Frost & Sullivan has recognised CreditRegistry Services (CRS) of Nigeria with the 2016-2017 Product Leadership Award in the credit reporting and risk management enterprise software industry in the country.

CreditRegistry Services leads the way in managing credit reporting and risk through its comprehensive credit risk software platform, says Frost & Sullivan based on its recent analysis of the credit reporting & risk management enterprise software industry.

CRS has a history of industry firsts, including the integration of facial and fingerprint biometrics into a credit reporting platform and the introduction of credit scores, aka SMARTScores, into the market, according to Frost & Sullivan.

CreditRegistry Managing Director, Jameelah Sharrieff-Ayedun says the award “is a noble achievement for our organisation and a continuation of tradition of firsts. We shall continue to take on big challenges and deliver innovative solutions that help our customers succeed.”

“CreditRegistry is the first Nigerian company to win the Frost and Sullivan’s Credit Reporting and Risk Management Enterprise Software Award together in a single event.”

CreditRegistry is the first Nigerian company to win the Frost and Sullivan’s Credit Reporting and Risk Management Enterprise Software Award together in a single event.

In 2008, the Central Bank of Nigeria (CBN) released its “Guidelines for the Licensing, Operations and Regulation of Credit Bureaus in Nigeria” in an effort to remove subjective qualifications on who could receive loans.

CBN subsequently licensed three private credit bureaus in 2009 for the purpose of improving risk management and safeguarding financial institutions. These credit bureaus face the key challenge of educating credit seekers on how the personal information they provide enables them to access credit at better rates. Concerned about privacy, consumers may omit vital information or provide incorrect information, negatively affecting the quality of their records. For credit bureaus to maintain accurate databases, it is vital that they use credit-reporting software that logs as much accurate data as possible from consumers while using fraud detection mechanisms to deter and identify those seeking to cheat the system.

“Prior to CBN licensing CreditRegistry Services as one of the three credit bureaus, CRS was already in the market, developing software to increase visibility of consumer credit records across all Nigerian banks,” said Fadzai Deda, Best Practices Research Analyst. “They partnered with the Credit Risk Management Association of Nigeria (CRIMA) to conduct an evaluation of its software with 48 out of then 90 commercial banks, obtaining a 94% approval rating.”

Since the company’s inception in 2003, CRS has expanded its software products and services offered through its credit risk software platform. These products and services have two main purposes; namely, marketing insights and credit creation. The credit-related products include: The Credit Report and Portfolio Monitoring Report mandated by the CBN.

SMARTScores: a risk-ranking statistical score, developed by CRS, that highlights the potential risk of default by a particular individual or business

“What really makes the CRS credit risk software platform stand out is the fact that it is scalable and is able to support large enterprises and millions of customers,” Deda adds. “This platform can be deployed either as a cloud-based application, or on-site if customers are using legacy systems. Furthermore, the software also uses analytics to identify consumer behaviours to increase both sales and customer service.”

To counter concerns about privacy, CRS employs both fingerprint and facial biometrics and two-factor authentication to ensure data records are only available to authorised users.

Clients can also detect anomalies in all stored records within their internal systems to prevent fraudulent activity. CRS is able to continuously add new features to its product through its partnership with CreditRegistry Corporation (“CRUSA”), based in the United States. CRUSA develops the software, while CRS deploys it in Nigeria, allowing the company to focus on collecting data on local trends and customer challenges. This can then be shared with CRUSA to improve the product.

CRS is the pioneer of credit reporting and risk management services in one of Africa’s largest economies, Nigeria. As of 2015, the company had over 30 million records in its database. The combination of a rich portfolio of customer information and the quality of its service architecture with built-in credit scores and analytics has enhanced the software and enabled its use in different industries. CRS already serves 100% of the commercial bank segment in Nigeria and is now focusing on expanding in other financial institutions, such as micro-lenders, and non-financial institutions.

With its strong product offering, dedication to customer success, and successful diversification strategies, CreditRegistry Services merits the Frost & Sullivan Nigerian Credit Reporting & Risk Management Enterprise Product Leadership Award.

Frost & Sullivan Best Practices awards recognise companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry. The award recognises the quality of the solution and the customer value enhancements it enables.