Suggestions




OFIs To Enroll Into CRMs, Declares CBN

May 26, 2022
by
CBN Governor

The Central Bank of Nigeria (CBN)  has concluded for Other Financial Institutions (OFIS) to enroll their customers into Credit Risk Management System (CRMS).

CBN in a circular published on its website called on OFIs to ensure that all customers’ details are linked before Monday, 20 June 2022.

Join our WhatsApp Channel

Note that OFIS includes Microfinance Banks, (MFBS) Development Finance Institutions (DFIS), Primary Mortgage Banks (PMBS) and Finance Companies (FCS).

On the other hand, CRMS is the practice of mitigating losses by understanding the adequacy of a bank’s capital and loan loss reserves at any given period. With this, the CBN and other financial institutions would be able to track any bank debtor, to know if such debtor was owing another institution.

According to the CBN circular: The Cirular reads: “All OFls are reminded to ensure that all their customer accounts comply with the 10-digit Nigeria Uniform Bank Account Number (NUBAN) format, are tagged with Bank Verification Number (BVN) or Taxpayer Identification Number (TIN) for individual and non-individual accounts respectively of the account holder and profiled on NIBSS’ Industry Customer Accounts Database (ICAD) not later than June 20, 2022.”

“These remain prerequisites for the enrollment onto the CRMS.”

The CBN added that it would monitor compliance with the requirements of the circular and non-compliance will attract appropriate sanctions.

The CBN referenced: “Enforcement of Section 3.1(a) of the extant guidelines on CRMS that captures the ‘submit before disbursement’ requirement shall commence on August 1, 2022.”

The apex bank further advised them to tag their customers’ accounts with a Bank Verification Number (BVN) or a Taxpayer Identification Number (TIN) for individual and non-individual accounts, respectively.

The account holder must be profiled on the NIBSS Industry Customer Accounts Database (1CAD) by June 20th, according to the apex bank.

 

+ posts

Queen Nwabueze

Previous Story

ASR Africa, Rebecca Foundation Begin Construction Of 8 Libraries In Ghana

Despite Interest Rate Hike, CBN Lists Sectors To Get Cheap Loans
Next Story

Despite Interest Rate Hike, CBN Lists Sectors To Get Cheap Loans

Featured Stories

Latest from News

4 Dead, 17 Injured in LPG Tanker Explosion on Santiago Highway

At least four people were killed and 17 others injured Thursday morning after a liquefied petroleum gas (LPG) tanker truck overturned and exploded along Route 5 North at the intersection with General Velásquez in the Renca district of Santiago. Authorities said the

El-Rufai: Dadiyata’s Wife Appeals for Help

“We pray that one day, he will come back,” Kadijah, wife of missing lecturer Abubakar Idris, popularly known as Dadiyata, said in a video interview with Ambassador-designate Reno Omokri. She appealed to Nigerians to help find her husband, whose whereabouts remain unknown
Previous Story

ASR Africa, Rebecca Foundation Begin Construction Of 8 Libraries In Ghana

Despite Interest Rate Hike, CBN Lists Sectors To Get Cheap Loans
Next Story

Despite Interest Rate Hike, CBN Lists Sectors To Get Cheap Loans

Don't Miss

Washington D.C. Declares October 1ST Nigerian-American Day

Washington D.C. Declares October 1 Nigerian-American Day

Washington D.C. in the United States, has proclaimed October 1,
Minister Urges SEC to Tighten Cryptocurrency Oversight, Ensure Market Integrity

Minister Urges SEC To Tighten Cryptocurrency Oversight, Ensure Market Integrity

Minister of Finance Calls for Stringent Oversight On Cryptocurrency The