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Score Launched to Help Nigerians Borrow, Payback Loans

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CRC Credit Bureau, in partnership with Fair Isaac Corporation (FICO), an America company, has developed a unique credit rating system, Score, that helps lenders make quick and informed credit decisions and for individuals knowledge of their credit status.

 

Mr. Tunde Popoola, managing director and chief executive officer, CRC Credit Bureau, said the Score is a three-digit number ranging from 300-850 that summarizes your history of borrowing and paying back loans or post-paid services by allocating a 3-digit number that represents how risky it is to do business with you.

 

“It is also a credit grading system, with 300 being the lowest grade like an ‘F’ in a report card and 850 being the highest which would be an ‘A’ or distinction in your report card. It is also used amongst other criteria to determine the interest rate, you will be charged if a lender decides to approve the credit line or loan.

 

“It is a numerical expression based on a level of analysis of an individual’s Credit Report and is used to represent how risky it is for lenders or creditors to do business with said individual. In developed economies, it is normal practice for creditors to consider credit scores and reports before advancing loans, goods or services to another party with the understanding that payments are to be made in the future.

 

“This practice is catching up in Nigeria, as there are more credit activities taking place in the financial and non-financial sectors.

 

“However, a lot of Nigerians do not know, that the credit scoring system does exist in Nigeria. It is until they need credit facilities like loans or post-paid products, that they are made to know about its existence and how important it is, to their financial lives and access to finance for both personal and business needs.

 

“The knowledge that both financial and non-financial institutions are using a number to determine if people living in Nigeria can access loans, credit facilities or postpaid services or not, is not common knowledge. There is still a perception that loan granting is based on ‘Man know Man’ which is no longer the case at least for the average Nigerian.

 

“A poor credit score could mean paying sky-high interest rates on credit facilities or loans, if even approved at all. While a high credit score means borrowing money at a much lower rate because you appear more financially responsible.

 

“The CRC Score is powered by the Fair Isaac Corporation (FICO), an American company with over 50 years’ experience in data and analytics. CRC Credit Bureau in partnership with FICO developed a unique credit rating system for the Nigerian market that helps lenders make quick and informed credit decisions and for individuals’ knowledge of what their credit status is.

 

“The CRC Score powered by FICO is easily accessible to everyone and can be bought via the CRC Credit Bureau website for just Four Hundred Naira (N400.00) only. Knowing your CRC Score, makes you better prepared before applying for a loan and is the first step in taking control of your financial reputation.

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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