CreditRegistry, Nigeria's largest credit bureau, has launched an API to help financial institutions validate status checks on potential customers. The CreditRegistry Dud Cheque API should help lenders, retailers, and other businesses from accepting checks from serial dishonored (Dud) check issuers. The API will help lenders comply with new Nigerian directives and prevent check fraud which is expected to increase in the fallout from COVID-19.
“Everyone needs credit at some time," CreditRegistry’s Chief Executive Officer, Mrs. Jameelah Sharrieff-Ayedun, commented. "This service simply helps to improve transparency to reduce the barrier so more people can access credit using post-dated cheques as a means for payment... Each institution can integrate the API to return a file that will specify the number of dud cheques written by any offender."
The API-based solution is simple, but the product is praised as solving a big problem in the Nigerian economy. Dating back to 2009, institutions such as PwC have urged Nigeria to implement more stringent credit check requirements into the Nigerian economy. CreditRegistry has been a leader in credit solutions, and the API is the latest example.
Checks through the API are conducted in real-time. The API returns a dud check risk score for customers. The API can integrate directly into the financial institution systems so the end-to-end credit status process is greatly reduced in time. For more information, visit the CreditRegistry site.