The Central Bank of Nigeria (CBN) recently revoked licences of 46 microfinance banks across Nigeria. According to the apex bank, the affected microfinance banks failed to meet important regulatory requirements needed to continue operating in the country. The action is part of the CBN’s efforts to strengthen the Nigerian financial system and protect depositors. Microfinance…
In one of our articles, we explained that – users that have taken a loan from a bank, loan apps or other financial institution in Nigeria and have refused to repay, may face GSI recovery. If borrowers default on loan repayment, the loan institution may activate Global Standing Instruction (GSI) to recover the loan from…
If you’re worried and want to know how to stop GSI recovery, then read this carefully. First advice I do love giving people is – borrow what you can always repay. GSI is a bank-to-bank recovery mechanism instituted by CBN. It allows a creditor bank (the lender) to automatically debit money from a borrower’s other…
GSI recovery is one of the legal approaches that lenders in Nigeria use to recover loans from defaulters who refuse to repay their loans after a period of time. This recovery approach was introduced in 2020 by the Central Bank of Nigeria to protect lenders from losing money to borrowers always. The Global Standing Instruction…
If you are borrowing money through a mobile loan app in Nigeria, it’s very important to choose from this list of loan apps approved by CBN 2026. The Central Bank of Nigeria (CBN) and the Federal Competition and Consumer Protection Commission (FCCPC) have made it compulsory that all digital lenders in Nigeria must be approved…