CBN Makes Global Standing Instruction Perpetual Until Loan is Fully Paid

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Saturday January 29, 2022 / 11:49 AM / by CBN / Header Image Credit:  EcoGraphics

 

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:

 

  • identify and watch-list recalcitrant loan defaulters;
  • enhance loan recovery from all eligible and funded accounts/wallets in the industry;
  • improve credit repayment culture; and
  • 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

 

Download Full PDF Here


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Related Commentaries on the GSI

  1. Nigeria - CBN'S guidelines on global standing instruction: legal considerations - Further Africa, by Aderonke Alex-Adedipe, Aug 04, 2020
  2. Accion MFB Konnect Series: Experts Call for Clarity On Regulations for MFIs Under the GSI Framework - WebTV, Jul 30, 2020
  3. Review of the Central Bank of Nigeria Guidelines on Global Standard Instruction (GSI) for Individuals - by Strachan Partners, Jul 29, 2020
  4. Nigeria: A Review Of The CBN Guidelines On Global Standing Instructions (GSI) - Mondaq, by Bukola Bankole and Emmanuel Nkamare, Jul 28, 2020
  5. GSI Directives: Did the CBN Get it Right? - ThisDay, by Kemi Pinheiro, Jul 21, 2020
  6. An Overview of The Global Standing (Gsi) Issued by The Central Bank Of Nigeria (CBN) To Loan Defaulters - The Nigerian Lawyer, by Unini Chioma, Jul 19, 2020
  7. Key Takeaways from the CBN GSI Guidelines and the Case for a New Approach - Proshare, Jul 15, 2020
  8. CBN Issues Operational Guidelines on GSI to Facilitate Improved Credit Repayment Culture - Proshare, Jul 14, 2020

 

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Download Related PDFs

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  2. Executive Summary: NPLs & Bank Debtors - The Case for a New Industry Approach - May 14, 2020
  3. (PDF) NPLs & Bad Debtors: - The Case for a New Industry Approach - Debtors Africa, May 13, 2020
  4. AMCON and Financial Services Debt Burden in Nigeria - Aug 17, 2018
  5. (PDF) - Coronanomics and the Nigerian Economy - Jun 06, 2020  
 
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