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CBN, NCC, Others Join Forces On Loan Seekers’ Data

Central Bank of Nigeria (CBN) has said that it is collaborating with the Nigeria Communication Commission (NCC) and other data gathering agencies to get additional data of customers who take loans from financial institutions in the country

This was disclosed by Aishah Ahmad, the apex bank’s deputy governor, financial system stability, in Lagos at the Union Bank’s maiden Edu 360 Conference.

Ahmad, who is the chairperson of the national inclusion technical committee of which National Identity Management Commission (NIMC) is one of the representatives, said the commission was trying to improve the level of registration of Nigerians.

“Every Nigerian having a national identity remains the national objective. They are going to be using other stakeholders like BVN. BVN has had a huge capacity. We have signed on about 40 billion and what NIMC has done is to define standard for all these”.

She acknowledged that statistics say about 63.2 percent of Nigerians are financially included. “If you break that down to the number of people that are taking credit, it is very low. Part of the challenge is data on credit. We are also trying to do some work with other agencies including the NCC on how we can get additional data for those that are taking credit”.

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“For us as financial regulators, we are trying to promote financial stability, economic development. At the core of financial stability is inclusion. There is a nexus between inclusions, financial education, and economic development so that we understand a bigger picture of financial inclusion/literacy”.

Ahmad said the CBN had come up with the Consumer protection framework and is coming out with three guidelines that revolve around transparency.

“There is a dispute framework and complaints framework that saves the right of bank customer, she said. “Underpinning all of these is that education is why this digital matters. We can put all the guidelines/framework we want if people do not know their right it is not going to be fair. We are open to feedback, collaboration. We work with a lot of different interest groups.”

While also speaking at the ceremony to mark the kick-off of the three-day event, Emeka Emuwa, managing director/CEO, Union Bank plc, restated the Bank’s attention to education as a key driver of national development.

“Our goal over the next three days here at Edu360 is to drive conversations and collaboration that will catalyse action necessary to move our education sector forward. We understand that scaling up government spending on public education is imperative, but to actually move the needle and drive impact, we believe the key is creating scope for private investments in the sector,” Emuwa said.

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Chukwuemeka Nwajiuba, minister of State for education, while delivering the keynote address on behalf of the Vice President, Professor Yemi Osinbajo, said: “It is possible for us as a country to restore education to its place – not juxtaposed by entrepreneurship or wealth creation; not looked down upon by certain groups in our society but embraced by all – working assiduously to deliver our respective responsibilities to empower our children and indeed, the future of our dear country Nigeria”.

Source: Commweek

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