Credit Registry pledges N10bn to support genuine businesses

SMEs

With access to credit still a major setback for Small and Medium Enterprises (SMEs), Credit Registry has pledged over N10 billion to connect genuine lenders to borrowers to support their businesses in the country.

Indeed, the credit bureau stated that the need to educate borrowers on the availability of easy credit access, noting that lenders are in the business to make money as long as they get genuine borrowers who are ready to fulfil their obligations.

The Managing Director, Credit Registry, Jameela Sharrieff-Ayedun, at a cocktail to unveil its new logo, said Credit Registry is in Nigeria for the long haul to help good borrowers get easy and fast access to credit.

In her words: “We put up a call to action to all of our partners to make credit facilities available here in Nigeria for the good borrowers, because we believe that there are good borrowers in Nigeria. We have been able to raise over N10 billion in pledges from two of our financial institutions and this pledge is going to continue to grow. Our job at the credit registry is to ensure that we find these good borrowers and connect them to those lenders who are ready to give them credit.

“The criteria for getting these loans will still depend on the banks, but they are now going to be getting from us and considered very much quickly. Our job is to help Nigerians that are interested in getting access to credit, get it fast and easy. This means that we have to help determine that they are the kind of persons that would repay and if they meet up by paying back consistently, more access to credit will be available to them. We want credit worthy people to get access to credit through our partners”, Ayedun added.

According to her, one of the greatest challenges to accessing credit in the country from commercial banks was a result of lack of trust and proper identification of borrowers.

“So part of our job and how fit into that ecosystem is that there is no hiding place. If you are going to borrow from a bank, the information will be available to us and we are going to make sure that if you ever try to get a loan anywhere else in that system and you have not paid back on the previous borrowing, you will not be recommended. For us at credit registry, this is the year of the borrowers for us,” she said.

She stated that in other climes, access to credit is easy and readily available because there is a system to help identify each and every person who is getting access to credit.

Also speaking at the event, the former Deputy Governor, Operations, Central Bank of Nigeria (CBN), Tunde Lemo, said credit bureau can be a key enabler for expanding lending business because it distributes information about the payment behaviours of customers, increases access to credit and reduces credit losses.

He said Credit Registry has made a transformational impact on the economy, advising that if credit reports are used in credit bureaus, borrowers will not be delinquent.

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