The Central Bank of Nigeria (CBN) has mandated commercial and merchant banks to begin debiting various loan defaulters.
Specifically, the bank asked the financial institutions to debit the accounts of debtors of the Anchor Borrowers Programme CBN activated the Global Standing Instruction (GSI) to comb bank accounts of loan defaulters using their Bank Verification Numbers (BVNs).
Recall that the apex bank Governor, Olayemi Cardoso, revealed that over N10 trillion has been loaned to customers under various intervention schemes.
CBN data showed that between September and October 2022, the apex bank disbursed about N41.02 billion to several agricultural projects under the Anchor Borrowers Programme, (ABP).
