CRC Credit Bureau Limited has called for more awareness and education on the Central Bank of Nigeria (CBN) intervention funds meant to cushion the impact of COVID-19.
Speaking at the ‘You and Credit’ webinar series organized by CRC Credit Bureau with theme: ‘CBN Intervention Funds- Access, Impact and Prospects’, Managing Director/CEO CRC Credit Bureau, ‘Tunde Popoola, said there was need to increase the awareness of Nigerians on the various CBN intervention funds that are available to Nigerian businesses pre and during COVID-19 era.
He highlighted the importance and the role of credit Bureaux in facilitating the funds, as well as concerns surrounding the availability of these funds. He said the event was part of CRC’s Corporate Social Responsibility initiative to educate individuals and businesses on credit and finance.
Popoola highlighted the importance and the role of credit bureaux in facilitating access to finance and their contribution in increasing the availability and accessibility of consumer and Micro Small and Medium Enterprises (MSMEs) loans in Nigeria over the past 10 years. Director Development Finance of the Central Bank of Nigeria (CBN), Philp Yila Yusuf gave an introduction on the various intervention funds made available by the apex bank.
He provided the perspective of the business community highlighting the various challenges faced by business owners in accessing these funds which include, the costs of these funds, their short tenure and the difficulty of even accessing these funds at all especially for small businesses.
Thereafter, a presentation was made by Zephaniah Ogbonnaya representing the team from the Anchor Borrowers Programme, Development Finance Department of the apex bank. He explained, the objectives of the various funds which include, encouraging exportation, expand output of agriculture and the manufacturing services sector while conserving foreign reserves.
He also introduced some of the various funds, and how they are accessed by businesses in different sectors of the Nigerian economy. He highlighted the impact made by these funds on Nigerian businesses and the Nigerian economy. He encouraged participants to visit the CBN website for more details on these funds, so they are armed with relevant information prior to approaching their commercial banks for access to government funding.
While speaking at the event, Chief Risk Officer First Bank of Nigeria Limited, Olusegun Alebiousu, emphasized the need for Nigerian consumers and Nigerian business owners to practice responsible borrowing.
Popoola said: ‘CRC Credit Bureau is very passionate about financial inclusion in Nigeria and we are using every means possible to educate individuals and businesses on how to access finance and keep their credit history positive. Many Nigerians are not aware of the financial implications of keeping a positive credit history and its implications on accessing finance, even if they are government funds. We will continue to lead the charge on financial education in the credit bureau industry”.
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