Banking
CreditRegistry Offers Free Credit Reporting to Lenders
Nigeria’s largest credit bureau, CreditRegistry, is offering lenders free usage of its premium credit reporting service to cushion the effects of the COVID-19 pandemic on businesses.
According to a statement issued by the firm, this offer, estimated at more than N25 million, is timed to come into effect with the commencement of the phased easing of the lockdown on May 4, 2020 in Lagos, FCT and Ogun as announced by President Muhammadu Buhari.
Lenders not yet subscribed to its platform are able to use CreditRegistry’s credit reporting service at no cost throughout the month of May.
This offer enables lenders, especially Fintechs, to process as many loans as desired, reduce operational costs and pass the savings to customers who urgently need help and financial support now as a result of the pandemic impact, the statement noted.
Commenting on the offer, CreditRegistry’s Chief Executive Officer, Mrs Jameelah Sharrieff-Ayedun, stated that, “Notwithstanding the current arduous circumstances, CreditRegistry remains committed to empowering and supporting our loyal members.”
“We all have a part to play so during this challenging time we are contributing to help businesses thrive so that more Nigerians can remain employed.
“CreditRegistry is offering new members access to our services at no cost in May 2020.
“We hope that our contribution will support lenders so they can extend critical lending support to more customers,” she added.
Concluding, Mrs Sharrieff–Ayedun noted that, “As Nigeria is set to reopen, regroup, rethink, reimagine, rebuild and recover, as a socially responsible brand, CreditRegistry aims to collaborate with lenders to empower individuals and businesses with faster access to affordable credit ‘one loan at a time’.”
In addition to the Free Offer Campaign to new members, CreditRegistry is championing more efficient and cost-saving models for its existing members to operate.
CreditRegistry’s AutoCred REST API provides the means for lenders to automate access to credit reports and its proprietary SMARTScore in order to facilitate split-second processing of large volumes of loan transactions at significant cost savings, while ensuring business continuity.
Existing members that implement the AutoCred REST API in May 2020 will also benefit from the Free Offer Campaign. Lenders can process more credit applications faster and more creditworthy Nigerians can benefit from loans at this critical time.
CreditRegistry’s Free Offer Campaign is highly supportive of the Central Bank of Nigeria (CBN) loan facility made available to help Nigerian families and businesses during this crisis.
The apex bank has introduced several initiatives including the reduction of cost of lending on funds from the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL MFB), the national microfinance bank which has commenced the disbursement of CBN’s N50 billion Targeted Credit Facility (TCF) to MSMEs affected by COVID-19.
CreditRegistry – the Voice of Credit in Nigeria – has over 20 products and services available to lenders and the general public, including its SMARTScore and CreditConnection.
Since pioneering private credit bureau services in 2003, CreditRegistry has been steadfastly serving leading financial and non-financial organisations.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
