Nigeria is setting up its first credit bureau in an attempt to improve transparency, reduce fraud and enhance access to financial services to poorly served segments of the market. It will officially be called the Credit Reference Company (CRC).
Nine Nigerian banks have set up the bureau in partnership with Dun & Bradstreet, a global credit information provider, who have experience in running private credit bureaux in emerging markets. Accenture, a global management consulting, technology services and outsourcing company, and the International Finance Corporation (IFC), the private sector arm of the World Bank are supporting with technical and advisory services.