In a nation where over 41 million Micro, Small, and Medium Enterprises (MSMEs) contribute nearly half of the GDP, it’s perplexing that less than 11% have access to formal credit. In 2016, the Central Bank of Nigeria established the National Collateral Registry to enhance credit access by allowing movable assets as collateral. In 2017, it …
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Does Nigeria need OCEN to boost credit?
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What’s OCEN and could it work with open banking in Nigeria?
Imagine a world where access to credit isn’t just a privilege for the fortunate few but a foundational layer of everyday life—like clean water or electricity. Now, hold that thought and ask yourself: why is it that in a country with over 200 million people, borrowing money still feels like climbing a mountain while blindfolded? …
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