Nigeria’s first private credit bureau celebrates 20th anniversary
First Central Credit Bureau, Nigeria’s first private credit bureau, has marked its twentieth anniversary with a four-day celebration that combined learning, innovation, and recognition.
The event, tagged “Global Credit Connect,” featured a mix of training sessions, product showcases, and industry discussions. It brought together representatives from commercial banks, microfinance institutions, and other players across the credit ecosystem.
The ceremony ran for four days, with the first three days dedicated to virtual free training on Credit Service Management aligned with the ITIL4 framework. The final day, October 17, featured the grand celebration, which capped off the milestone anniversary.
In his opening remarks during the celebration, Olufemi Blaize, Director of the company, reflected on the bureau’s growth over two decades. He noted that the company is now leveraging AI-driven analytics to improve credit decision-making.
“To stay at the forefront of market innovation,” he said, “we are intensifying our research and development efforts in artificial intelligence and related technologies.”
A major highlight of the celebration was a panel session moderated by First Central’s Owen Arasomwan. It featured Adebimpe Odunuga, Group Head of Risk Management at FCMB Group; Henry Obiekea, Managing Director of FairMoney Microfinance Bank; Gbenga Balogun, Head of Credit Administration at FirstBank of Nigeria; and Bola Oduyale, Managing Director of CreditWise.
The panellists discussed the future of credit systems in Nigeria. They shared insights on data integration, risk transparency, and financial inclusion in a fast-changing digital economy.
The company also showcased new products and services. Mary Ohalete Uwaoma, General Manager, Marketing and Business Development, unveiled the “Automated Loader”, a do-it-yourself tool that processes user data seamlessly. She also introduced the FirstCentral Mobile App, now available on the App Store and Play Store.
The app allows individuals and SMEs to check their credit scores and manage credit-related services conveniently, anytime and anywhere.
A journey of innovation
Founded in May 2005 as XDS Credit, First Central Credit Bureau made history in 2009 when it became Nigeria’s first licensed private credit bureau, following approval from the Central Bank of Nigeria.
According to Oladimeji Peters, Managing Director of the company, the bureau now holds over 2 billion historic records and more than 40 million unique customer profiles.
Peters recounted the company’s major milestones. A data centre was built in 2014. In 2015, the firm expanded into the non-financial sector. By 2016, it had ventured into leasing and insurance. “In 2018, we rebranded First Central Credit Limited,” he added.
The keynote address was delivered by Ubong Essien, Dean of the School of Eloquence, on the topic “Is Your Credit Model Ready for Future Disruption?”
Essien urged industry players to use artificial intelligence to expand access to credit. He also drew inspiration from the story of Muhammad Yunus, the Bangladeshi economist who pioneered microfinance and transformed access to credit for low-income earners.
“AI can now pick up trends that traditional models were built to miss,” he said. “The challenge for the next decade is to ensure that innovation translates into financial inclusion.”
The celebration ended with the presentation of awards, where the bureau’s partners over the twenty-year journey were recognised.
