Nigeria: Credit Bureau CEO Puts Nigeria’s SME Financing Gap at $32.3bn

Nigeria’s small and medium-sized enterprises (SMEs) face an estimated $32.3 billion financing gap, underscoring persistent constraints in access to credit despite the sector’s central role in economic growth and employment.

This was disclosed by Ahmed Tunde Popoola, Managing Director/Chief Executive Officer of CRC Credit Bureau Limited, during the inaugural Collaborative Lecture hosted by the Faculty of Management and Social Sciences and the Centre for Advancement and Industrial Collaboration at Kwara State University (KWASU), Malete.

Speaking on the theme “Finance, Entrepreneurship, and the Infrastructure of Trust,” Popoola emphasised that closing the financing gap will require stronger data ecosystems and market-driven credit infrastructure.

“Credit is not just about borrowing. It is the infrastructure of opportunity—bridging where individuals and businesses are today with their future potential,” he said.

Technology Reshaping Credit Access

Popoola noted that emerging technologies, including open banking frameworks, artificial intelligence-driven credit scoring, and alternative data models, are transforming how financial institutions assess creditworthiness and extend financing.

He argued that while Nigeria has established key financial institutions, unlocking broader access to credit depends on improving data availability, integration, and reliability across the ecosystem.

Academia–Industry Collaboration Gains Ground

The lecture also marked the operationalisation of a partnership between CRC Credit Bureau and KWASU, aimed at strengthening the link between academic research and financial sector practice.

Under the agreement, anonymised credit data will be made available to researchers to support evidence-based policy development on access to finance.

Vice Chancellor of KWASU, Shaykh-Luqman Jimoh, described the initiative as a model for collaboration, noting that access to finance is both an economic and social issue.

Similarly, Wahab Olasupo Egbewole, Vice Chancellor of the University of Ilorin, highlighted the importance of cross-sector partnerships in preparing graduates for participation in Nigeria’s evolving digital economy.

Building the “Infrastructure of Trust”

Central to Popoola’s presentation was the concept of an “infrastructure of trust”—an integrated framework comprising identity systems such as BVN and NIN, credit bureaus, payment platforms, collateral registries, and regulatory institutions.

He noted that sustainable credit expansion must be anchored on this ecosystem rather than short-term government interventions, which have historically delivered limited impact.

Progress and Policy Priorities

Popoola highlighted that CRC Credit Bureau now maintains credit profiles for over 60 million Nigerians, with credit bureau penetration rising from below 5% in 2009 to over 40% today. He added that improved credit reporting has contributed to increased private sector lending and declining non-performing loan ratios.

Looking ahead, he called for:

• A unified national framework for access to finance
• Stronger identity and data infrastructure
• Increased data sharing across sectors, with strict data protection compliance

He also urged entrepreneurs to adopt formal financial channels and build credible credit histories, noting that digital and transactional footprints are increasingly central to accessing finance.

The lecture signals growing recognition that bridging Nigeria’s SME financing gap will depend less on capital availability alone and more on the strength of the systems that enable trust, transparency, and data-driven lending.