On Monday 13th of July, CBN (The Central Bank of Nigeria) made an announcement on the new method known as GSI (Global Standard Instruction), which is proposed to aid the reduction of fraud defaulters and also give bank more confidence to issue loans.
I'm writing this article to share the new policy so it can be known to whom it may consign:
1. All financial institutions and loan defaulters must comply.
2. If you elapse your loan agreement period GSI will be implied on your BVN.
3. GSI implies that all your bank account either corporate or personal will be traced with your BVN and any amount found in it will be transferred to the bank you are owing if you refuse to pay your loan and interest.
that is if you take a loan of 10000n from Zineth bank for the rate of 2% for two months and you refuse to pay after that two months that implies that you're owing Zenith bank 14,000n, if your fidelity bank account has 30,000n in it the 14,000 will be deducted.
4. If your account which money is supposed to be deducted from has a different BVN, your BVN will be frozen.
5. You will be paid a compensation of 500,000n, if a bank issues GSI on you wrongfully.
6. If the bank refuses to admit that you're issued a wrong GSI, and you requested for arbitration which later proof you are right, the bank will pay a fine of 10,000,000n
6. If you complain about a wrongful activation of GSI on your accounts, and the bank claims you are wrong, you then decide to request for arbitration. If the arbiter rules that you are correct, then the bank pays a fine of 10,000,000.
This rule will begin adoption from 1st August.
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