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 (GS/) - Individuals (dated July 13, 2020; Ref No: FPRDIDIRIGENICIR/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 CBN website: www.cbn.gov.ng