Credit Bureau chief estimates SMEs financing gap at $32.3b
The SME financing gap in Nigeria is estimated at $32.3 billion, despite the critical role SMEs play in contributing to national Gross Domestic Product and employment, Managing Director/CEO, CRC Credit
The SME financing gap in Nigeria is estimated at $32.3 billion, despite the critical role SMEs play in contributing to national Gross Domestic Product and employment, Managing Director/CEO, CRC Credit Bureau Limited, Dr. Ahmed ‘Tunde Popoola, has said.
He spoke at the inaugural Collaborative Lecture of the Faculty of Management and Social Sciences (FMSS) and the Centre for Advancement and Industrial Collaboration (CAIC) at Kwara State University (KWASU), Malete.
He spoke on the theme: “Finance, Entrepreneurship, and the Infrastructure of Trust,” at the event attended by a distinguished audience of academics, policymakers, and financial sector leaders.
He said that technology and data are rapidly transforming credit access through innovations such as Open Banking, artificial intelligence-driven credit scoring, and alternative data models.
In his address, Popoola emphasised the transformative role of credit in economic development, noting that, “Credit is not just about borrowing. It is the infrastructure of opportunity, a bridge that connects where you are today to where you have the potential to be. Nigeria has the institutions. We must now build the data ecosystem to unlock them.”
Vice Chancellor of Kwara State University, Professor Shaykh-Luqman Jimoh, described the lecture as a defining moment for the institution and its broader mission. He stated, “KWASU is delighted to host Popoola for this landmark lecture. The collaboration between our university and CRC Credit Bureau, the largest credit bureau in Nigeria, is a model for how academia and industry should work together to solve Nigeria’s most pressing development challenges. Access to finance is not merely an economic issue, it is a social justice issue.”
Similarly, Vice Chancellor of the University of Ilorin, Professor Wahab Olasupo Egbewole, SAN, emphasised the importance of cross-sector collaboration in preparing future leaders, noting, “The University of Ilorin is proud to be represented at this pioneering event. Collaborative platforms between universities and financial institutions are essential to equipping our graduates with the skills and knowledge to participate meaningfully in Nigeria’s evolving digital economy.”
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The lecture marked the operationalisation of the Memorandum of Understanding signed between CRC Credit Bureau and KWASU in January 2026, which is designed to strengthen the link between academic research and financial industry practice.
Under this partnership, CRC Credit Bureau will provide anonymised credit data to support research and the development of evidence-based policies on access to finance in Nigeria.
Popoola’s participation followed a formal invitation by the Vice Chancellor of KWASU after an institutional visit to CRC’s Lagos headquarters earlier in the year. The event also represents KWASU’s first Collaborative Lecture initiative, signalling the university’s commitment to fostering industry-relevant scholarship and practical engagement.
Central to Popola’s presentation was the concept of the “Infrastructure of Trust,” which he described as the integrated system of financial institutions, identity frameworks such as BVN and NIN, credit bureaus, rating agencies, payment systems, collateral registries, and regulatory structures that collectively enable efficient credit markets. He stressed that while government credit interventions may be well-intentioned, they have historically achieved limited impact, and that sustainable access to finance must be driven by robust, market-based financial infrastructure supported by reliable data.
Popoola also highlighted the significant progress made by CRC Credit Bureau since its establishment. He noted that the organisation now maintains credit profiles for over 60 million Nigerians and has played a critical role in deepening credit bureau penetration from less than 5 percent in 2009 to over 40 percent today. He further observed that credit to the private sector has grown substantially in recent years, while non-performing loan ratios have declined markedly, demonstrating the effectiveness of structured credit reporting systems.
Reinforcing his message, Popoola stated that access to finance is increasingly determined by data visibility within the financial ecosystem. He urged individuals and businesses to build credibility through consistent and responsible financial behaviour, noting that digital and transactional data now serve as key determinants of creditworthiness.
In his recommendations, he called on policymakers to establish a unified national framework for access to finance, strengthen identity systems, and promote broader data sharing across critical sectors, while ensuring strict adherence to data protection regulations. He encouraged academics and researchers to leverage available data to evaluate financial interventions and contribute to policy development. He also advised entrepreneurs to adopt formal financial channels, deliberately build their credit profiles, and recognise the growing importance of digital footprints in accessing finance.
