2017-05-10 | OFI/DIR/CIR/GEN/17/151

RE: Data Exchange Agreements with at least Two Licenced Credit Bureaux in Nigeria for OFIs

The Central Bank of Nigeria reminds other financial institutions (OFIs) to comply with the requirements of two previous circulars. OFIs must establish data exchange agreements with credit bureaus, obtain a credit report before granting any facility, and periodically assess each borrower's exposure to the financial system. Compliance officers who disclose insider-related facilities will not be victimized; however, failure to comply with these requirements may result in penalties ranging from N100,000 to N750,000 or even up to N1,000,000 for development finance institutions. To facilitate continuous credit information sharing, OFIs are advised to insert a disclosure clause in the account opening packs' terms and conditions.]

Nigeria

Central Bank of Nigeria

Show thumbnail