2020-07-14 | FPRD/DIR/GEN/CIR/07/056

Operational Guidelines on Global Standing Instruction (GSI) - Individuals

The Central Bank of Nigeria has issued guidelines for the Global Standing Instruction, a process aimed at improving credit repayment culture, reducing non-performing loans, and watch-listing consistent loan defaulters. The guidelines outline the roles and responsibilities of stakeholders, eligible account types, transaction reporting requirements, and penalties for non-compliance. Participating financial institutions must meet specific requirements, including having adequate IT infrastructure and providing access to customer accounts.

Nigeria

Central Bank of Nigeria

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