The Kwara State University, Malete, has formalised a strategic partnership with CRC Credit Bureau Limited aimed at enhancing access to credit and driving economic growth through data-driven research and financial infrastructure development.
The Memorandum of Understanding, announced on Monday during a collaborative lecture at the university’s Mini Convocation Arena, will enable the university to access anonymised credit data to support research and policy innovation.
The event, jointly organised by the Faculty of Management and Social Sciences and the Centre for Advancement and Industrial Collaboration, brought together academics, students and industry experts to examine the intersection of finance, entrepreneurship and data-driven credit systems.
Speaking, the Managing Director and Chief Executive Officer of CRC Credit Bureau Limited, Dr Ahmed Popoola, described finance as a critical driver of entrepreneurship and economic expansion, noting that limited access to credit continues to hinder many Nigerians.
Popoola said, “Credit is more than borrowing or taking a loan. Credit confers the power to unlock opportunities. When used properly and positively, it is a bridge that can connect someone from where they are now to where they desire to be.”
Popoola highlighted how individuals and businesses can grow significantly when financing is accessible.
“A young employee used a small personal loan to obtain a professional qualification. Within two years, his income tripled. Similarly, a small food business utilised credit to expand delivery capacity and increased sales by about 45 per cent,” he explained.
He, however, lamented that many entrepreneurs remain excluded from formal financing due to a lack of credit history and visibility within the financial system.
“Your business looks promising, but we don’t have evidence of your credit behaviour. We don’t know you. That is the reality for many entrepreneurs whose success is invisible to the financial system,” he said, recounting the experience of a small business owner denied a loan.
Popoola further noted that credit bureaus, digital identity systems and open banking frameworks are essential in bridging information gaps and expanding access to finance.
“We are now in an era where access to finance is no longer about who you know. Building a credible credit profile enhances access to credit for consumers and businesses,” he stated.
He added that Nigeria’s credit penetration remains low at about 13 per cent compared to a global average of 91 per cent, calling for stronger policy frameworks and deeper data integration.
“There is a need to connect informal financial activities to the formal system, unlock data for credit bureaus and strengthen national identity systems to support lending decisions,” he said.
The CRC boss also emphasised that government interventions alone cannot sufficiently address funding gaps, advocating market-driven solutions supported by robust financial infrastructure.
“Government direct financial support is a form of subsidy and cannot materially address the gaps in access to finance. The promotion and adoption of financial infrastructure will move the needle faster,” he noted.
On the significance of the MoU, Popoola explained that the partnership would support evidence-based research and informed policymaking.
“We executed this Memorandum of Understanding with KWASU to make anonymised data available for research.
“The objective is to enrich our understanding of access to credit and support policymakers in designing effective interventions,” he said.
Earlier, the Vice-Chancellor of KWASU, Prof Shaykh-Luqman Jimoh, said the collaboration underscores the university’s commitment to bridging the gap between academia and industry.
“This lecture is one way we are forging synergy with industry. Our partnership with CRC focuses on finance, data science, credit management and employability, providing students with structured internships and industry exposure,” he said.
He added that the initiative would strengthen academic research and prepare students for entrepreneurship in a rapidly evolving financial ecosystem.
“For us, theory must meet practice while practice must reflect grounded theories in our communities. This is the only way universities can contribute meaningfully to national development,” the Vice-Chancellor stated.
Also speaking, the Dean of the Faculty of Management and Social Sciences, Dr Rahman Mustapha, stressed that financial innovation and institutional trust are vital to sustainable development.
“The future of finance and entrepreneurship in Nigeria rests on our students, and trust remains the currency that will sustain their endeavours,” he said.