The Managing Director/Chief Executive Officer of CRC Credit Bureau Limited, Dr Ahmed Popoola, has called for sweeping reforms to Nigeria’s credit system to bridge the country’s $32.3bn small and medium enterprises financing gap.
According to a statement by CRC, Popoola made the call on Monday while delivering the inaugural Collaborative Lecture of the Faculty of Management and Social Sciences and the Centre for Advancement and Industrial Collaboration at Kwara State University, Malete.
The lecture, titled ‘Finance, Entrepreneurship, and the Infrastructure of Trust’, drew academics, policymakers, and financial sector leaders, including the Vice-Chancellor of KWASU, Prof. Shaykh-Luqman Jimoh, and the Vice-Chancellor of the University of Ilorin, Prof. Wahab Egbewole.
In his address, Popoola underscored the role of credit in economic development, stating, “Credit is not just about borrowing. It is the infrastructure of opportunity, a bridge that connects where you are today to where you have the potential to be. Nigeria has the institutions. We must now build the data ecosystem to unlock them.”
He noted that Nigeria’s credit penetration remains low at about 13 per cent of gross domestic product, compared to a global average of 91 per cent and 30 per cent in Sub-Saharan Africa, adding that the country faces a significant SME financing gap estimated at $32.3bn.
Popoola said technology and data are reshaping credit access through innovations such as open banking, artificial intelligence-driven credit scoring, and alternative data models.
He described the “Infrastructure of Trust” as an integrated system comprising financial institutions, identity frameworks such as the Bank Verification Number and National Identification Number, credit bureaus, rating agencies, payment systems, collateral registries, and regulatory structures that enable efficient credit markets.
According to him, while government credit interventions may be well-intentioned, they have historically recorded limited impact, stressing that sustainable access to finance must be driven by a robust, market-based financial infrastructure supported by reliable data.
He further noted that access to finance is increasingly determined by data visibility within the financial ecosystem, urging individuals and businesses to build credibility through consistent financial behaviour.
Popoola also highlighted the progress made by CRC Credit Bureau, stating that the firm now maintains credit profiles for over 60 million Nigerians and has helped deepen credit bureau penetration from less than five per cent in 2009 to over 40 per cent.
In his recommendations, he urged policymakers to establish a unified national framework for access to finance, strengthen identity systems, and promote broader data sharing across sectors, while ensuring strict compliance with data protection regulations.
Earlier, the Vice Chancellor of KWASU, Jimoh, described the lecture as a defining moment for the institution.
“KWASU is delighted to host Dr Popoola for this landmark lecture. The collaboration between our university and CRC Credit Bureau, the largest credit bureau in Nigeria, is a model for how academia and industry should work together to solve Nigeria’s most pressing development challenges. Access to finance is not merely an economic issue; it is a social justice issue,” the VC said.
Similarly, Egbewole emphasised the need for cross-sector collaboration in preparing future leaders. “The University of Ilorin is proud to be represented at this pioneering event. Collaborative platforms between universities and financial institutions are essential to equipping our graduates with the skills and knowledge to participate meaningfully in Nigeria’s evolving digital economy,” he added.
The lecture also marked the operationalisation of a Memorandum of Understanding signed between CRC Credit Bureau and KWASU in January 2026 to strengthen the link between academic research and financial industry practice, including the provision of anonymised credit data to support evidence-based policy development.
