The Central Bank of Nigeria (CBN) has issued operational guidelines on the Global Service Instructions (GSI), with the goal of reducing the number of bad loans in the banking sector.


The initiative was conceived to address recurring instances of willful loan default in the industry, according to a statement by Chibuzo Efobi, for the Director, Financial Policy and Regulation Department of the apex bank.

According to Efobi, the guidelines will improve the creation of a “watch list,” identify recalcitrant loan defaulters, and improve loan recovery from all eligible and funded accounts in the industry. He went on to say that it would also improve credit payment culture and reduce non-performing loans in Nigeria’s banking system.

“As a result, please be advised that the frequency of recovery attempts via the GSI platform has been changed from a specific number to an unrestricted and continuous number,” he said. He stated that the GSI automated loan recovery feature, which is applicable to all loans in the industry, will be in effect indefinitely, or until the loan is fully repaid.

He urged members of the banking public to review the guidelines on the CBN website, www.cbn.gov.ng. According to the News Agency of Nigeria (NAN), the Bankers’ Committee approved the GSI initiative at its February 2020 meeting. Following that, the CBN worked with relevant stakeholders to develop the necessary protocols to facilitate the implementation of the GSI for eligible loans granted beginning on August 28, 2019.

SOURCE:https://brandspurng.com/2022/01/31/cbn-unveils-blueprint-to-prevent-bad-loans/

Criminals

lol people wey no fear all diz Loan shark app with dere damaging text message na dem go fear CBN blueprint...

Inside naija

All this na grammar. People are hungry, you are talking of blueprint.
They will not talk of how to boost the economy.
Awon oloshi

If the CBN and federal government were doing the right thing loan sharks wouldn't have been an option in the first place...

I don't think this is just taking off,I think it should be fully operational by now.

They should help pay our cash apps loan abeg.

Verilly:
These loan sharks apps has to be regulated

ban all of them kpatakpata

No Be Small Thing ooooo

CBN and doings

Nigerians don't like repaying loans! Nigerians are chronic debtors! Yet, more loan apps/institutions/sharks are being developed/established daily. They would even go to any length sugarcoating the pill for you.

Like my people would say, "You see mad man's hand uno cut, shey na sane person go allow you cut his/her own". Don't be lured into taking unnecessary loan, be wise. Don't let them turn you to mugu, the wasteful, a gullible person. Don't live all your life putting food on another's table.

With this GSI, if you owe first bank and go keep your money in GTB, first bank will enter your GTB acct debit you for the loan

Frankmurray:
Okay





https://youtube.com/shorts/vXQSk0t_4wk?feature=share

How the picture wey u upload relate to the topic Which kain of nonsense be this??

Ok

How do I get a loan on behalf of my family members

karzyharsky:
With this GSI, if you owe first bank and go keep your money in GTB, first bank fit will enter your GTB acct debit you for the loan

Modify

If it would work for only a few weeks that won't surprise me

karzyharsky:
With this GSI, if you owe first bank and go keep your money in GTB, first bank fit enter your GTB acct debit you for the loan

when will CBN act to stop banks stealing dead people money in their custody?

Mad people

Uzorfresh:
How do I get a loan on behalf of my family members

Try amadioha

inoki247:
lol people wey no fear all diz Loan shark app with dere damaging text message na dem go fear CBN blueprint...

especially sokoloan

These are the things I expected Osinbajo and Emefiele to be doing

They should ban it completely