Bankers want bank customers to embrace GSI

The Chartered Institute of Bankers of Nigeria has called on bank customers and stakeholders to embrace the non-performing loans and Global Standing Instruction policy which is not only to enhance loan recovery processes and financial system stability but also to promote economic prosperity of Nigeria.

The President of the CIBN, Bayo Olugbemi, made the call while delivering his remarks as the chairman of a webinar organised by the Centre for Financial Studies of the institute.

Olugbemi maintained that bad loans were a long-standing issue in the banking sector and the GSI would represent a new dawn in the credit management and debt recovery process.

The webinar, CIBN Advocacy Dialogue Series 3.0, focused on non-performing loans and GSI policy, its impact and insights for financial stability.

Olugbemi said the issues of non-performing loans would be efficiently resolved by the GSI policy.

Also commenting, Director of Financial Policy and Regulation at the Central Bank of Nigeria, Kevin Amugo, stated that banks had recovered N50.32m bad loans from debtors within nine days of the commencement of the GSI.

‘‘The size of the recovered NPLs was due to the fact that the Central Bank of Nigeria was still working on the GSI protocol for non-individual debtors, which means the recovery was made from individual loan defaulters, while the Other Financial Institutions (MFBs, PMBs, DFI & FCs) onto CRMS as well as Mobile Money Operators will commence onboarding thereafter GSI platforms,” he said.

The Managing Director of First Bank Nigeria, Adesola Adeduntan, represented by Olusegun Alebiosu, the bank’s chief risk officer, commended CBN for the recovery made so far.

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