The Central Bank of Nigeria has set a deadline for Other Financial Institutions ( OFIs) to enroll its customers in the Credit Risk Management System (CRMS).
OFIS includes Microfinance Banks, (MFBS) Development Finance Institutions (DFIs), Primary Mortgage Banks (PMBS) and Finance Companies (FCS).
CRMS is the practice of reducing losses by determining the sufficiency of a bank’s capital and loan loss reserves at any given time. The CBN and other financial institutions would be able to track any bank debtor in order to determine if that debtor owed another institution.
In a circular published on its website, the CBN urged OFIs to ensure that all customer details are linked by Monday, June 20, 2022.
The Cirular reads: “All OFls are reminded 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 Taxpayer Identification Number (TIN) for individual and non-individual accounts respectively of the account holder and profiled on NIBSS’ Industry Customer Accounts Database (ICAD) not later than June 20, 2022.”
“These remain prerequisites for the enrollment onto the CRMS.”https://www.tvcnews.tv/2022/05/police-arrest-16-year-old-for-exhuming-corpse-in-niger-state/
The CBN also stated that it will monitor compliance with the circular’s requirements, and that non-compliance would result in appropriate fines.
