The management of CRC Credit Bureau, on Wednesday, said lending activities can still continue across the country, despite the subsisting restriction of movement across major cities of the country, as part of efforts to check the spread of the novel Coronavirus (COVID-19) pandemic.
Lending, CRC said in a statement, has been made easier for financial institutions that have automated their lending applications via an Application Programme Interface (API).
The API, it noted, enables swift informed lending decisions through quick access to prospective and repeat borrowers’ credit information in seconds.
Specifically, CRC said lenders and other credit granters can continue to grant loans and postpaid services via an automated process by accessing its robust database of over 33m credit profiles, as a criterion for decision making.
The restriction of movement by the government has made it impossible for prospective borrowers to physically visit their commercial banks, micro-finance banks or other lending institutions to apply for loans that will enable them to take care of personal needs or finance their businesses.
“This has made the online mediums or Electronic-Channels, popularly known as e-Channels, the most favourable 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,” the statement added.
The statement quoted the Managing Director/CEO of CRC Credit Bureau Limited, ‘Tunde Popoola, as saying that during such crisis and economic upheaval, what usually happens is that lenders become more risk-averse.
However, with the CRC API Solution, he continued, lenders can continue to grant loans to prospective borrowers without lending in the dark, just as borrowers can continue accessing finance for various purposes, and in the process, they still enjoy a good standard of living.
“Lenders can have access to CRC’s API solution in three easy steps: Request for the API Integration Kit, Test, and go live. Further information can be obtained by sending CRC Credit Bureau an email to contactus@crccreditbureau.com.
“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,” he stressed.