Nigeria - 2017 - Finance

Credit Reporting Act, 2017 Explanatory Memorandum

Ministry of Finance, Budget and National Planning, Nigeria

This Act provides for the framework for credit reporting, licensing and regulation of credit bureaus. The objectives of this Act are to facilitate and promote access to credit and enhance risk management in a credit transaction, to promote access to accurate, fair and reliable credit information and to protect the privacy of such information, set standards and conditions for the establishment, regulation and operations of credit bureaus.

Process Flow

National Assembly ⬤

Office of the President ⬤

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Credit Reporting Act, 2017 Explanatory Memorandum Current Version

January 2022

This Act provides for the framework for credit reporting, licensing and regulation of credit bureaus. The objectives of this Act are to facilitate and promote access to credit and enhance risk management in a credit transaction, to promote access to accurate, fair and reliable credit information and to protect the privacy of such information, set standards and conditions for the establishment, regulation and operations of credit bureaus.

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