Take advantage of credit bureaux, CBAN advises telcos

By Emmanuel Elebeke The Credit Bureau Association of Nigeria, CBAN, has advised telecom companies, utility providers and other non-financia...

By Emmanuel Elebeke

The Credit Bureau Association of Nigeria, CBAN, has advised telecom companies, utility providers and other non-financial institutions providing services on credit, to take advantage of the Credit Reporting Act, CRA, by using credit bureaux.

CBAN says this would help their businesses and push Nigeria to the top in the world of business. Chairman of CBAN, Mr. Tunde Popoola, said CRA provides for credit information sharing between credit bureaux and lenders such as banks and other financial institutions.

He regretted while the financial sector has complied with the provision of the Act to determine the credit worthiness of their customers, most operators in the non-financial sector are yet to fully utilise the services of credit bureaux.

Popoola revealed that CBAN would, in the coming months, begin a series of sensitisation programmes to enlighten operators in the non-financial sector on the CRA.

According to him, access to credit is critical to economic growth and could be considered a driver of private sector development. He added that credit applications get rejected due to insufficient credit history and information for the lender to make a reasonable judgement as to whether to extend credit or not.

Popoola said: “In Nigeria, more than 90 per cent of private enterprises, Micro, Small and Medium Enterprises(MSMEs) have limited or  no access to credit. Loans provided by banks to the private sector are only 14 per cent of the GDP in Nigeria, as opposed to 149 per cent in South Africa. To improve this, there should be adequate credit information sharing by all concerned.”

The post Take advantage of credit bureaux, CBAN advises telcos appeared first on Vanguard News.

COMMENTS

Name

Education,2,Entertainment,86,finance,5,Football,24,health,20,Hot Posts,45,Latest Nigerian News,146,News,15174,Newsplashy Tips,22,Newssplashy Tips,45,politics,19,sports,20,Stories,3,Technology,12,Video,4,World News,26,
ltr
item
NewsSplashy - Latest Nigerian News Online,World Newspaper: Take advantage of credit bureaux, CBAN advises telcos
Take advantage of credit bureaux, CBAN advises telcos
NewsSplashy - Latest Nigerian News Online,World Newspaper
https://www.newssplashy.com/2018/03/take-advantage-of-credit-bureaux-cban.html
https://www.newssplashy.com/
https://www.newssplashy.com/
https://www.newssplashy.com/2018/03/take-advantage-of-credit-bureaux-cban.html
true
2577610654942866673
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy