By Kola Alhassan
The Central Bank of Nigeria(CBN) is poised to go after loan defaulters with the release of operational guidelines on the Global Service Instructions(GSI).
In a statement by Chibuzo Efobi, for the Director, Financial Policy and Regulation Department of the CBN, the GSI would checkmate loan default in the banking industry.
He said the guidelines would boost the creation of a “watch list” to identify defaulters and also aid loan recovery.
Efobi said it would not only ensure credit payment culture,but reduce non-performing loans in the industry.
“Consequently, please be informed that the frequency of recovery attempts via the GSI platform has been amended from specific number to continuous and unrestricted number,’’ Efobi said.
He noted that the GSI feature would remain operative until loan is fully repaid by defaulters.
He told members of the banking public to visit the CBN website, www.cbn.gov.ng for details of the guidelines.
