XDS Solutions to set up credit bureau

XDS Solutions Limited has concluded plans to introduce a credit bureau to provide wider access to credit in the country.


Disclosing this to newsmen in Lagos recently, Managing Director, XDS Solutions, Mr. Ubong Awah said that the company was a risk solution company fostering on developing products and services that turned data in strategic information to ease the burden of credit and risk management.

Awah noted that Nigeria had done a lot in the past to eradicate the scourge of poverty and empower the people to be self sustaining but much had not been achieved because of this missing link in the financial architecture.

He added that the credit information bureau would bridge the information gap that existed when there was need for credit especially in project finance by tracking the financial behaviour of individuals over a period of time.

He also stressed that once such gap was bridged, our people would move from the state of despondency to helping ourselves.

Awah said that the credit bureau would among others things under guard the financial system and help ensure sound financial sector, because it will reduce loads in the system. "The behaviour records of such individuals would be made available to the financial institution, thereby bridging the information gap and building trust between the parties in the transaction," he said.


courtesy of The Guardian



It's about time!

whats this controversy on firt credit bureau in nigeria. is it XDS Credit Buruau or CRC.

meanwhile both of them claim firt on their website.

but in CBN's website, XDS credit burea is listed firt.

who can explain this?

nevertheless, its a boom to the nigerian economy. i think this is good development.

hopefuly Ubong Awah will keep it up. he is a man of integrity.

XDS Credit bureau, is the ONLY bureau with operational licence. CRC only has an APPROVAL IN PRINCIPLE (as at the time of this post).
XDS licence number reads CB000001.

Ikay,

true true very true,
you should not be surprised but what baffles me is that they are in an intergrity business , should they be lying and claiming to be the first when they still do not have a final licence.

and to make matters worse they have ties with banks.

" a judge to his own case"

A lot of people do not understand the role of granting credit in the economy
In the developed countries, it would be inconceivable nowadays for any business with company customers to operate without granting credit.
The reason for doing so is the same in every case; MORE GOODS will be sold that way.

However the need to facilitate trust between buyer and seller is key. It is important, therefore, for the seller of goods to be confident that the customer has both the intention to pay and the ability to do so.

A credit bureau bridges this gap. The inherent challenge the bureau will face in Nigeria will come from the banking and commercial sector.
To overcome this, CBN with the help of the legislative arm of goverment should make this process madatory. Information shared between industries and banks whereby a system will exisit that will trigger a defaulters past credit history wherever he/she goes (be it Consumer or Trade)

A welcomed development! Can it work? yes. Will it work?

About time but only a matter of time before people start bribing to fix their credit scores.

Sound IT infrastructure and periodic auditing should should keep the bribers at bay.
The only challenge is that the bribers will be the so called regulators,auditors and IT personnel

does anyone know where it is located and who heads the XDS and CRC? Thanks

CRC Credit Bureau Limited
2nd Floor. 26, McCarthy Street,
Onikan,
Lagos.

Telephone
+234 (0)1 6283901

Email
contactus@crccreditbureau.com

Website
www.crccreditbureau.com

XDS Credit Bureau Limited
14 Sumbo Jibowu Street,
Ikoyi,
Lagos.

Telephone
+2341 4534908

Email
info@xdscreditbureau.com

Website
www.xdscreditbureau.com