Nigeria Credit Reporting

completed

The goal of this project is to support the Central Bank of Nigeria and its stakeholders to strengthen and expand the credit reporting sharing regime by promoting the adoption of the General Principles on Credit Reporting, the amendment of the existing Guidelines for Credit Reporting in Nigeria, the facilitation of activities to improve data quality and providing capacity building for the CBN to undertake more robust supervision of the credit reporting regime and the overall increase in understanding of the benefits of credit reporting by lenders and the public at large by way of a public education and awareness campaign with the view to increasing access to finance for MFIs, MSMEs and consumers. Improved quality of credit data will help lenders to make better informed decision and improve risk management practices whilst at the same time promoting responsible lending and preventing over indebtedness. Facilitating access to public third party databases and other non-bank lenders data such as insurance and telecommunications will ensure that borrowers, but particularly MSMEs can use their reputational collateral based on credit history to access credit. This project will support the staff of the CBN to improve their supervisory skills and develop a Supervision Manual and Code of Conduct with the credit bureaus. The aim is to expand credit information sharing and improve the impact it has on access to finance and overall economic gorwth in Nigeria.