2021-04-09 | FPRD/DIR/PUB/CIR/01/002

Circular to Other Financial Institutions (OFIs) on the Commencement of enrollment of All DFIs, MFBs, PMBs and FCs on the CRMS

The Central Bank of Nigeria is requiring all Development Finance Institutions, Microfinance Banks, Primary Mortgage Banks, and Finance Companies to report all credit facilities to the Credit Risk Management System (CRMS) on a monthly basis. This is an extension of the CRMS program, which was previously implemented in deposit money banks to improve credit risk management and prevent predatory borrowing practices. Non-compliance with the new requirements will result in sanctions.

Nigeria

Central Bank of Nigeria

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