16 March 2021 By Georgina Humphrey
The Central Bank of Nigeria, CBN, has been urged to ensure full monitoring of non performing loans providers through it’s Credit Bureau policy to strengthen small and medium scale enterprises in the country.
A retired Director of Risk Management Department with the Central Bank of Nigeria, CBN, Dr. Dozie Okwuosah gave the advice while featuring on “Perspective” a Kapital Fm Current Affairs Programme in Abuja.
While discussing on the topic ” The impact of Credit Bureau towards enhancing small and medium scale enterprises in the country” Dr. Okwuosah said the Credit Bureau policy if effectively implemented would stimulate economic growth and enable banks to sanction loan defaulters.
Dr. Okwuosah who explained that the Credit Bureau policy by the CBN was established to pave way for tax payers and borrowers to access loans in financial institutions
urged the Apex bank to embark on enlightenment campaigns on the importance of the credit bureau for the benefit of the citizens
The retired CBN Director also appealed to Stakeholders in the financial sector to carry out more enlightenment programmes to small Business owners on the need to take advantages of Credit Bureau services in the country.
He said if more awareness programmes are carried out especially at the grass roots it will enable them acquire credit loans services easily to enhance economic growth of the country.
Dr. Okwuosah, therefore advised Nigerians irrespective of status to open an account and ensure they have their Credit Bureau reports ready for proper access to loans.