COVID-19: CreditRegistry Offers Free N25m Credit to Lenders




CreditRegistry, a credit bureau, says it is offering lenders free usage of its premium credit reporting service to cushion the effects of COVID-19 pandemic on businesses.

CreditRegistry, the Voice of Credit in Nigeria, is Nigeria’s largest and pioneer credit bureau operator serving members since 2003, disclosed it in a statement it issued in Abuja, on Tuesday.

CreditRegistry’s Free Offer Campaign is highly supportive of the Central Bank of Nigeria (CBN) loan facility made available to help Nigerian families and businesses during this crisis.

The apex bank had introduced several initiatives including the reduction of cost of lending on funds from the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL MFB).

The NIRSAL MFB is the national microfinance bank which had begun the disbursement of CBN’s N50 billion Targeted Credit Facility (TCF) to MSMEs affected by COVID-19.

It said the offer, estimated at more than N25 million, would come into effect with the beginning of the phased easing of the lockdown on May 4, in Lagos, FCT and Ogun as announced by President Muhammadu Buhari.

It added that Lenders not yet subscribed to its platform would use CreditRegistry’s credit reporting service at no cost throughout the month of May.

“This offer enables lenders, especially Fintechs, to process as many loans as desired and reduce operational costs.

“It will also help pass the savings to customers who urgently need help and financial support now as a result of the pandemic impact,” it said.

It further noted that in addition to the Free Offer Campaign to new members, CreditRegistry was championing more efficient and cost-saving models for its existing members to operate.

“Its CreditRegistry’s AutoCred REST API provides the means for lenders to automate access to credit reports and its proprietary SMARTScore to facilitate split-second processing of large volumes of loan transactions at significant cost savings, while ensuring business continuity.

“Existing members that implement the AutoCred REST API in May will also benefit from the Free Offer Campaign.

“Lenders can process more credit applications faster and more creditworthy Nigerians can benefit from loans at this critical time,” it added.

The statement further said that CreditRegistry had over 20 products and services available to lenders and the general public, including its SMARTScore and CreditConnection.

It added that since pioneering private credit bureau services in 2003, it had been steadfastly serving leading financial and non-financial organisations.

Commenting on the offer, Mrs Jameelah Sharrieff-Ayedun, CreditRegistry’s Chief Executive Officer, said the bureau remained committed to helping its members.

“Notwithstanding the current arduous circumstances, CreditRegistry remains committed to empowering and supporting our loyal members.

“We all have a part to play. So, during this challenging time we are contributing to help businesses thrive so that more Nigerians can remain employed.

“CreditRegistry is offering new members access to our services at no cost in May.

“We hope that our contribution will support lenders so they can extend critical lending support to more customers,” she said.

She added that as Nigeria was set to reopen, regroup, rethink, reimagine, rebuild and recover, as a socially responsible brand, CreditRegistry would collaborate with lenders to empower individuals and businesses with faster access to affordable credit ‘one loan at a time’.

Edited By: Ifeyinwa Okonkwo/Donald Ugwu (NAN)

Short Link:

Edith Ike-eboh

Edith Ike-eboh: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. We are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and we strive diligently to ascertain the truth in every news report. Contact: editor @ Disclaimer.

COVID-19 new wave: Bayelsa imposes fresh curfew UN chief calls on all parties to cease fighting in Gaza, Israel ICPC fugitive is not Buhari’s inlaw – Presidency Customs confirms 3 dead in Iseyin clash with smugglers Nollywood produces 416 movies in Q1, 2021-NBS Gov. Diri recommends electronic voting for future election Pfizer, Moderna vaccines 94% effective – CDC study Imminent food crisis: young farmers recommend emergency food security plan Nigeria’s security challenges surmountable, says Gov. Fayemi Police not Nigeria’s problem – Sen. Dickson Transition: We’ll lend helping hand, Buhari tells Chad Team Nigeria on course to qualify for Tokyo Olympics relay races —- George Eid-el-Fitr: Foundation distributes food items to widows, orphans in Kaduna WHO cautions on excessive speed to reduce road accidents Egypt receives second shipment of 1.77 million COVID-19 vaccines via COVAX Facility NGX resumes trading after Sallah break with N25bn growth UN condemns murder of aid worker in South Sudan Nigerian Army demolishes unserviceable ammunition, explosives in Imo Basketball Africa League unveils squad rosters ahead of inaugural season La Liga still planning to take matches to U.S., official says Day 3 – B-roll: African rugby teams meet to prepare for the Olympic Games and the Olympic draft – Day 3 No record of Indian COVID-19 variant in Edo – Obaseki CORRECTION: New Hapag-Lloyd East Africa service arriving in Kenya and Tanzania Police rescue abandoned baby in Lagos Siemens, German government and Solidarity Fund hand over 100-bed modular hospital solution NiMet predicts 3 days cloudiness, thunderstorms from Friday Arrival of the new Hapag-Lloyd East Africa service in Kenya and Tanzania Eid-el-Fitr: Uzodimma hosts Muslims in Imo Envoy pledges to strengthen Nigeria-Cuba relations Coronavirus – Rwanda: COVID-19 update (May 13, 2021) Real Madrid stay in title hunt with win at Granada Coronavirus – Eswatini: COVID-19 daily update (May 13, 2021) Nadal follows Djokovic into Rome Open quarter-finals after epic fightback Coronavirus – Kenya: COVID-19 update (May 13, 2021) Remittance inflows to Nigeria declined by 28% in 2020 – WB Coronavirus – Daily update of the state of COVID-19 statistics in Zambia (May 13, 2021) FG, Kebbi Govt working to tackle banditry – Bagudu Coronavirus – Nigeria: COVID-19 case update (May 13, 2021) Lawan to Governors: Restructure your States before calling for restructuring at federal level Coronavirus – South Africa: COVID-19 Statistics in South Africa (May 13, 2021) Police investigate fire incident at Enugu INEC office Pozzovivo forced to withdraw from Giro d’Italia after stage 6 crash Emir of Ningi tasks title holders to promote positive changes in communities New report on COVID-19 in Africa shows impact of COVID-19 on African continent has been underestimated Eid -el-Fitr: Gov. Ganduje frees 123 prison inmates Coronavirus – Malawi: Daily update of information on COVID-19 (May 13, 2021) World Bank to construct 13.16km Lagos farm roads Coronavirus – Ethiopia: COVID-19 cases reported in Ethiopia (May 13, 2021) Eid el-fitri: Cleric preaches unity, tolerance to check ethnicity Cargo Airport project ‘ll increase economic fortunes of Anambra- ONICCIMA