The Role Of Credit Bureaus In Increasing Access To Finance For Micro, Small and Medium Enterprises

CBAN-NASME Fact SheetThe role of entrepreneurs and entrepreneurship is vital to any economy, with its benefits including job creation, increased productivity, increased revenue, wealth creation and inclusive growth.  In many developing economies, Micro, Small and Medium Enterprises (MSMEs) account for the larger majority of businesses in the country with significant reliance on them for economic growth. Despite their strategic position and role in the economy, access to Finance has continued to constitute a major challenge. In advanced economies, Credit Bureaus help consumers and small businesses obtain financing by offering timely, credible and objective information on borrowers, allowing financial institutions reduce loan processing time and cost by 25% or more, while equally cutting default rates by 40%-80%. These savings, no doubt, can mean lower interest rates, making credit more affordable and available to those in need. In line with its vision of "Credit information for wealth creation" the Credit Bureau Association of Nigeria (CBAN) in collaboration with Nigeria Association of Small and Medium Enterprises (NASME) organised a one-day  Public-Private Dialogue (PPD) on The Role of Credit Bureaus In Increasing Access To Finance For Micro, Small and Medium Enterprises in Nigeria.