CreditRegistry, a credit bureau, says it is offering lenders free usage of its premium credit reporting service to cushion the effects of COVID-19 pandemic on businesses.
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CreditRegistry, the Voice of Credit in Nigeria, is Nigeria’s largest and pioneer credit bureau operator serving members since 2003, disclosed it in a statement it issued in Abuja, on Tuesday.
CreditRegistry’s Free Offer Campaign is highly supportive of the Central Bank of Nigeria (CBN) loan facility made available to help Nigerian families and businesses during this crisis.
The apex bank had introduced several initiatives including the reduction of cost of lending on funds from the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL MFB).
The NIRSAL MFB is the national microfinance bank which had begun the disbursement of CBN’s N50 billion Targeted Credit Facility (TCF) to MSMEs affected by COVID-19.
It said the offer, estimated at more than N25 million, would come into effect with the beginning of the phased easing of the lockdown on May 4, in Lagos, FCT and Ogun as announced by President Muhammadu Buhari.
It added that Lenders not yet subscribed to its platform would use CreditRegistry’s credit reporting service at no cost throughout the month of May.
“This offer enables lenders, especially Fintechs, to process as many loans as desired and reduce operational costs.
“It will also help pass the savings to customers who urgently need help and financial support now as a result of the pandemic impact,” it said.
It further noted that in addition to the Free Offer Campaign to new members, CreditRegistry was championing more efficient and cost-saving models for its existing members to operate.
“Its CreditRegistry’s AutoCred REST API provides the means for lenders to automate access to credit reports and its proprietary SMARTScore to facilitate split-second processing of large volumes of loan transactions at significant cost savings, while ensuring business continuity.
“Existing members that implement the AutoCred REST API in May will also benefit from the Free Offer Campaign.
“Lenders can process more credit applications faster and more creditworthy Nigerians can benefit from loans at this critical time,” it added.
The statement further said that CreditRegistry had over 20 products and services available to lenders and the general public, including its SMARTScore and CreditConnection.
It added that since pioneering private credit bureau services in 2003, it had been steadfastly serving leading financial and non-financial organisations.
Commenting on the offer, Mrs Jameelah Sharrieff-Ayedun, CreditRegistry’s Chief Executive Officer, said the bureau remained committed to helping its members.
“Notwithstanding the current arduous circumstances, CreditRegistry remains committed to empowering and supporting our loyal members.
“We all have a part to play. So, during this challenging time we are contributing to help businesses thrive so that more Nigerians can remain employed.
“CreditRegistry is offering new members access to our services at no cost in May.
“We hope that our contribution will support lenders so they can extend critical lending support to more customers,” she said.
She added that as Nigeria was set to reopen, regroup, rethink, reimagine, rebuild and recover, as a socially responsible brand, CreditRegistry would collaborate with lenders to empower individuals and businesses with faster access to affordable credit ‘one loan at a time’.
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