The Nirsal Microfinace Bank has commenced recovery of loans granted to some Nigerians during the Covid 19 pandemic.
The deduction is based on the new Loan Recovery Feature called Global Standing Instruction (GSI) introduced by the CBN in 2021.
Related Posts
The GSI is a policy that allows banks to debit the accounts of loan holders in other banks to settle defaults.
So if you have a loan with Access Bank and you refused to pay. The GSI has given Access Bank (a 3rd party) legal access to all your accounts linked with BVN so they can easily debit your FIRSTBANK account.
Thats same feature NIRSAL is using.
There is no more “Unwillingness” to pay loans. As long as you have “ability” to pay (money in other accounts) then you must pay.
