CBN orders banks to obtain customer’s credit history

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The Central Bank of Nigeria has ordered the lending institutions under its regulation to obtain the credit history of customers before giving out loans to them.

The apex bank disclosed this order in its consumer protection guidelines on ‘Responsible business conduct.

The guidelines apply to all transactions by financial institutions licensed and regulated by the CBN, the agents, subsidiaries and associates.

The guidelines also extends to Switching companies like, Payment Solution Service Providers, payment terminal service providers, non-bank acquirer, super agents, Mobile Money Operators, and other licensed providers of digital financial services.

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