1. It applies to all financial institutions in the country.
2. If you take a loan in any bank e.g Access bank and you refuse to pay back, we would look for any other bank(s) in the country (say First bank, or Keystone bank) where you have accounts and there is money, we would take the money from those accounts and pay Access back.
For example you took #50,000 loan from Access bank and you default to pay back. If you have #30,000 in your First bank account, #15,000 in your Keystone bank joint account with your wife and #8,000 in your child's Fidelity bank account that you help her manage (because she is still a minor). We would sweep the #15,000 in your Keystone bank joint account with your wife, sweep the #30,000 in your First Bank, and take #5,000 out of the #8,000 you have in your child's Fidelity Bank account. We would send them all to Access bank to repay you loan. The remaining #3,000 in your child's Fidelity Bank account would not be touched. That's a promise.
3. Even if its a joint account that your BVN is found on, money would be moved from there!
4. If we find out that you have an account that we should have moved money from but you did put your bvn on that account, then your BVN would be watchlisted.
5. Only principal and interest would be swept from your other accounts. Penalty charges would not be included.
6. If a bank wrongfully activates GSI on you (you have not defaulted on your loan, the system will automatically sweep money from your other accounts), the bank would pay a fine of #500,000 for Misconduct.
7. 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 10M.
The GSI becomes effective from August 1st 2020.
This helps the system to fight serial loan defaulters and allows banks to more readily give out loans. As a matter of fact, a bank can now choose to give you a loan without you previously having an account with the bank.
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