New CBN Bank Policy “GSI”, Bank Customers Be-Aware!

A new policy that will deny serial bad debtors any cover to operate went live in the Nigerian banking system on 1 August 2020. The Central Bank of Nigeria (CBN) says the Global Standing Instruction (GSI) policy will facilitate improved credit repayment culture in the country; reduce non-performing loans (NPLs), and promote watch-listing of chronic loan defaulters in the Nigerian Banking System. The policy, introduced by the CBN by virtue of Section 2 (d) of the CBN Act, 2007, is to promote a sound financial system and enhance loan recovery…

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