This marked the year when the vision to pioneer a private credit bureau was born. Biometric technology was integrated into the credit bureau system later that year.
In 2002, CreditRegistry Corporation conducted pilots and feasibility studies with 6 Nigerian banks and went on to receive a letter of commendation from the CBN Credit Risk Management System (CRMS) Team.
January 3, 2003 CR Services Ltd. was incorporated in Nigeria. We then went on to partner with the Credit Risk Management Association of Nigeria (CRIMA) to conduct technical trials with 48 commercial banks for which we received 94% approval ratings. By December 2003, our credit bureau went LIVE with 2 banks successfully uploading credit history of over 60,000 records.
In a land mark achievement, the company introduced facial biometrics into the CreditRegistry platform in 2004, thus becoming the first credit bureau in the world to achieve such a feat. Our subscriber base of commercial banks continued to grow steadily.
By 2007, the company had capitalized to One Billion Naira and became a public liability company.
The company diversifed its subscriber base to include non-bank creditors.
We obtained Approval in Principle (AIP) from the Central Bank of Nigeria (CBN) to operate as a licensed credit bureau in Nigeria.
The company obtained a Final Operating License from CBN in 2010. NOTAP approval was obtained. Pioneer status was granted to the company by NIPC.
This was also the year that the company's database hit the 10 million records mark. We also released a new product Portfolio Monitoring Report.
We achieved 100% covererage of commercial banks with a database in excess of 12 million records. This was also the year we broke even. The company rolled out a new product known as 'Campaign Report'.
2013 marked our 10th year anniversary and the year that we declared profit. In line with our tradition of being the leading provider of credit bureau services, our database grew to over 14 million records and we became the first bureau to offer credit bureau scores in Nigeria.
Company hit profitability at an 858% increase from 2013. Our database grew to over 40 million records from a diverse range of subscribers including commercial banks, microfinance banks, mortgage banks, merchant banks, finance companies, telcos and other key service providers