{"id":35007,"date":"2019-09-30T21:48:45","date_gmt":"2019-09-30T20:48:45","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=35007"},"modified":"2019-09-30T21:48:45","modified_gmt":"2019-09-30T20:48:45","slug":"heritage-bank-md-says-credible-id-magt-will-foster-access-to-credit","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/heritage-bank-md-says-credible-id-magt-will-foster-access-to-credit\/","title":{"rendered":"Heritage Bank MD Says Credible ID Magt. Will Foster Access To Credit"},"content":{"rendered":"

MD\/CEO, Heritage Bank, Mr Ifie Sekibo , has stressed the need for the federal government to work towards creating a credible and strong identity management towards expanding access to credit in the country.<\/p>\n

Sekibo noting that while the Bank Verification Number (BVN) has been able to create a form of identification in the country, it has not been able to address some of the issues around identity management in the country. Speaking at the 2019 Annual Conference of Finance Correspondents Association of Nigeria (FICAN) at the weekend, the Heritage Bank MD noted that the ability of individuals to relocate from one place to another without notifying anyone was a major issue in access to credit.<\/p>\n

Represented by divisional head, Strategy and Business Solutions, Mr Segun Akanji, Sekibo said the dearth of effective and standard identity management infrastructure made access to credit for the SMEs in Nigeria tough as banks only see unmitigated risks.<\/p>\n

\u201cI am talking about identity management challenge. That is the biggest collateral to lending and that is what is missing in this economy. The day banks can verify where you live, everybody will get loan with ease, because you cannot run away,\u201d he stated. He explained that \u201cthe problem is this, I don\u2019t know where you live.<\/p>\n

The address of the company is not where you live. And you can wake up in FESTAC today, but tomorrow you move to Ajangbadi or Victoria Island. You don\u2019t have to tell me. And that is a huge problem for\u00a0\u00a0banks.<\/p>\n

\u201cPeople take a loan from banks and change accommodation, run away to Ibadan and you cannot find them. That must change. But how do you do that? It is very simple. You lose all the benefits that is allocated to you as a person, the day you relocate like that, you are as good as dead.<\/p>\n

\u201cLike when you live abroad, once you misbehave with your identity, you cannot bank, your credit goes bad, you cannot go to hospital and everything else goes bad and you cannot do anything. So, you have a responsibility to yourself and the country that supports you to report yourself.<\/p>

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\u201cThere is no value in our identity management as we have it. So, it is not just about banks, it is about the holistic structure where there is no value to the person that each of us will represent. \u201dHe gave instances about developed economies such as the US where if one changes accommodation, they must notify all relevant institutions that they deal with because of the inherent value in the system.<\/p>\n

\u201cJust like they do abroad, when you are changing accommodation, you will be the one going to your bank, hospital, everywhere, you will dedicate a day in a week until you go around to everyone and inform them of the address change,\u201d he said.<\/p>\n

\u201cWhy? There is value to where you live. That\u2019s where your mail, pension, cheque comes. Everything attached to you comes to that address. So, there is value. We need to get to that and then no one will be needing collateral to get some minimum amount to do business.\u201d<\/p>\n

Sekibo also observed that although the banks had pushed the government to some form of identity management system through the bank verification number, BVN, it has not been enough to solve the problem of the identity constraining lending in the country.<\/p>\n

\u201cYou can argue that the banks have driven the government to some identity management system through the BVN, but the problem is that the infrastructure that will keep everybody in the homes where they live and not just change is non-existent,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

MD\/CEO, Heritage Bank, Mr Ifie Sekibo , has stressed the need for the federal government to work towards creating a credible and strong identity management towards expanding access to credit in the country<\/p>\n","protected":false},"author":6,"featured_media":8472,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[906],"coauthors":[2391],"class_list":["post-35007","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-heritage-bank"],"yoast_head":"\nHeritage Bank MD Says Credible ID Magt. 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