50 million Nigerians now have credit scores, and 70% of the records came from loan apps

Nigeria’s credit system is changing fast. Over 50 million Nigerians now have credit scores, and surprisingly about 70% of these records were generated by digital loan apps.

In this video, we explain how loan apps have become one of the biggest sources of credit data in Nigeria and what it means for borrowers, businesses, and the financial system.

Many Nigerians think credit scores only come from banks, but the reality is that digital lenders are now reporting millions of borrowers to credit bureaus. This means that even a small loan from a mobile app can affect your financial reputation.

We will also discuss how the credit reporting system works in Nigeria through organizations like Central Bank of Nigeria, CRC Credit Bureau, CreditRegistry, and FirstCentral Credit Bureau.