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Popoola Wants Role for Credit Bureau in CBN’s Intervention Fund Disbursement
Sep 28, 2020
Maduabuchi Ubani
The access, impact and prospects of the intervention funds by the Central Bank of Nigeria (CBN) formed the basis of discussion at a recent webinar organised by the CRC Credit Bureau.
The webinar was part of the firm’s CSR initiative that serves as an avenue to enlighten members of the public on issues around financial literacy and the Bank’s policies.
The Managing Director/ CEO, CRC Credit Bureau, Dr. ‘Tunde Popoola, said: “As at now most of the intervention funds, especially by the state governments are disbursed without reference to the credit bureaus. Even after disbursement, such data are not submitted to the credit bureaus.
“What happens is that wrong people or non-targeted platforms may be the beneficiaries of the intervention funds” Popoola further advocated that data of beneficiaries be submitted to the credit bureau, saying it would help in collection and repayment, alongside improve access to non-government funds for credit beneficiaries as well as instill discipline to the repayment process.
Presenting the intervention funds as one of the key mandate of the CBN, Dr. Chinedu Zephaniah, of its Development Finance Department, said the Bank was positioned to promote a sound financial system, stimulate key sectors and facilitate investment in critical infrastructure that will assist development alongside deployment of finance to specific focal centres.
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