Regulatory Alerts2022-01-28 | FPR/DIR/PUB/CIR/001/039Added · Updated
Re: Global Standing Instruction (GSI) - Individuals
The Central Bank of Nigeria has issued a circular to all banks and financial institutions regarding the Global Standing Instruction (GSI) for individuals. The GSI is an initiative to address loan defaults by identifying defaulters, enhancing loan recovery, improving credit repayment culture, and reducing non-performing loans. The frequency of recovery attempts via the GSI platform has been amended to be continuous and unrestricted throughout the life of the loan.