COVID 19: Lending still possible using CRC Credit Bureau’s automated service

COMFORT EKELEME

CRC Credit Bureau is making lending easier for financial institutions who have automated their lending applications via an Application Program Interface (API).

According to the company, with CRC’s API, lenders and other credit granters can continue to grant loans and postpaid services via an automated process by accessing it’s robust database of over 33 million credit profiles, as one of the criteria needed for decision making.

This enables swift informed lending decisions by obtaining quick access to prospective and repeat borrowers credit information in seconds.

With the current restriction of movement instated by the Government of the Federal Republic of Nigeria, prospective borrowers are no longer able to physically visit their Commercial Banks.

Micro-finance Banks or other lending institutions to apply for loans to take care of their personal needs or finance their businesses. This has made the online mediums or Electronic-Channels, popularly known as E-Channels, the most favouable method of initiating credit requests and other banking transactions e.g. mobile apps, internet banking, USSD codes etc.
With CRC Credit Bureau’s API Solutions, lenders can still carry out their credit transactions efficiently and effectively during and post Covid-19.

According to the Managing Director/CEO of CRC Credit Bureau Limited, Mr. ‘Tunde Popoola, during such crisis and economic upheaval, what usually happens is that Lenders become more risk averse but with the CRC API Solution, lenders can continue to grant loans to prospective borrowers without lending in the dark.

” Borrowers can have continued access to finance for various purposes, and​ still enjoy a good standard of living. Lenders can have access to CRC’s API solution in 3 easy steps: Request for the API Integration Kit, Test and go live,” he said.

CRC Credit Bureau provides a nationwide repository on credit profiles of corporate entities as well as consumers, thus improving the ability of credit providers and borrowers to make informed lending and borrowing decisions. The bureau’s database covers the credit industry which includes commercial banks, non-bank institutions, retailers, utility service providers and fintech.

For a better society