and signed by Chibuzo Efobi, director, financial policy and regulation department.
With this, the CBN and OFIs would be able to track any bank debtor to know if such a debtor owes another institution.OFIs include development finance institutions , microfinance banks, , primary mortgage banks , and finance companies . “Accordingly, and more specifically, enforcement of Section 3.1 of the extant guidelines on CRMS that captures the ‘submit before disbursement’ requirement shall commence on August 1, 2022.”of CRMS states that “rendition on the CRMS is required before the disbursement of any loan or credit facility.
Source: Loan Digest (loandigest.net)
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