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Lending Still Possible During COVID-19 Using CRC Credit Bureau's Automated Service

Apr 23, 2020   •   by   •   Source: Proshare   •   eye-icon 3384 views

Thursday, April 23, 2020 / 07:30PM /CRC Credit Bureau's Automated Service /  Header Credit Image: National Hog 

 

CRC Credit Bureau is making lending easier forfinancial institutions who have automated their lending applications via anApplication Program Interface (API). With CRC's API, lenders and other creditgranters can continue to grant loans and postpaid services via an automatedprocess by accessing CRC's robust database of over 33Million credit profiles,as one of the criteria needed for decision making. This enables swift informedlending decisions by obtaining quick access to prospective and repeat borrowerscredit information in seconds.



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With the current restriction of movement instatedby the Government of the Federal Republic of Nigeria, prospective borrowers areno longer able to physically visit their Commercial Banks, Micro-finance Banksor other lending institutions to apply for loans to take care of their personalneeds or finance their businesses. This has made the online mediums or Electronic-Channels,popularly known as E-Channels, the most favouable method of initiating creditrequests and other banking transactions e.g. mobile apps, internet banking,USSD codes etc.

 

With CRC Credit Bureau's API Solutions, lenderscan still carry out their credit transactions efficiently and effectivelyduring and post Covid-19.


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According to the Managing Director/CEO of CRCCredit Bureau Limited, Mr. 'Tunde Popoola, during such crisis and economicupheaval, what usually happens is that Lenders become more risk averse but withthe CRC API Solution, lenders can continue to grant loans to prospective borrowerswithout lending in the dark. Borrowers can have continued access to finance forvarious purposes, and  still enjoy a goodstandard of living.


Lenders can have access to CRC's API solution in 3easy steps: Request for the API Integration Kit, Test and go live. Furtherinformation can be obtained by sending CRC Credit Bureau an email to [email protected].

 

CRC Credit Bureau provides anationwide repository on credit profiles of corporate entities as well asconsumers, thus improving the ability of credit providers and borrowers to makeinformed lending and borrowing decisions. The bureau's database covers thecredit industry which includes commercial banks, non-bank institutions, retailers,utility service providers and fintech.


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