Section 27: Interpretation.

27. In this Act-
"Bank" means the Central Bank of Nigeria established under section 1
(1) of the Central Bank of Nigeria Act, 2007;
"Consent" means the authorisation by the Data Subject or the Data
Subject's authorised agent indicating an approval to inquire about the Data
Subject's Credit Information from the Credit Bureaux and such authorisation
could be in writing (including by electronic email, fax or letter), verified and
secured telephonic messages or conversations, and other secured and
verified electronic means of consenting, but shall not include oral consent;
"Credit Bureau" means an entity duly licensed under this Act;
"Credit Information" means information bearing on a person's credit
worthiness, credit standing or capacity, and to the history and profile of
such person with regard to credit, assets and any financial obligations,
including such person's demographic data and such other information that
may aid credit decision making;
"Credit Information Providers" means entities that provide or furnish
Credit Information to a Credit Bureau and includes:
(a) banks, specialised banks and other financial institutions (as such
terms are used or defined under the Banks and Other Financial Institutions
Act, Cap B3 Laws of the Federation of Nigeria, 2004 or by the Bank) ;
(b) leasing companies;
(c) insurance companies;
(d) co-operative societies and institutions that offer credit to medium,
small and micro enterprises;
(e) utility companies including electricity companies,
telecommunications companies, and water corporations;
(f) asset management companies ;
(g) Credit Reporting Management System (CRMS) ;
(h) suppliers of goods and providers of services on a post-paid,
deferred or instalment payment basis (except otherwise specifically
mentioned in paragrpahs (a)-(h) above) ; and
(i) other entities that in their ordinary course of business have
relevant information that complies with Permissible Purposes and
serves the purposes of the Credit Bureau, provided that the Bank
may issue directives or guidelines adding or removing any person
mentioned under paragraphs (a)-(h) ;
"Credit Information Users" includes Credit Information Providers
and other persons that are allowed under this Act or any regulations or
guidelines made under this Act to seek Credit Information from a Credit
Bureau for permissible purposes;
"Credit Report" means an electronic or other written report, credit score,
or statement issued by a Credit Bureau and which is used or collected to
serve as a factor in establishing that Data Subject's eligibility for credit or
other service or product provided by a person on credit basis or for other
permissible purposes, and which shall, among other things, all or part of a
Data Subject's Credit Information which is available on such Credit;
"CRMS" means Credit Reporting Management System;
"Licence" means a credit bureau licence issued by the Bank under this
Act;
"Other Public Registries" inc lud e s the Corporate Affairs
Commission; registrar of business entities; land registries; collateral
registries; tax authorities; courts; birth registries; and other publ ic
bodies and registries;
"permissible purpose" means any of the purposes outlined in section 9
of this Act;
"person" includes any individual, company, corporation, unincorporated
association or body (including a partnership, trust, joint venture or
consortium), Government, State, Agency, Organisation or other entity
whether or not having separate legal personality ;
"prescribed monetary penalty" means such monetary penalty that the
Bank, or a court, may prescribe or impose in respect of any offence
committed under this Act;
"working days" means any day other than a Saturday, Sunday, or national
public holiday in Nigeria.