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Credit Bureau Creates Awareness on Open Banking System

The Managing Director/Chief Executive Officer, CRC Credit Bureau Limited, Dr ’Tunde Popoola, Dr. ‘Tunde Popoola, spoke in a statement titled ‘CRC Credit Bureau drives conversation on open banking’.

It stated that it hosted an online webinar themed ‘Open Banking: Implications for payments system and access to credit’.

He said, “For us at CRC, we identified the direction of information dissemination and availability among players in the economy and our products and services are driven by data.

”We represent one side of the financial intermediation equation by holding and disseminating data on credit activities. It is complete when access to information on the deposit mobilisation and payments system is also democratised.

“It is therefore not strange that today, we are discussing open banking and as a player in the data management sector of the Nigerian economy, we were encouraged to organise this webinar to discuss this.”

The Keynote Speaker, Director Payments System Management Department, Central Bank of Nigeria, Mr Musa Jimoh, explained the benefits of open banking, the sharing and leveraging of customer data with customer permission by banks and third party firms to build applications and services.

Jimoh who was represented by the Assistant Director Payment Systems Management Department, CBN, Mr Olubukola Akinwunmi, said this would in turn provide an opportunity for growth, product offerings and greater financial transparency for account holders and competition in the financial services sector.

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