CBN lists conditions for financial institutions’ enrollment into CRM system
The Central Bank of Nigeria (CBN) has listed conditions to be met by Other Financial Institutions (OFIs) to qualify for enrollment into the Credit Risk Management System (CRMS).
Chibuzo Efobi, CBN’s director at the financial policy and regulation department, disclosed this in a circular posted on the apex bank’s website on Tuesday.
“Further to the various engagements with OFls in respect of the above captioned, “our circular dated April 8, 2021 (Ref No. FPRD/DIR/PUB/CIR/01/002) and letter dated April 9, 2021 (Ref No. OFI/DOA/CON/LTT/002/193), all OFls are hereby informed that; the provisions of the Regulatory Guidelines for the Redesigned Credit Risk Management System for Commercial, Merchant, and Non-Interest Banks in Nigeria issued on February 27, 2017 (Ref No. FPR/DIR/GEN/CRM/06/012),” stated the circular.
It added, “And the Additional Regulatory Guidelines for the operation of the Redesigned CRMS issued on September 10, 2018 (Ref No. FPR/DIR/GEN/CIR/07/007) have become applicable to all OFls. Accordingly, and more specifically, 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 CBN reminded all OFIs to ensure that their customers’ accounts complied with the 10-digit Nigeria Uniform Bank Account Number (NUBAN) fomat.
It also urged them to ensure that their customers’ accounts were tagged with Bank Verification Number (BVN) or Taxpayer ldentification Number (TIN) for individual and non-individual accounts respectively.
In addition, it said the account holder must be profiled on NIBSS Industry Customer Accounts Database (1CAD) not later than June 20.
The apex bank warned that failure to comply with the above timelines would attract sanctions.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
“Katsina State is Atiku’s political base because it is his second home.”
The governor said successive administrations did not give adequate attention to the welfare of retirees.
The budget comprises N87.25 billion, or 42 per cent, for recurrent expenditure and N120.5 billion, or 58 per cent, for capital expenditure.
Ms Nwogazi also told the court that the three accused persons allegedly belonged to a society known as Eiye Confraternity.
The comptroller said the command had introduced more sensitive security measures to prevent smuggling in the area.
Mr Ojo said no fewer than 4068 inmates would benefit from the initiative nationwide.