COVID-19 Relief: Credit Registry Offers Free Credit Reporting to Lenders

Tuesday, May 05, 2020 / 9:27 PM / Credit Registry / Header Image Credit: BusinessDay NG

CreditRegistry,Nigeria's largest credit bureau, is offering lenders free usage of its premiumcredit reporting service to cushion the effects of the COVID-19 pandemic onbusinesses.

Thisoffer, estimated at more than N25 million, is timed to come into effect withthe commencement of the phased easing of the lockdown on May 4, 2020 in Lagos,FCT and Ogun as announced by President Muhammadu Buhari.

Lendersnot yet subscribed to its platform are able to use CreditRegistry's creditreporting service at no cost throughout the month of May. This offer enables lenders,especially Fintechs, to process as many loans as desired, reduce operationalcosts and pass the savings to customers whourgently need help and financial support now as a result of the pandemicimpact.

Commentingon the offer, CreditRegistry's Chief Executive Officer - Mrs. JameelahSharrieff-Ayedun - had this to say, "Notwithstanding thecurrent arduous circumstances, CreditRegistry remainscommitted to empowering and supporting our loyal members. We all have a part toplay so during this challenging time we are contributing to help businessesthrive so that more Nigerians can remain employed. CreditRegistry is offeringnew members access to our services at no cost in May 2020.

Wehope that our contribution will support lenders so they can extend criticallending support to more customers." Concluding, Mrs. Sharrieff-Ayedun addedthat "As Nigeria is set to reopen, regroup, rethink, reimagine, rebuild andrecover, as a socially responsible brand, CreditRegistry aims to collaboratewith lenders to empower individuals and businesses with faster access toaffordable credit 'one loan at a time'.

Inaddition to the Free Offer Campaign to new members, CreditRegistry ischampioning more efficient and cost-saving models for its existing members tooperate. CreditRegistry's AutoCred REST API provides the means for lenders toautomate access to credit reports and its proprietary SMARTScore in order tofacilitate split-second processing of large volumes of loan transactions atsignificant cost savings, while ensuring business continuity.

Existingmembers that implement the AutoCred REST API in May 2020 will also benefit fromthe Free Offer Campaign. Lenders can process more credit applications fasterand more creditworthy Nigerians can benefit from loans at this critical time.

CreditRegistry'sFree Offer Campaign is highly supportive of the Central Bank of Nigeria (CBN)loan facility made available to help Nigerian families and businesses duringthis crisis.

Theapex bank has introduced several initiatives including the reduction of cost oflending on funds from the Nigeria Incentive-based Risk Sharing System forAgricultural Lending (NIRSAL MFB), the national microfinance bank whichhas commenced the disbursement of CBN's N50 billion Targeted Credit Facility(TCF) to MSMEs affected by COVID-19.

CreditRegistry - the Voice of Credit in Nigeria - hasover 20 products and services available to lenders and the general public,including its SMARTScore and Credit Connection. Since pioneering private creditbureau services in 2003, CreditRegistry has been steadfastly serving leadingfinancial and non-financial organisations.