The Central Bank of Nigeria (CBN) has said the provisions of the regulatory guidelines for the redesigned Credit Risk Management System (CRMS) for commercial, merchant and non-interest banks issued on February 27, 2017, are now applicable to all Other Financial Intuitions (OFIs) in the country.
As a result, the apex bank said enforcement of Section 3.1 (a) of the extant guidelines on CRMS that captures the “submit before disbursement” requirement shall apply to all OFIs on August 1, 2022.
The central bank gave the directive in a circular address to all OFIs, dated May 24, 2022, which was signed by its Director, Financial Policy and Regulation Department, Chibuzo Efobi.
The circular further directed the OFIs 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 Tax Identification Number (TIN) for individual and non-individual accounts respectively of the account holder.
The OFIs are further requested to profile the information on the NIBBS’ Industry Customer Accounts Database (ICAD) not later than June 20, 2022.
