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Viewing cable 08LAGOS482, NIGERIA: FIRST CREDIT BUREAU TO LAUNCH APRIL 2009

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Reference ID Created Released Classification Origin
08LAGOS482 2008-11-29 12:17 2011-08-25 00:00 UNCLASSIFIED Consulate Lagos
VZCZCXRO2181
RR RUEHMA RUEHPA
DE RUEHOS #0482 3341217
ZNR UUUUU ZZH
R 291217Z NOV 08
FM AMCONSUL LAGOS
TO RUEHC/SECSTATE WASHDC 0343
INFO RUEHUJA/AMEMBASSY ABUJA 9984
RUEHZK/ECOWAS COLLECTIVE
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
UNCLAS LAGOS 000482 
 
SIPDIS 
 
TREASURY FOR DFIELDS, AIERONIMO, RHALL, DPETERS 
STATE PASS OPIC FOR DERB, ZHAN, MSTUCKART, JEDWARDS 
STATE PASS TDA FOR LFITTS, PMARIN 
STATE PASS USAID FOR NFREEMAN, GBERTOLIN, GWEYNAND, SLAWAETZ 
STATE PASS EXIM FOR JRICHTER, KJACKSON, KJANIK 
DOC FOR 3317/ITA/OA/KBURRESS 
 
E.O. 12958: N/A 
TAGS: EFIN EFIN EAID NI
 
SUBJECT: NIGERIA: FIRST CREDIT BUREAU TO LAUNCH APRIL 2009 
 
1. (U) Summary: The Central Bank of Nigeria released operational 
guidelines for credit bureaus in October 2008.  Eleven Nigerian 
commercial banks have invested in Credit Reference Company, arguably 
the first credit bureau in Nigeria.  Low quality data constitutes 
the biggest hurdle to developing a credit database. End summary. 
 
Credit Bureau to Launch April 2009 
---------------------------------- 
 
2. (U) The Central Bank of Nigeria (CBN) released the credit bureau 
operational guidelines in October 2008, effectively signaling the 
advent of this much-needed sub-sector in the Nigerian financial 
system. Credit Reference Company (CRC), owned by a consortium of 11 
local banks (United Bank for Africa, First Bank, Union Bank, GT 
Bank, Access Bank, FCMB, Standard Chartered Bank, Stanbic IBTC, 
Diamond Bank, and Bank PHB), expects to receive approval from the 
CBN to start operations in April 2009.  CRC is poised to become 
Nigeria's first and strongest credit bureau given that its 11 
shareholding banks cover 65 percent of the banking market. In the 
pilot phase, CRC will work with customer data provided by the 11 
banks to build up an information technology database for consumer 
histories and reports.  The company also plans to work with the 
Corporate Affairs Commission of Nigeria and the National Identity 
Card Commission to conduct data verification. Tunde Popoola, 
Managing Director of CRC, told EconOffs November 13 that other 
institutions have expressed interest in setting up sector-specific 
credit bureaus. 
 
CRC to Expand Access to Consumer Loans 
-------------------------------------- 
 
3. (U) Popoola speculated that only around 10 percent of deposit 
account holders currently have access to bank loans.  There is a 
growing need for consumer loans to finance car purchases and 
mortgages, he said. Moreover, the introduction of credit bureaus 
would raise the standard for record keeping and data collection 
quality and engender a culture of long-term, financial planning 
among the population expected to take advantage of loans. 
 
Low Quality Data as Biggest Hurdle 
---------------------------------- 
 
4. (U) Popoola said missing personal identification information as 
well as incomplete and inaccurate customer data are major 
impediments to developing Nigeria's first credit database. 
According to Popoola, eight of CRC's 11 member banks are providing 
CRC with data and information on their banking customers; however, 
the quality of the data is extremely low.  Given the fierce 
competition for deposits among the banks, bankers are lax about 
obtaining the necessary identifying documents, information, and data 
from clients wishing to open a new account or to make a deposit. 
Only when giving loans are the banks more stringent in their 
requirements for proper documents and information. 
 
5. (U) This cable has been cleared by Embassy Abuja. 
Blair