XDS Solutions to set up credit bureau

XDS Solutions Limited has concluded plans to introduce a credit bureau to provide wider access to credit in the country.


Disclosing this to newsmen in Lagos recently, Managing Director, XDS Solutions, Mr. Ubong Awah said that the company was a risk solution company fostering on developing products and services that turned data in strategic information to ease the burden of credit and risk management.

Awah noted that Nigeria had done a lot in the past to eradicate the scourge of poverty and empower the people to be self sustaining but much had not been achieved because of this missing link in the financial architecture.

He added that the credit information bureau would bridge the information gap that existed when there was need for credit especially in project finance by tracking the financial behaviour of individuals over a period of time.

He also stressed that once such gap was bridged, our people would move from the state of despondency to helping ourselves.

Awah said that the credit bureau would among others things under guard the financial system and help ensure sound financial sector, because it will reduce loads in the system. "The behaviour records of such individuals would be made available to the financial institution, thereby bridging the information gap and building trust between the parties in the transaction," he said.


courtesy of The Guardian



It's about time!

As a woman, what I’ll expect from ANY man, is respect. A man who doesn’t show respect to a woman doesn’t only lack respect for himself but also his mother. That said I’ll expect a man to say what he means and means what he says.
From a lover, I’ll want him to be articulate, intelligent and honest. He should be able to entertain my mind as well as my body. And a man who is sure of himself and knows how to treat a woman.

Right Kaylala,

Ask God- He knows best. I state that as a true testament of the man I have. He mirrors all that I am:
sensitive
sweet
smart
spiritual
strong and
sensual

Needless to say, I'm in heaven.

Is that a trick question?

Get on with your life. He, obviously, is.

hot angel..........

Me thinks thou protest too much.

This is not etched in stone although I would love to see you laugh in Chinese.

Find your tree below and see what you are like...

Dec 23 to Jan 01 - Apple Tree
Jan 01 to Jan 11 - Fir Tree
Jan 12 to Jan 24 - Elm Tree
Jan 25 to Feb 03 - Cypress Tree
Feb 04 to Feb 08 - Poplar Tree
Feb 09 to Feb 18 - Cedar Tree
Feb 19 to Feb 28 - Pine Tree
Mar 01 to Mar 10 - Weeping Willow Tree
Mar 11 to Mar 20 - Lime Tree
Mar 21 (only) - Oak Tree
Mar 22 to Mar 31 - Hazelnut Tree
Apr 01 to Apr 10 - Rowan Tree
Apr 11 to Apr 20 - Maple Tree
Apr 21 to Apr 30 - Walnut Tree
May 01 to May 14 - Poplar Tree
May 15 to May 24 - Chestnut Tree
May 25 to Jun 03 - Ash Tree
Jun 04 to Jun 13 - Hornbeam Tree
Jun 14 to Jun 23 - Fig Tree
Jun 24 (only) - Birch Tree
Jun 25 to Jul 04 - Apple Tree
Jul 05 to Jul 14 - Fir Tree
Jul 15 to Jul 25 - Elm Tree
Jul 26 to Aug 04 - Cypress Tree
Aug 05 to Aug 13 - Poplar Tree
Aug 14 to Aug 23 - Cedar Tree
Aug 24 to Sep 02 - Pine Tree
Sep 03 to Sep 12 - Weeping Willow Tree
Sep 13 to Sep 22 - Lime Tree
Sep 23 (only) - Olive Tree
Sep 24 to Oct 03 - Hazelnut Tree
Oct 04 to Oct 13 - Rowan Tree
Oct 14 to Oct 23 - Maple Tree
Oct 24 to Nov 11 - Walnut Tree
Nov 12 to Nov 21 - Chestnut Tree
Nov 22 to Dec 01 - Ash Tree
Dec 02 to Dec 11 - Hornbeam Tree
Dec 12 to Dec 21 - Fig Tree
Dec 22 (only) - Beech Tree

TREES (in alphabetical order)

Apple Tree (Love)
Quiet and shy at times, lots of charm, appeal, and attraction,
pleasant attitude, fli rtatious smile, adventurous, sensitive, loyal in
love, wants to love and be loved, faithful and tender partner, very
generous, many talents, loves children, needs affectionate partner.

Ash Tree (Ambition)
Extremely attractive, vivacious, impulsive, demanding, does not
care for criticism, ambitious, intelligent, talented, likes to play
with
fate, can be very egotistic, reliable, restless lover, sometimes money
rules over the heart, demands attention, needs love and much emotional
support.

Beech Tree (Creative)
Has good taste, concerned about its looks, materialistic, good
organization of life and career, economical, good leader, takes no
unnecessary risks, reasonable, splendid lifetime companion, keen on
keeping fit (diets, sports, etc.).

Birch Tree (Inspiration)
Vivacious, attractive, elegant, friendly, unpretentious, modest,
does not like anything in excess, abhors the vulgar, loves life in
nature
and in calm, not very passionate, full of imagination, little ambition,
creates a calm and content atmosphere.

Cedar Tree (Confidence)
Of rare strength, knows how to adapt, likes unexpected presents,
of good health, not in the least shy, tends to look down on others,
self-confident, a great speaker, determined, often impatient, likes to
impress others, has many talents, industrious, healthy optimism, waits
for the one true love, able to make quick decisions.

Chestnut Tree (Honesty)
Of unusual stature, impressive, well-developed sense of justice,
fun to be around, a planner, born diplomat, can be irritated easily,
sensitive of others feelings, hard worker, sometimes acts superior,
feels
not understood at times, fiercely family oriented, very loyal in love,
physically fit.

Cypress Tree (Faithfulness)
Strong, muscular, adaptable, takes what life has to give but
doesn't necessarily like it, strives to be content, optimistic, wants
to
be financially independent, wants love and affection, hates loneliness,
passionate lover which cannot be satisfied, faithful, quick-tempered at
times, can be unruly and careless, loves to gain knowledge, needs to be
needed.

Elm Tree (Noble-mindedness)
Pleasant shape, tasteful clothes, modest demands, tends not to
forgive mistakes, cheerful, likes to lead but not to obey, honest and
faithful partner, likes making decisions for others, noble-minded,
generous, good sense of humour, practical.

Fig Tree (Sensibility)
Very strong minded, a bit self-willed, honest, loyal,
independent, hates contradiction or arguments, hard worker when wants
to
be, loves life and friends, enjoys children and animals, sexually
oriented, great sense of humour, has artistic talent and great
intelligence.

Fir tree (Mysterious)
Extraordinary taste, handles stress well, loves anything
beautiful, stubborn, tends to care for those close to them, ha rd to
trust
others, yet a social butterfly, likes idleness and laziness after long
demanding hours at work, rather modest, talented, unselfish, many
friends, very reliable.

Hazelnut Tree (Extraordinary)
Charming, sense of humour, very demanding but can also be very
understanding, knows how to make a lasting impression, active fighter
for
social causes and politics, popular, quite moody, sexually oriented,
honest, a perfectionist, has a precise sense of judgment and expects
complete fairness.

Hornbeam Tree (Good Taste)
Of cool beauty, cares for its looks and condition, good taste, is
not egoistic, makes life as comfortable as possible, leads a reasonable
and disciplined life, looks for kindness and acknowledgment in an
emotional partner, dreams of unusual lovers, is seldom happy with its
feelings, mistrusts most people, is never sure of its decisions, very
conscientious.

Lime Tree (Doubt)
Intelligent, hard working, accepts what life dishes out, but not
before trying to change bad circumstances into good ones, hates
fighting
and stress, enjoys getaway vacations, may appear tough, but is actually
soft and relenting, always willing to make sacrifices for family and
friends, has many talents but not always enough time to use them, great
leadership qualities, is jealous at times but extremely loyal.

Maple Tree (Independence of Mind)
No ordinary person, full of imagination and originality, shy and
reserved, ambitious, proud, self-confident, hungers for new
experiences,
sometimes nervous, has many complexities, good memory, learns easily,
complicated love life, wants to impress.

Oak Tree (Brave)
Robust nature, courageous, strong, unrelenting, independent,
sensible, does not like change, keeps its feet on the ground, person of
action.

Olive Tree (Wisdom)
Loves sun, warmth and kind feelings, reasonable, balanced, avoids
aggression and viole nce, tolerant, cheerful, calm, well-developed
sense
of justice, sensitive, empathetic, free of jealousy, loves to read and
the company of sophisticated people.

Pine Tree (Peacemaker)
Loves agreeable company, craves peace and harmony, loves to help
others, active imagination, likes to write poetry, not fashion
conscious,
great compassion, friendly to all, falls strongly in love but will
leave
if betrayed or lied to, emotionally soft, low self esteem, needs
affection and reassurance.

Poplar Tree (Uncertainty)
Looks very decorative, talented, not very self-confident,
extremely courageous if necessary, needs goodwill and pleasant
surroundings, very choosy, often lonely, great animosity, great
artistic
nature, good organizer, tends to lean toward philosophy, reliable in
any
situation, takes partnership seriously.

Rowan Tree (Sensitivity)
Full of charm, cheerful, gifted without egoism, likes to draw
attention, loves life, motion, unrest, and even complications, is both
dependent and independent, good taste, artistic, passionate, emotional,
good company, does not forgive.

Walnut Tree (Passion)
Unrelenting, strange and full of contrasts, often egotistic,
aggressive, noble, broad horizon, unexpected reactions, spontaneous,
unlimited ambition, no flexibility, difficult and uncommon partner, not
always liked but often admired, ingenious strategist, very jealous and
passionate, no compromise.

Weeping Willow (Melancholy)
Likes to be stress free, loves family life, full of hopes and
dreams, attractive, very empathetic, loves anything beautiful,
musically
inclined, loves to travel to exotic places, restless, capricious,
honest,
can be influenced but is not easy to live with when pressured,
sometimes
demanding, good intuition, suffers in love until they find that one
loyal, steadfast partner; loves to make others laugh.

I'm March and proud!

I feel you Nike. I do like peace but if you bring it to me, I'll finish it for you!

It's a paradox about being shy and loving attention. Only a March born will understand.

Kudos, avocat, for brilliantly enumerating some of the benefits of a credit card in your first post. I would like to take a look at the issue of 1. the national id card and 2. a credit card and 3. the proposed combination.

With the successful (please note the key word) implementation of the national id, every Nigerian’s information will not be easily identified thus reducing verification process and improving the capture of such personal information. In fact, one can even take it a step further by making the national id a unique identifier which can then be used as the social security system of the United States. From birth, a national id is assigned with the periodic updates till the individual obtains adulthood. This will not only afford every citizen an easy access to be identified but also give a detail account on the population structure of the country. Adequate policies can now be tailored when empirical statistical data is provided to show how many of the citizens are below a certain age group, within a certain demographic area or professional group, etc.

As avocat has stated, the use of credit card will afford an individual to make necessary purchase through a systematic payment pattern whilst saving the physical cash for a more worthwhile investment. However, a credit card system will operate only where there is a credit referencing agency or a credit bureau. As well noted by El-Rufai and other financial institutions that offer credit, some of the obstacles faced in promoting consumer credit and the use of credit cards is: the restricted flow of information on potential consumers, high interest rates currently charged, absence of regulations and policies needed to strengthen the link between the formal and informal sector, lack of appropriate technological support among others. The non-availability of a credit rating system is no longer an issue since credit referencing agencies has emerged from checks done so far. With the presence of a credit bureau the concept of the credit card system is not so far fetched any more. The sharing of information will not be made mandatory and long-term credit given to deserving individuals no matter their economic status provided the government backs this concept with the needed policies, regulations. Credit is the life line of any economy, how widespread and easily obtainable it is determines the level of development of that country.

The proposed combination of a card as a form of identification and for use of purchase on credit is highly unfeasible. Like Imnakoya rightly pointed out, until answers are provided in the funding of previous projects, I’m afraid that these laudable ideas will not be given the suitable support to see it through much to the detriment of the citizens and country.

That was an interesting article you posted: developing developed vs. developing underdeveloped. First of all, although I understand ego’s inclusion of his/her company’s name, the crux of the post was to highlight the benefits of being comfortable through credit. You’ve raised some valid arguments regarding the issue of debt in the developed countries (your last post). True, most students who go through such educational systems are expected to pay back with interest on fees used but that doesn’t mean that this should or must be incorporated into the African setting. Most people fail to realize (including those who did get their education in developed countries) that a sure way to failure is the blind replication of structures used in other countries. Most African countries give soft loans to their citizens to enable them to gain entry and complete any tertiary institutions. Unfortunately, in the case of some African countries, most of them do not repay such loans making it difficult for future and well deserving students to get the same benefit. The developed country’s models, take the US, set up such structures to provide loans to the underprivileged in society, provided that they strive to repay.
Mortgage is another example. How many people you know in Nigeria, kazey, who can afford to own a house even in their early thirties (exclude the politicians and 419ers). Buying a house requires a lot of capital as it is seen as a long term investment and unless your father is Adenuga or Dangote and co, you will have to secure a loan to allow your cash to attend to other needs. If I’m reading ego’s post right, a credit referencing company in Nigeria will marry the reduction of cost of credit; improve fraud detection whilst maintaining the advantages peculiar to the Nigerian setting.
From the ‘developed’ post, I wouldn’t read too much in an article that warns against ‘slavery to banks, government and financial institutions’, unless, of course, such a person is marooned somewhere on a deserted island. I’m sure you see yourself, several years from now owning a house, car, good savings and good pay that can adequately take of the almighty debt that everyone’s afraid of- or maybe like this author, you wouldn’t mind spending the rest of your life paying rent to someone (a house or apartment owner). Development does come at a price so I ask you which do you prefer- paying through your pocket or through your nose.