LATEST UPDATES
Card-image-cap

Business | Credit Services & Registry

CRC Credit Bureau Launches Data Submission API

Jun 11, 2020   •   by   •   Source: Proshare   •   eye-icon 5452 views

Thursday, June 11, 2020 / 6:33 PM / CRC Credit Bureau

 

Proshare Nigeria Pvt. Ltd.


CRC Credit Bureau haslaunched its Data Submission Application Programming Interface (API) that enablesinstitutions access and submit data on their credit customers online real time.This innovation in Nigeria, the first in the industry, is an automated mediumthat enables institutions, provide CRC with information on credits immediatelythey are booked on the system and update existing credit records as soon asrepayments have been made by their customers. The API also enables them toaccess relevant information about their customers through live connections.

 

Traditionally, lenderssubmit credit data once or twice a month which leaves some customers who havepaid, in between this cycle, either waiting for an update to be done, whileothers are not able to build a credit history especially if  they have taken and repaid the loan before theinformation is provided to the credit bureau. An example of these are short-tenuredfacilities e.g. 24 hours, 7-day facilities etc. The traditional reporting oftencauses a delay for borrowers who want to access new loans immediately afterthey pay off outstanding facilities or for those who want to build credibleprofiles to access loans/postpaid products thereby improving their standard ofliving. On the lenders side, they spend additional man hours updatinginformation manually thereby increasing their operational cost and negativelyimpacting efficiency.

 

By adopting thistechnological advancement in data reporting, institutions can eradicate thesechallenges, as their customers begin to build credible profiles and histories immediatelyfacilities are taken. Instant updates are conducted on loans and postpaid productsas repayments happen and are fully made. Therefore, by taking advantage of thisAPI, lenders assist all their customers to continuously build accurate andreliable credit profiles that enable them to enjoy additional opportunities.

 

This solution completesthe operational reporting cycle for lenders to CRC Credit Bureau, as now theycan automate both the generation of credit information for decision making andthe submission of data on their credit customers. Lenders can reduce their loanprocessing costs and increase efficiency emanating from the challengesassociated with the manual reporting of credit files, ultimately scaling uptheir business and increasing profitability.

 

Even though the Federal Governmentof Nigeria, has eased the lockdown significantly in order to kick-starteconomic activities, the use of online mediums or Electronic-Channels fordigital lending will continue to be the most favorable method of initiatingcredit requests and CRC's API is a welcome innovation in the credit bureausub-sector which will benefit lenders and borrowers alike.

 

According to the ManagingDirector/CEO of CRC Credit Bureau Limited, Dr. 'Tunde Popoola' "We arealways listening to our customers, individuals and institutions alike, andduring the restriction of movement one overarching challenge was the need tohave an automated means of accessing and submitting data 24/7. As a datacompany, we should ensure that beyond just providing credit data, our customersare able to access and submit data as efficiently as possible. We know that timelydata reporting is essential to the quality of data which ultimately increasesaccess to finance and postpaid products for consumers and businesses.Consequently, our Data Submission API makes this process more efficient andeffective for all parties involved"

 

Lenders can have access toCRC's API solutions in 4 easy steps: Request for the API Integration Kit, ImplementAPI, Test and Go Live. Further information can be obtained by sending CRCCredit Bureau an email to [email protected] or [email protected].

 

CRC CreditBureau provides a nationwide repository on credit profiles of corporateentities as well as consumers, thus improving the ability of credit providersand borrowers to make informed lending and borrowing decisions. The bureau'sdatabase covers the credit industry which includes commercial banks, non-bankinstitutions, retailers, utility service providers and fintechs.

 

Proshare Nigeria Pvt. Ltd.

 

Related News

1.       Lending StillPossible During COVID-19 Using CRC Credit Bureau's Automated Service

2.      DoubleCelebration for CRC Credit Bureau in Quarter one, 2020

3.      CRC CreditBureau Launches Mobile App to Boost Access to Credit Information

4.      CRC CreditBureau Named Best Credit Bureau Nigeria 2020 By CFI.co

5.      CRC CreditBureau Ltd 10th Anniversary Forum Examines Credit Penetration In Nigeria

6.      CreditRegistry's Dud Cheque API Service To Boost Transparency In Banking Sector

7.      Shocks, and MoreDomestic Shocks from COVID-19 - FBNQuest

8.     BPP PublishesDetails of N1.4trillion COVID-19 Emergency Procurement details for 3 MDAs

9.      Bank NPLs (21) -The Role and Place of Credit Bureaus and Rating Agencies in Recovery Efforts

10.  Q1 2020 GDP:Overall Growth Performance Weighed Down By The Non-Oil Sector


Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

Get the App

apple-store  play-store

Connect with us


Proshare is a professional practice focused on delivering research and information services to bridge the gap between investors and markets; by delivery on credible, reliable, and timely engagements through the following areas — Impact Research, Market Intelligence, Strategic Advisory, Stakeholder Relations & Digital Media.