khalids:
From alot of comments above, it appears a lot of people have a criminal mindset....

So you want to borrow money without paying back....which kind of nonsense is that....Infact not just that, you have money to pay in another account but refuse to settle your debt......

Funny this is what nigerians do to each other, you borrow someone money they will refuse to payback, until the whole thing turn to fight......

TERRIBLE ATTITUDE

you are right, that is how idiotic pigs behaves

Lmao......... No b small tin oh. Me self tire.

OLisaMacaulay:
I borrowed from palm credit I have not paid ooh, hope they will not touch my life saving

hisexcellency34:
Economy can't improve with Emefiele in charge as Governor of Central Bank. The man knows nothing like his oga at the top

really? Abi u know notting

MiztaYouneek:


If we continue in this matter and line of thinking then I will be forced to say that we all deserve an iron hand government like this government of PMB who pushes whatever they deem fit to bring a positive development without having to listen to what the masses say because the masses say a lot of trash sometimes out of ignorance.

Seems you're new here. 98% of the people here have goat intelligence. They see a topic they know nothing about but feel the need to rant especially if politics can be dragged in.

CBN is enforcing 65% LDR. I'm sure banks have pleaded for debiting defaulters across banks to aid loan recovery. The average Nigerian businessman is just a terrible person, even when business is booming and they can pay back, they will rather divert the money and start living lives they can't afford just to impress strangers.

Nice move from CBN.

KngGezy:
Hmmm

Nawa oo

Which kain policy be this nau?

I always knew that this BVN stuff is anti-business. It is not to secure funds but to further impoverish the people. A link connecting multiple accounts together. It has always got me thinking

Now the Govt started with the 2% charge on bank transactions above 500 thousand. Then this, a broad daylight robbery!

So what if I default and the little cash in my other a account is what I am using to source for funds and upkeep. Then by the time the bank takes all the money left with me. Then the reason I obtained the loan is destroyed and the bank's interest is still there.

Is that not Instant and Quick One way to Bankruptcy

Modified: A lot of things is wrong with this country. But then if you cant help alleviate the problems. Then why add to it? Toks cars are gradually becoming unaffordable for the average earner thanks to the closing of borders and imposition of taxes. New cars are dreams, only politicians, super rich and companies can afford it. Now Entrepreneurs cant find solace in bank loans, because with this loan condition The Business is Failed Ab initio (from the beginning)

Loans are meant to be paid back with penalties on default
Next time do proper research before collecting a loan.

MiztaYouneek:
Wait. It seems many members of this forum are uneducated or just lack common sense. Sometimes a lot of comments just doesn't add up to what a post is about and its usually based on condemning anything they read. I think the owner of the site and the moderators should do a better job to screen comments that are always based on unnecessary ranting.

Is there any form of development that can happen without a change in certain policies or ways of doing things. If we all stick to that particular way of life we are used to and still complain about it, then there is a change to such policy to bring development and we still complain then we the masses have a big problem being that we hardly spend time to think about the positive aspect of any new development but quickly rush to exhibit our ignorance by condemning it.

If we continue in this matter and line of thinking then I will be forced to say that we all deserve an iron hand government like this government of PMB who pushes whatever they deem fit to bring a positive development without having to listen to what the masses say because the masses say a lot of trash sometimes out of ignorance.

onpoint talk of the year

khalids:
From alot of comments above, it appears a lot of people have a criminal mindset....

So you want to borrow money without paying back....which kind of nonsense is that....Infact not just that, you have money to pay in another account but refuse to settle your debt......

Funny this is what nigerians do to each other, you borrow someone money they will refuse to payback, until the whole thing turn to fight......

TERRIBLE ATTITUDE

Maami, you don't have a clue how morally depraved a vast majority of Nigerians are. It would shock you to know that a lot of people access loans because, in their small heads, it is one avenue to corner someone elses' money.

A society that now glorifies internet fraudsters, ritualists, kidnap kingpins, drug lords and the likes as "big boys" should tell you how terrible our morals has been reconfigured.

My understanding is that this directive is aimed as curbing excessive incidences of Non performing while seeking to expand the band of loan beneficiaries to cover those that don't have the 'Collaterals' as we know it.

It is the way to go. It would be a huge relief to people like me that have in the past accessed loans at rates that eventually make you slave for the lenders than you gain for yourself on the venture.

hisexcellency34:
Economy can't improve with Emefiele in charge as Governor of Central Bank. The man knows nothing like his oga at the top

Do you want the cabal to take over & sabotage the economy?

What if the money deposited in Bank B is not yours?

feldido:
Very good decision... How can you be owing Bank A and decide to do business with Bank B and later borrow from them to continue the cycle.

I blame the banks to some extent, They feel these Rich men are more credit worthy than SME's who need these loans to survive.

davodyguy:
This is very wrong.

Yes, its to fight NPL, but all loans should be collateralized at the same amount borrowed.
Hence, when there's a default, the collateral can be foreclosed. This is why we have legal mortgage

CBN decision is the best solution. some people have good business but no collateral.

buhariguy:
but idiotic pigs claim delta to be part of SE

Mr. Vulture Southeast have never claimed delta state to be part of it's geopolitical zone.
Get your facts right and stop spreading false information

Good decision, this may save some bankers job.

Emefiele is truly representing the cartel behind the banking industry.

We are dead!
This policy no doubt will encourage bank lending
Revive Non Performing loans
and perhaps reduce interest rate on loans( if its intended to favour the Masses).
But believe you me if by now majority who are living on bank debt still can't afford $1 perday. I wonder what will happen when the policy is implemented.
Perhaps Many businesses would be volcanically erupted in bankruptcy. Gross unemployment would result thereby creating more problems than intended to solve.

This policy is rather suitable in developed countries like USA that encourages credit purchase, where you can even afford a car with $0 in your account depending on t&c.

In Nigeria no credit today come tomorrow
What baffles me the most is how Nigeria banks exploit customers under the guise of monthly account or card maintenance. Even if you don't have up to #52.50 in your account forget it they will debit it leaving your account with negative sum. That's a verified experience with access. May God help Nigeria. We are lost

DrDax:


The thieving populace you mean

No. If you have a loan arrangement with bank X, why will they deduct your funds in bank Y?
It's an intrusion on financial privacy.

This thread has revealed the mindset of over 95% of Nigerians.

Very fraudulent mindset....Tueh!


And na we go church and mosque pass

leofab:
What if the money deposited in Bank B is not yours?

Then dont collect a loan you know in your mind that you cannot pay( or have a robust payment plan for)!

Remember that this is a last resort by banks!

chai!

jeffizy:

No. If you have a loan arrangement with bank X, why will they deduct your funds in bank Y?
It's an intrusion on financial privacy.

Note this this would be a last resort the banks will use if after all avenues to recoup their loan fails.

By the way, why will you collect a loan that you have no intention ( or plan) of paying in the first place?

Virus99:
We need a loan so bad for our tech startup.
We already created our web and App.

Pls I will appreciate to work with anyone. Or any info about getting a start up loan from banks or Angel investors.
Thanks.

makanjuismail@gmail.com

davodyguy:
This is very wrong.

Yes, its to fight NPL, but all loans should be collateralized at the same amount borrowed.
Hence, when there's a default, the collateral can be foreclosed. This is why we have legal mortgage

Dear sir/ma,

1. Loans are collateralized not only on the amount borrowed, but inclusive of a factor of interest to be paid over time and at a consideration where a forced sale on the collateral obtained can adequately ensure the lender recovers the full amount lent plus a reasonable margin for time value.

2. Not all loans are backed by Legal Mortgage. Several other forms are available with varying level of foreclosure preference.
- BG’s
- PG’s
- CG’s
- Deposit placements (within or outside the lending bank)

And a lot more....

Kudos to the CBN!
If you want to borrow, the be ready to pay as an when due. Let the Banks co-operate on this and ensure we operate a banking system as is obtainable in more sane environments which we crave to live in.

Oga if you understand the post better simply explain your totem dont insult your elders here biko

MiztaYouneek:
Wait. It seems many members of this forum are uneducated or just lack common sense. Sometimes a lot of comments just doesn't add up to what a post is about and its usually based on condemning anything they read. I think the owner of the site and the moderators should do a better job to screen comments that are always based on unnecessary ranting.

Is there any form of development that can happen without a change in certain policies or ways of doing things. If we all stick to that particular way of life we are used to and still complain about it, then there is a change to such policy to bring development and we still complain then we the masses have a big problem being that we hardly spend time to think about the positive aspect of any new development but quickly rush to exhibit our ignorance by condemning it.

If we continue in this matter and line of thinking then I will be forced to say that we all deserve an iron hand government like this government of PMB who pushes whatever they deem fit to bring a positive development without having to listen to what the masses say because the masses say a lot of trash sometimes out of ignorance.

jeffizy:

No. If you have a loan arrangement with bank X, why will they deduct your funds in bank Y?
It's an intrusion on financial privacy.

Privacy ke?

if you have a BAD LOAN in bank X, they can NOW take it if you have it in Bank Y.

Before a loan is classified bad, you have to default payment for a minimum 90 days!

It takes a thief to withhold repayment even when you have the resources hidden elsewhere.

Get it?

MiztaYouneek:
Wait. It seems many members of this forum are uneducated or just lack common sense. Sometimes a lot of comments just doesn't add up to what a post is about and its usually based on condemning anything they read. I think the owner of the site and the moderators should do a better job to screen comments that are always based on unnecessary ranting.

Is there any form of development that can happen without a change in certain policies or ways of doing things. If we all stick to that particular way of life we are used to and still complain about it, then there is a change to such policy to bring development and we still complain then we the masses have a big problem being that we hardly spend time to think about the positive aspect of any new development but quickly rush to exhibit our ignorance by condemning it.

If we continue in this matter and line of thinking then I will be forced to say that we all deserve an iron hand government like this government of PMB who pushes whatever they deem fit to bring a positive development without having to listen to what the masses say because the masses say a lot of trash sometimes out of ignorance.

Thank God for this comment !!!!
The way so called graduates commenting serious issues is saddening .

All those rich men who take loans and don't pay back and ruin lives and still go on doing fine without feeling guilty will think twice before defaulting on loans.

NORSIYK:


Mr. Vulture Southeast have never claimed delta state to be part of it's geopolitical zone.
Get your facts right and stop spreading false information

ask your porn.star terrorist kanu,

Kudos CBN for this. NPL will reduce.

Ye

KngGezy:
Hmmm

Nawa oo

Which kain policy be this nau?

I always knew that this BVN stuff is anti-business. It is not to secure funds but to further impoverish the people. A link connecting multiple accounts together. It has always got me thinking

Now the Govt started with the 2% charge on bank transactions above 500 thousand. Then this, a broad daylight robbery!

So what if I default and the little cash in my other a account is what I am using to source for funds and upkeep. Then by the time the bank takes all the money left with me. Then the reason I obtained the loan is destroyed and the bank's interest is still there.

Is that not Instant and Quick One way to Bankruptcy

Modified: A lot of things is wrong with this country. But then if you cant help alleviate the problems. Then why add to it? Toks cars are gradually becoming unaffordable for the average earner thanks to the closing of borders and imposition of taxes. New cars are dreams, only politicians, super rich and companies can afford it. Now Entrepreneurs cant find solace in bank loans, because with this loan condition The Business is Failed Ab initio (from the beginning)

Your intention is the true nature of your insincereness at taking a loan facility in the first place. Mind you Sir, that if all customers are like you— hiding funds from the purview of the bank you owe, and use such funds and delay payment, then you need not cry wolf where there is none as you are only promoting fraud and fraudulent schemes.

I think you are a very insincere person and banks need to watch out for people like you

leofab:
What if the money deposited in Bank B is not yours?

Kuku kee mi

Ademolaononuga:



Your intention is the true nature of your insincereness at taking a loan facility in the first place. Mind you Sir, that if all customers are like you— hiding funds from the purview of the bank you owe, and use such funds and delay payment, then you need not cry wolf where there is none as you are only promoting fraud and fraudulent schemes.

I think you are a very insincere person and banks need to watch out for people like you

No I have never loaned from a financial institution and i don't intend to anytime soon. Let me explain what I meant. Business sometimes doesn't go as expected. Sometimes you lose sometimes you gain. It is the same even for the biggest industries. So if this happens that you default in payment. Maybe because of an unexpected circumstance. The Capital which is mostly the loan which you use in undertaking the project kept in another account. Then maybe another account for personal / family expenses. Bearing in mind that the money in 3 of these accounts may not be up to the loaned money( which includes the interest). Now they are in full possession of all means of survival including the collateral. And most likely the money doesn't cover the debt. Like that you have become undischarged bankrupt.

My opinion is not an expert opinion but from the view of a learning colleague.

Also the beauty of this policy I think will place less emphasis on collateral.

aybabz101:
A good one from the CBN. I passionately believe that an average Nigerian is a corrupt individual regardless of his or her status.

Most of these customers come to Bank A to seek credit advances and loans; Bank A agrees and approve the credit facility. They will then move both the loan and their savings to Bank B and neglect Bank A thereby increasing Bank A's NPL's.

Now, no such thing; with the aid of BVN and NIBSS they must repay their loans regardless of the bank they put their monies in 9ja. No more audio money......

Only defaulters have problem with this policy. Some customer take loan with the intention of not paying back. This policy will help instill discipline on customers also it will help impact in interest rate since risk of default is relatively low.

KngGezy:



No I have never loaned from a financial institution and i don't intend to anytime soon. Let me explain what I meant. Business sometimes doesn't go as expected. Sometimes you lose sometimes you gain. It is the same even for the biggest industries. So if this happens that you default in payment. Maybe because of an unexpected circumstance. The Capital which is mostly the loan which you use in undertaking the project kept in another account. Then maybe another account for personal / family expenses. Bearing in mind that the money in 3 of these accounts may not be up to the loaned money( which includes the interest). Now they are in full possession of all means of survival including the collateral. And most likely the money doesn't cover the debt. Like that you have become undischarged bankrupt.

My opinion is not an expert opinion but from the view of a learning colleague.