Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/039
Title: Re: Global Standing Instruction (GSI) - Individuals
Summary: The circular requests that all financial institutions implement the Global Standing Instruction (GSI) guidelines to address loan defaulters, enhance loan recovery, improve credit repayment culture, and reduce non-performing loans. It states that the frequency of recovery attempts via the GSI platform has been amended to continuous and unrestricted, meaning it will remain in place throughout the life of the loan until it is fully repaid. Financial institutions are advised to review and adhere to the guidelines.
Posted on: Friday, January 28, 2022
Download: FPR/DIR/PUB/CIR/001/039