Please read the following sentences slowly to comprehend, below is the CBN policy on loan recovery explained in Simpler form
What Is GIS : GIS stands for Global Standing Instruction, it’s a tool that has been approved by the Central Bank of Nigeria to enable financial sectors reduce their NPLs(Non Performing Loans) in their books. In other way , the Nigerian financial houses have been giving the power, to collect all outstanding due repayments from any account of the borrower that is linked with BVN (Bank Verification Number).
In a lay man’s understanding, if for an instance you collected a loan of 20,000 Naira from Access Bank. And you don’t repay on the due date, Access Bank has the approval to collect the money from any of your accounts in Nigeria that has your bank verification number. It simply means that now repayment of bank loans , can come from any other bank account, you that you have which is linked with your BVN.
Even if you are the type that saves your money in monetary wallets like opay, am sorry to say , your money would also be debited, as long as your bank verification number is linked to that wallet.
I honestly think this is a good step for Nigerian banks, and also a warning to all loan defaulters. All loan defaulters should immediately start paying up their loans. This is because, with this type of policy the bank might debit you unexpectedly, and believe me this is so discomforting.
If you are owing financial companies like Okash, Sokoloan, Branch and so on , please repay your debts now.