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Monthly Archives: May 2019

FIRST CENTRAL CREDIT BUREAU LIMITED

  The company was incorporated as XDS Solutions Limited in May, 2005 with RC. No 623894 and having satisfied the conditions for the grant of a credit bureau license under the Central Bank of Nigeria Act, No. 7 of 2007, was granted final operating license on the 28th of May 2009 to operate a credit […]

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CREDIT BUREAU ASSOCIATION OF NIGERIA

  Credit Bureau of Nigeria (CBAN) is an incorporated not-for-profit and non-governmental business management organization formed to promote a credit reporting culture towards the expansion of Nigeria’s economy through its values. Members of the association are the licensed private credit bureaus, particularly, these are: XDS Credit Bureau/First Central Credit Bureau CRC Credit Bureau Limited CR […]

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CRC CREDIT BUREAU LIMITED

  It is a private limited liability company duly incorporated and licensed under the laws of the Federal Republic of Nigeria was established by a consortium of Eleven (11) leading Financial Institutions and Dun & Bradstreet with the purpose of delivering credit bureau services in Nigeria. CRC Credit Bureau Limited provides a nationwide information repository on […]

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Things You Need To Know About Credit Bureaus in Nigeria

  A formal recognition of Credit Bureaus started in Nigeria in 2008 when the Central Bank of Nigeria (CBN) issued guidelines officially on their licensing and operations. Three Credit Bureaus were licensed in 2008: CRC Credit Bureau Limited, CR Services Credit Bureau Plc and XDS Credit Bureau Limited, also Known as First Central Credit Bureau […]

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The CREDIT REPORTING ACT 2017

  Before this Act, the credit bureau industry started as a regulated industry with the release of the Guidelines for the Licensing, Operation and Regulation of credit bureaus, released and became effective in 2008, revised in 2013. The bill for the Credit Reporting Act was: Sponsored by the Chairman of the Senate Committee on Banking, […]

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BANK LOANS IN NIGERIA

  A bank loan is a form of credit which is extended for a specified period of time, usually on fixed-interest terms related to the base rate of interest, with the principal being repaid either on a regular installment basis or in full on the appointed redemption date. Depending upon the nature of the loan […]

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ISLAMIC FINANCE NIGERIA

  Islamic finance encompasses a broad range of financial products that are structured in compliance with Islamic law (Shariah). There are, however, diverging views amongst scholars and Ulama on the type of transactions that are permissible as Shariah compliant. Islamic finance in Nigeria is provided by a few niche lenders. Principles of Islamic finance The […]

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Credit reports in Nigeria

  Credit reports in Nigeria still have a way to go to match the efficiency of those in developed nations. The reports play an active role in lending to people with less access to banking activities, such as the unbanked or underbanked or in situations where borrowers do not have good credit history. A credit bureau […]

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Benefits of Credit Bureau Systems

  Any economy, especially a developing economy, requires credible and stable Data Credit Reporting Systems to encourage businesses, lenders and providers of services to more willingly extend Credit and Services to Consumers. This is especially with reoccurring financial crisis, lack of collateral and the erosion of capital in the global world economy. According to Investorwords.com […]

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