how did financial institutions manage to get credit information before the launch of XDS?
Banks relied on the Credit Registry Management System (CRMS) operated by the Central Bank of Nigeria (CBN). This system however only has 35,000 records in its database and contained only negative records on consumers. Financial institutions were also referencing their own customers with some credit reports in the absence of credit bureaus. In which ways do you think XDS Credit Bureau will change Nigeria’s financial landscape? XDS Credit Bureau will change the financial sector by making available an information service on borrowers to credit grantors and other financial institutions. This will discourage solicitors of credit from defaulting, while encouraging them to keep good history and make consistent payments to grantors. It will consequently encourage grantors of credit to give more loans to consumers with good history. Customer lending as a whole would also expand. Please elaborate on some of the challenges XDS Credit Bureau face in operating in Nigeria? One of the challenges the
