Oceanic Bank Joins CRC Credit Bureau

The CRC Credit Bureau Limited has announced the investment status of Oceanic Bank International Plc in the Bureau.
The company said in a statement that the entrant of Oceanic Bank takes the total number of CRC Credit Bureau Limited investors to 13, made up of 12 banks and Dun and Bradstreet, a global leading information and technology provider in the world since 1841.
The leading financial institutions that formed the consortium are, Access Bank, Bank PHB, Diamond Bank, FCMB, First Bank, GT Bank, Intercontinental Bank, Oceanic Bank, Stanbic IBTC, Standard Chartered Bank of Nigeria, UBA and Union Bank.
With the joining of Oceanic Bank, CRC operations have covered 70 per cent of the banking industry measured by total loans and advances of the industry.
CRC Credit Bureau Limited recently got its Approval-In-principle to operate as a credit bureau in Nigeria from Central Bank of Nigeria while the final inspection by CBN in preparatory for final license has been concluded. With this, the company is fully set to commence live operation.
The statement further stated that all the necessary infrastructure have been completed and inaugurated for a smooth take-off of a full operation that will revolutionaries access to credit in Nigeria . "CRC Credit Bureau Limited is out to service Nigeria Banking Industry, Insurance, Primary Mortgage institutions and Micro Finance Banks. The trail blazing bureau will in quick succession extend her products to utility service providers as well as retail business. Efforts are on top gear to increase the membership base of the bureau from 11 leading Commercial Banks to include all others commercial Banks yet to join the bureau.
"The establishment of CRC Credit Bureau Limited is a very significant step towards strengthening the banking and financial services sector in Nigeria. The service to be rendered by the company will further pave ways for improved risk management practices among banks and other credit grantors" the statement further said.