Nigeria FinTech Landscape - Impact Assessment
3: The central credit scoring infrastructure will leverage transaction and customer
data to develop credit reports for customers
EXAMPLES
What's the need today?
Today, banks and financial
institutions rely on multiple
sources to evaluate the
creditworthiness of customers
and businesses, which is a
costly process
血血血 Credit
bureaus
which
currently has
>
limited scale
Private and
ΙΠΠ
public
employers for
employment
and income
verification
Set up NIBSS as the "one-
stop shop" for credit checking
and fraud detection
NIBSS
Transaction details, frequency,
financials history from central
switch
Credit bureau
+
Aggregated customer data
from different banks -
address, financial history,
loan amount
Banks
+
Account balance, address
information, payment amount
and history
How the central credit scoring could work
1 NIBSS uses customer data from transaction
volumes to build credit score for customers
Can be done in Phase 2
NIBSS
transaction
data
Credit
bureaus
Alternative
data
sources
Utilize innovative software to generate credit
scores from customers using customer data from
NIBSS central switch
1
1
Central credit
infrastructure
2 Customer consent (partner institution side)
Customer applies for a loan with financial
institution / banks
I agree to share my information with third
party service providers, to secure additional
information that will be useful for evaluating
my creditworthiness
3 NIBSS shares customer's credit rating with
partner institution
Information on the customer run through
database and credit report sent to partner (fee is
charged for every pull)
Credit scoring
system
3
2
Customers
2
Lending
institutions
SOURCE: Expert interviews, Stakeholder interviews, team analysis
EFINA
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