Tuesday, April 13, 2021 / 02:24 PM / by CBN / Header Image Credit: Ecographics

As part of the efforts to promote a safe and soundfinancial system in Nigeria, the CBN introduced the CRMS to improve credit riskmanagement in commercial, merchant and non-interest banks as well as to preventpredatory borrowers from undermining the banking system. With the successfulimplementation of the CRMS in deposit money banks, it has become expedient tocommence the enrollment of Other Financial Institutions (OFIs) on the CRMSPlatform.

Accordingly, all DFls, MFBs, PMBs and FCs are requiredto report ALL credit facilities (principal and interest) to the CRMS and toupdate same on monthly basis. OF Is shall note that Bank Verification Numbers(BVN) and Tax Identification Numbers (TIN) are the only basis for regulatoryrenditions.

To ensure full compliance, OFls are reminded toconclude the tagging of ALL live credit files for ALL individual andnon-individual borrowers with BVN and TIN respectively by May 14, 20271.

Furthermore, the concerned OF Is are advised toacquaint themselves with the Regulatory Guidelines for the Operations of theRedesigned CRMS for Commercial, Merchant and Non-Interest Banks in Nigeria(February 2017) and the additional regulatory guidelines of September 2017.

Kindly note that the CBN will monitor compliance withthe requirements of this circular and non-compliance will attract appropriatesanctions.

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