Kwara State University (KWASU), Malete, has formalised a strategic partnership with CRC Credit Bureau Limited, aimed at expanding access to credit and supporting economic growth through data-driven research and improved financial infrastructure.
The collaboration was announced on Monday during a joint lecture held at the university’s Mini Convocation Arena. As part of the agreement, the university will gain access to anonymised credit data to support academic research and inform policy development.
The event, organised by the Faculty of Management and Social Sciences alongside the Centre for Advancement and Industrial Collaboration, brought together academics, students, and industry professionals to explore how finance, entrepreneurship, and data systems intersect.
Speaking at the session, the Managing Director and Chief Executive Officer of CRC Credit Bureau Limited, Ahmed Popoola, described access to finance as a critical enabler of entrepreneurship and economic expansion.
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.”
He illustrated how access to financing can transform lives and businesses, citing examples of individuals and enterprises that scaled up operations through credit.
“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.
Despite these benefits, Popoola noted that many entrepreneurs remain excluded from formal financing systems due to limited credit visibility.
“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.
He emphasised the importance of financial infrastructure—such as credit bureaus, digital identity systems, and open banking frameworks—in closing these gaps.
“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.
Popoola also pointed out that Nigeria’s credit penetration remains significantly low at about 13 per cent, compared to a global average of 91 per cent, stressing the need for stronger policy frameworks and better integration of financial data.
“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.
He further argued that government interventions alone cannot fully resolve funding challenges, calling for market-driven solutions supported by robust financial systems.
“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 partnership itself, Popoola explained that it would enable deeper research and more informed policy decisions.
“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.
In his remarks, the Vice-Chancellor of KWASU, Shaykh-Luqman Jimoh, said the initiative reflects 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 collaboration would enhance academic research while equipping students with practical skills needed for entrepreneurship in a changing financial landscape.
“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, Rahman Mustapha, underscored the importance of trust and innovation in the financial system.
“The future of finance and entrepreneurship in Nigeria rests on our students, and trust remains the currency that will sustain their endeavours,” he said.
