CRC Credit Bureau: 30m Nigerians Now Have Credit Scores

Oluchi Chibuzor

CRC Credit Bureau has announced that over 30 million Nigerians now have credit scores from its repository. The milestone, the company said, highlights its commitment to enhancing financial inclusion and fostering economic growth in Nigeria.

Throwing more light on the importance of Credit Scores in a press statement, it said credit score is a numerical representation of an individual’s creditworthiness, derived from their credit history.

“It serves as a critical tool for lenders in assessing the risk of lending to a borrower.  And with over 30 million Nigerians now possessing credit scores, the financial system becomes more inclusive and transparent, allowing more individuals to access credit facilities previously out of reach.

“The attainment of this milestone signifies more than just a number. It represents empowerment. With credit scores, individuals and businesses alike can secure loans more easily and at better rates. This accessibility to credit can lead to increased financial inclusion, economic growth, and personal advancement. More Nigerians can now participate in the formal financial system, gaining access to loans, mortgages, and other financial products.

“With easier access to credit, businesses can expand operations, invest in new ventures, and drive economic development. Individuals can pursue personal goals such as homeownership, education, and entrepreneurship with the backing of accessible credit. Reaching 30 million credit scores is just the beginning as CRC Credit Bureau is committed to driving further financial inclusion and economic empowerment in Nigeria,” it said. 

According to the Group Managing Director/CEO of CRC Credit Bureau, Dr. Tunde Popoola, “Our goal is to ensure that every Nigerian, irrespective of their economic status, has the opportunity to build a credit history. We will continue to invest in educational programs to help individuals understand and improve their credit scores. Leveraging the latest technology, we will enhance our services to provide even more accurate and comprehensive credit information.”

“CRC Credit Bureau has been at the forefront of this transformation. Through relentless efforts in data collection, analysis, and technology adoption, we have made it possible for millions of Nigerians to build and maintain credit histories. Our services extend beyond mere credit scoring; we provide comprehensive credit reports, advisory services, and educational programmes aimed at improving financial literacy,” he stated.