Expert Faults Nigeria’s Credit System As Borrowers Pay More For Invisible Trust

Nigeria’s credit system may be unfairly penalising millions of financially disciplined borrowers as weak data-sharing practices among lenders continue to distort risk assessment and push up borrowing costs.
According to industry analysts, despite regulatory frameworks aimed at improving transparency, experts say many financial institutions still rely on fragmented customer records, forcing borrowers to rebuild trust with every new lender, regardless of their repayment history.
This has raised fresh concerns over the effectiveness of Nigeria’s credit reporting system at a time the country is pushing deeper financial inclusion and wider access to consumer credit.
Speaking in Lagos, Fo...