In this interview with FEYISAYO POPOOLA, the Chief Executive Officer, CRC Credit Bureau, Mr. Tunde Popoola, says Nigerians in Diaspora can now access loans immediately they arrive in a foreign country
Did the CRC play any role in facilitating the online application of loans?
Yes, we did. We introduced something called a credit score. Before now, banks used to lend using haphazard selection, which is selected based on emotions, not on any profile. So, they made wrong judgments; granting loans when they should have declined and declined when they should have granted.
There were also incidents of serial defaulters; someone taking a loan from bank A and going to bank B to take another loan and use that one to pay bank A.