessing the role of non-traditional data in the development of an integrated credit system, integration of non-financial institutions into the credit reporting system, the importance of a collateral registry in improving access to credit and promoting economic development, and charting the path for increasing credit reporting coverage to 50% (presently 5.8%) by 2016.

Amina Sijuwade, executive director, BDI, said since the maiden event, some appreciable improvements have been attained.

According to her, “Overall, the credit bureaus have reported an increase in patronage by lenders. Non-financial institutions like retailers, auto dealers, hotels etc. CBN in her Financial Stability Report for December 2013 also reported a 24.5 percent growth in consumer credit compared to marginal growth of 0.8 percent in the first half of the year.

“In October 2013, the CBN released the Revised Guidelines on the licensing and regulation of the operations of credit bureaus in Nigeria and related matters. The World Bank in her 2015 Doing Business Report recorded an improvement in Nigeria’s Ease of Getting credit rating with Nigeria catching up with South Africa in the 52nd position.”

The existence of a robust credit reporting regime is critical to the development of an inclusive financial system that promotes economic development and improved well-being of the people.