RegAlert

Rule · CBN · 28 Jan 2022 · FPR/DIR/PUB/CIR/001/039

Re: Global Standing Instruction (GSI) - Individuals

credit
consumer

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.

NigeriaCentral Bank of Nigeria

09 - 46237401
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E-mail:fprd@cbn.gov.ng CENTRAL BANK OF NIGERIA Financial Policy and Regulation Department Central Business District P.M.B. 0187 Garki, Abuja.

FPR/DIR/PUB/CIR/001/039 January 19, 2022 CIRCULAR TO ALL BANKS AND OTHER FINANCIAL INSTITUTIONS RE: GLOBAL STANDING INSTRUCTION (GSI) - INDIVIDUALS In furtherance of its mandate to promote financial system stability, the Central Bank of Nigeria (CBN) released the circular on Operational Guidelines on the Global Standing Instruction (GSI)

  • Individuals (dated July 13, 2020; Ref No:
    FPRD/DIR/GEN/CIR/07/056). The initiative was conceived to fundamentally address the recurring instances of willful loan default in the industry in order to:
    o identify and watch-list recalcitrant loan defaulters; o enhance loan recovery from all eligible and funded accounts/wallets in the industry; o improve credit repayment culture; and o reduce non-performing loans in the Nigerian banking system.

Consequently, please be informed that the frequency of recovery attempts via the GSI platform has been amended from a specific number to continuous and unrestricted.

In other words, the GSI automated loan recovery feature applicable to all loans in the industry shall remain perpetually in place throughout the life of the loan and/or until the loan is fully repaid.

Please be guided accordingly and review the Guidelines, which remains available on the CBN website: www.cbn.gov.ng

CHIBUZO A. EFOBI
DIRECTOR, FINANCIAL POLICY AND REGULATION DEPARTMENT

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Operational Guidelines on GlobalStanding Instruction (GSI) - Indi…2020 · CBNOperational Guidelines on Global Standing Instruction (GSI) - Individuals (2020-07-14)Re: Global StandingInstruction (GSI) - Individua…2022-01-28 · this documentRe: Global Standing Instruction (GSI) - Individuals (2022-01-28)
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This document amends: Operational Guidelines on Global Standing Instruction (GSI) - Individuals

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