Credit Awareness, CBN, Others Embark on Credit Awareness Campaign

Credit Awareness in collaboration with the Central Bank of Nigeria (CBN), the World Bank and other stakeholders in the financial sector has embarked on a nationwide campaign.
The campaign which kick starts in Lagos State in partnership with the Lagos State Government is aimed at promoting the concept of equal financial responsibility between financial institutions and clients on one hand and literacy for clients on the other.
It is also aimed at promoting, educating and sharing information on issues that will enhance and deepen awareness and appreciation on the rights and responsibilities of microfinance institutions, their clients and other stakeholders.
At the launch of the campaign held recently in Lagos, Ismail Radwan, Lead Economist of the World Bank said access to finance is germane to economic development. He noted that the challenge in Nigeria is that of cost of finance and access to finance.
Radwan however opined that improved banking supervision, commercial bank down scaling, improved credit information, guarantee scheme and credit lines as well as business development services such as training and capacity building would help scale up access to finance in Nigeria, which would in turn spurt economic development in the country.
Akintunde Sowumi, deputy governor, CBN who represented Malam Sanusi Lamido, governor of the apex bank at the occasion said five years into the microfinance initiative in Nigeria, urban bias of MFBs and high profile structure of the operators informed its review process.
In addressing these challenges, Sowumi highlighted the need for MFBs to share information about funds and to also subscribe to credit bureaus.
“By the time non-performing loans escalates, then credit bureaus would be appreciated,” he said.
He affirmed that “at the appropriate time, decisive actions would be taken against MFBs that are at large.”
Oba Rilwan Akiolu, the Oba of Lagos in his goodwill message decried the poverty state of citizens and suggested taking credit awareness to market places.
 “The level of poverty in this country is not healthy and there can be no patriotism on empty stomach,” he said.
Ladi Smith, executive director, Credit Awareness said the credit awareness campaign tagged “Safe Savings and Responsible Borrowing will go through all the local governments in Lagos, during which key messages relating to financial behaviour among participants would be dramatized alongside cultural dance performances.
The campaign will also come in form of radio gingles, television dramas and on other outdoor engagement platforms.
Credit Awareness is a non-profit organization set up by SIAO to identify extreme gaps in the financial sector and a desired need for the underserved to have access to finance to allow for adequate development in the Nigerian economy.