If you owe in Bank A your debt can be set off against your account balance in Bank B.

The Central Bank of Nigeria (CBN) has issued guidelines aimed at reducing non-performing loans in the banking sector and to monitor chronic loan defaulters. This was disclosed in a circular the apex bank issued to all banks and other financial institutions tagged ‘Operational Guidelines on global standing instruction – Individuals.’

The Guidelines are expected to take off from August 1, 2020. The GSI guidelines give banks the power to debit loan and accrued interest due from bank accounts of loan defaulters across the Nigerian banking system. The NIBSS will manage the entire operations of the GSI on behalf of banks using customers Bank Verification Numbers (BVN).

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Hi, I,m Pospi Otuson. A Nigerian Blogger, Social Entrepreneur and Convener of the renowned Boki Business Conference. CEO/Founder of Possibility Desk, the largest online consulting platform for possibilities in the world. Lets connect today.

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