Poor credit data could stall FG’s loan schemes, E-doc CEO warns
The Chief Executive Officer of E-doc Online, Tunde Ogundipe, has warned that Nigeria’s efforts to expand access to consumer credit could... The post Poor credit data could stall FG’s loan schemes, E-doc CEO warns appeared first on Nairametrics .
Tunde Ogundipe, CEO of E-doc Online, has cautioned that Nigeria's ambitious plans to widen access to consumer credit could face challenges without a robust financial data system. Speaking to journalists in Lagos, Ogundipe emphasized the need for reliable credit data to enable lenders to accurately evaluate borrowers. He pointed out that government-backed lending programs, while promising, would be hindered if there is insufficient information on applicants' financial behaviors.
Currently, only about 6% of Nigerian adults utilize credit from regulated institutions, according to EFInA's latest Access to Finance survey, while 26% remain excluded from formal financial services. This disparity highlights a vast segment of the population with regular income and transaction histories but lacking the conventional credit records necessary for loan assessment.
The Federal Government's initiative to expand consumer credit through the Nigerian Consumer Credit Corporation (CrediCorp), which aims to reach half of Nigeria's working population by 2030, faces potential setbacks due to these data limitations. CrediCorp, established in April 2024, has already disbursed N47.2 billion to 301,928 Nigerians as of July 31, 2026.
To mitigate lending risks, the Corporation has entered a risk-sharing agreement with the National Credit Guarantee Company. Ogundipe suggested that open banking could bridge the gap by enabling secure sharing of financial information with vetted third parties. Nigeria's open banking framework, mandated by the Central Bank of Nigeria (CBN) in 2023, aims to enhance trust between financial institutions, technology firms, and consumers.
E-doc Online's strategy involves partnering with institutions while ensuring customers retain control over their shared financial data.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
