Kelvin Bowoto
Frank Uwajeh and David Adeleke (CEO) formed the company in 2022 to provide consumers, businesses, and financial institutions with access to financial data and analytics. It is now expanding its product offerings to include loan recovery options.
Following the debut of the new instrument, Adeleke remarked that the system they have created will aid in the reduction of nonperforming loans.
Borrowers can use the “Direct Debit” option to authorize debits from their primary bank account. If there are any complications with payment processing, such as no debit or partial debit, the system will use the GSI feature to ensure that the payment is still completed.
Zeeh noted that the GSI solution will provide organizations with control capabilities such as the ability to begin, suspend, or terminate ongoing debits. It also encourages transparency, adaptability, automation, and user interaction.
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First, borrowers must authorize the transaction by entering their Bank Verification Number (BVN). This BVN acts as their individual bank account identification number. They also connect their other accounts so that the system can view their financial information, making it easier to address difficulties and recover money.
In July 2020, the Central Bank of Nigeria issued the Guidelines on Global Standing Instruction (GSI) for Individuals to enhance the country’s financial systems and increase loan recovery rates. The GSI is used to recover past-due payments from the borrower’s bank accounts, minus penalties, to satisfy the outstanding principal and interest.
Citing Global Standing Instruction (GSI) and other factors, the CBN reported in 2022 that the average non-performing loan ratio had decreased from 4.9 to 4.2.
Techrectory with Agency Report.
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