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CBN Considers Deducting Money from Loan Debtors’ Bank Accounts

Somto NwanoluebySomto Nwanolue
September 23, 2022
in News
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CBN Considers Deducting Money from Loan Debtors’ Bank Accounts
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The Central Bank of Nigeria -CBN has finalized plans to directly deduct loan defaulters under the Anchor Borrower Programme -ABP, as farmers keep ignoring their debt obligations.

This was announced by the CBN Senior Manager, Development Finance Office, Port-Harcourt, Celsus Agla, on Thursday, during a meeting with maize farmers and other stakeholders.

Agla added that certain farmers that got their loan through the Anchor Borrower Programme have ignored several appeals to repay, with some of them describing the loan as a grant. This has led the CBN into considering the Global Standing Instruction -GSI, which allows banks to deduct money from the accounts of the loan defaulters to settle their debt, 

However, Agla has said that the GSI will be the last resort to recover the overdue debt, 

The statement read: “The GSI shall serve as a last resort by a creditor bank, without recourse to the borrower, to recover past due obligations (principal and Accrued Interest only, excluding any penal charges) from a defaulting borrower through a direct set-off from deposits, investments held in the borrower’s qualifying bank accounts with participating financial institutions.”

Tags: Bank AccountscbnConsidersDeducting MoneyLoan Debtors
Somto Nwanolue

Somto Nwanolue

Somto Nwanolue is a news writer with a keen eye for spotting trending news and crafting engaging stories. Her interests includes beauty, lifestyle and fashion. Her life’s passion is to bring information to the right audience in written medium

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