OFIs: CBN sets criteria for enrollment onto credit risk management system

The Central Bank of Nigeria (CBN) has set criteria to be met by Other Financial Institutions (OFIs) to qualify for enrollment onto the Credit Risk Management System (CRMS).

Mr Chibuzo Efobi, Director, Financial Policy and Regulation Department, said this in a circular posted on the CBN website on Tuesday.

The circular has the caption: “Re: Enrolment of Other Financial Institutions (OFIs) on the Credit Risk Management System (CRMS).”

It reminded all OFIs to ensure that their customers’ accounts complied with the 10-digit Nigeria Uniform Bank Account Number (NUBAN) format.

It also urged them to ensure that their customers’ accounts were tagged with Bank Verification Number (BVN) or Taxpayer ldentification Number (TIN) for individual and non-individual accounts respectively.

And that the account holder must be profiled on NIBSS Industry Customer Accounts Database (1CAD) not later than June 20.

The apex bank warned that failure to comply with the above timelines shall attract appropriate sanctions.