The Managing Director/CEO, CRC Credit Bureau Limited, Mr. Tunde Popoola, spoke to journalists on how the availability of credit data is changing the face of consumer lending, the 10th anniversary of the company and how efficient identification system will reduce poverty, among other issues. Goddy Eugene presents the excerpts:
Are you satisfied with the level of consumer lending we have now, If not, what can be done to further deepen it?
No, I am not satisfied; we are not there yet. You still cannot go to the mall with your unique number and buy a product. You still cannot do mortgage loan, if you still have about 10 to 15 years to spend in service, you should be able to get a loan. You still don’t have that. We still have not gotten interest rates down to the lowest level that is affordable for people to comfortably take a loan. So, we are not there yet. We have actually just started because now the infrastructure has been tested people have seen that it is robust, it can be relied upon