As part of the efforts to promote a safe and sound financial system in Nigeria, the CBN introduced the CRMS to improve credit risk management in commercial, merchant and non-interest banks as well as to prevent predatory borrowers from undermining the banking system.
With the successful implementation of the CRMS in deposit money banks, it has become expedient to commence the enrollment of Other Financial Institutions (OFIs) on the CRMS Platform.
Accordingly, all DFls, MFBs, PMBs and FCs are required to report ALL credit facilities (principal and interest) to the CRMS and to update same on monthly basis. OF Is shall note that Bank Verification Numbers (BVN) and Tax Identification Numbers (TIN) are the only basis for regulatory renditions.
To ensure full compliance, OFls are reminded to conclude the tagging of ALL live credit files for ALL individual and non-individual borrowers with BVN and TIN respectively by May 14, 20271.
Furthermore, the concerned OF Is are advised to acquaint themselves with the Regulatory Guidelines for the Operations of the Redesigned CRMS for Commercial, Merchant and Non-Interest Banks in Nigeria (February 2017) and the additional regulatory guidelines of September 2017.
