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Emefiele for national credit reporting conference

By on November 20, 2014

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, will on Wednesday (today), declare open the second National Credit Reporting Conference.

The conference is being organised by the Business Development & Investment Limited in conjunction with the CBN and Credit Bureau Association of Nigeria.

The conference, which is themed: ‘An integrated credit reporting regime for effective economic development’, will wave Emefiele deliver a keynote address.

Other contributors include the Group Managing Director, Diamond Bank, Uzoma Dozie; Head, Credit Programme, Sub-Sahara Africa, International Finance Corporation; Managing Director, CRC Credit Bureau; Director-General National Identity Management Commission, Chris Onyemenam; and Managing Director, Bank of Industry, Rasheed Olaoluwa.

The NCRC is a gathering of stakeholders in the credit industry to review developments in the industry and chart the path for future action. It also provides a forum for practitioners to update and share knowledge.

The Executive Director, BDI, Amina Sijuwade said since the maiden event, some appreciable improvements had been attained.

She said, that “the credit bureaus have reported an increase in patronage by lenders. Non-financial institutions like retailers, auto dealers, hotels etc. The Central Bank in her Financial Stability Report for December 2013 also reported a 24.5 per cent growth in consumer credit compared to marginal growth of 0.8 per cent 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.”

Sijuwade emphasised that “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.”

The maiden edition of the conference was attended by 160 financial services practitioners.

 

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