CRC Credit Bureau Limited has called for a data-driven trust infrastructure to unlock the $32.3 billion small and medium-scale enterprises (SME) financing gap in Nigeria. The Managing Director/Chief Executive Officer, Dr Ahmed ‘Tunde Popoola, made this call while delivering the inaugural Collaborative Lecture of the Faculty of Management and Social Sciences (FMSS) and the Centre for Advancement and Industrial Collaboration (CAIC) at Kwara State University (KWASU), Malete, Kwara State.
Lecture Highlights Infrastructure of Trust
The lecture, titled ‘Finance, Entrepreneurship, and the Infrastructure of Trust’, drew a distinguished audience of academics, policymakers, and financial sector leaders. The event was graced by the Vice Chancellor of KWASU, Professor Shaykh-Luqman Jimoh, and the Vice Chancellor of the University of Ilorin, Prof. Wahab Olasupo Egbewole, alongside senior academics, students, and industry executives.
In his keynote address, Popoola described credit not merely as borrowing, but as a fundamental driver of economic mobility. “Credit is the infrastructure of opportunity, a bridge that connects where you are today to where you have the potential to be,” he said. “Nigeria has institutions. We must now build the data ecosystem to unlock them.”
Partnership Between CRC and KWASU
The lecture operationalised a Memorandum of Understanding signed between CRC Credit Bureau and KWASU in January 2026, aimed at bridging academic research and financial industry practice. Under the partnership, CRC will provide anonymised credit data to support evidence-based policy research on access to finance in Nigeria.
Popoola painted a sobering picture of Nigeria’s credit landscape, noting that the country’s credit penetration stands at a mere 13 per cent of GDP, far below the global average of 91 per cent and Sub-Saharan Africa’s 30 per cent. He also highlighted a staggering $32.3 billion financing gap for SMEs, despite their critical role in GDP and employment.
Infrastructure of Trust as Solution
He attributed the solution to what he termed the “Infrastructure of Trust”, an integrated system comprising identity frameworks (BVN, NIN), credit bureaus, payment systems, collateral registries, and regulatory structures. He cautioned that while government credit interventions are well-intentioned, sustainable finance must be driven by robust, market-based infrastructure powered by reliable data.
Since its establishment in 2006 and licensing by the Central Bank of Nigeria in 2009, CRC has built credit profiles for over 60 million Nigerians. Dr Popoola noted that credit bureau penetration has surged from under five per cent in 2009 to over 40 per cent today, while non-performing loan ratios have declined markedly – proof that structured credit reporting works.
University Leaders Endorse Collaboration
On his part, Vice Chancellor of KWASU, Prof. Jimoh, called the lecture a defining moment. “Access to finance is not merely an economic issue; it is a social justice issue,” he said, describing the CRC collaboration as a model for solving Nigeria’s development challenges. Similarly, VC of the University of Ilorin, Prof. Egbewole, emphasised that cross-sector collaboration is essential to equipping graduates for Nigeria’s digital economy.
Call to Action for Individuals and Policymakers
Largely, Dr Popoola urged individuals and businesses to build credibility through consistent financial behaviour, noting that digital footprints are now key determinants of creditworthiness. He called on policymakers to establish a unified national framework for access to finance, strengthen identity systems, and promote broader data sharing under strict data protection regulations.
