As part of efforts to reposition the Company and to further develop its corporate identity, XDS on May 3, 2018 rebranded to FirstCentral Credit Bureau.
Moses Ihonde, chairman of the firm said the aim was to develop a brand that will be more visible to all its stakeholders.
“We are rebranding to enhance our corporate identity, visibility, and by extension to create a consistent andmore recognizable brand. We are repositioning to meet the country’s credit information service needs, creditresilient and credit development capabilities as well as credit risk management to serve our Subscribers more efficiently and be a central information provider”.
The emergence of Credit Bureaux, he said has gradually brought about the evolution of a system of debt reporting and sophisticated level of Credit Registry which has been of tremendous help to the financial sector and has allowed people and businesses to have access to money and capital and at the same time has helped to reduce non -performing loans.
It has also helped to reduce certain undesirable practices such as shadow lending or provision of loans outside the banking system.
Access to credit from banks and other credit institutions was one of the main challenges hampering the growth and development of businesses in Nigeria, because of the absence of historical data on the credit behavior of would be loan applicants or borrowers.
However, with the emergence of credit bureaux in Nigeria and the promulgation of the Credit Reporting Act, 2017, there have been tremendous improvements in this regard.
“We are repositioning to meet the country’s credit information service needs, credit resilient and credit development capabilities as well as credit risk management to serve our Subscribers more efficiently and be acentral information provider”, Ihonde said.
Speaking at the event, Godwin Emefiele, governor of Central Bank of Nigeria (CBN) said Credit Bureau have helped higher growth rate for businesses and individuals and consequently aided economy growth micro- economically.
Represented by Abdulhaziz Barawu, deputy director, Banking Supervision, he said the promotion and regulation of credit bureau has been successful as entities now use credit more responsibly, non-performing loans has reduced significantly.
“CBN is unrelenting in its promotion and support of Credit Bureau for the greater good of the economy, wetherefore use this medium to invite all stakeholder to unite on this front, in terms of integration and synergy,so that everyone, including the ‘vulnerable and excluded’ can all benefit from the credit extension advantage enhance by Credit Bureau and credit reporting”, Emefiele said.
In welcome address, Mobolanle Adesanya, managing director/CEO of FirstCentral said Nigeria is currently sixth in the world on the Getting Credit Indicator, yet the impact of consumer and mortgage credit spendingon Nigeria’s GDP growth is currently minimal. The reason being other sectors are not embracing the benefit of credit reporting yet.
“We have made considerable development in delivering our objectives, we have a tighter focus on our strategicstrengths, we are in the midst of a far-reaching plan to transform operations and more importantly bring thecompany in line with stakeholders’ requirements and expectations”, Adesanya.