Index to Nigerian Newspapers

Pressure mounts on debtors to repay N450b Fed govt loans

The NIRSAL Microfinance Bank (NIRSAL-MFB) has partnered with the Nigerian Financial Intelligence Unit (NFIU) to recover N450.9 billion outstanding loans issued to farmers through the Central Bank of Nigeria (CBN) Anchor Borrowers' Programme (ABP). The collaboration aims to ensure all indebted farmers are paid up. N1.12 trillion was disbursed to 563 anchors, with about N670.4 billion repaid. The NFIU is providing intelligence to NIRSAL-MFB to ensure the balance of N450.9 billion is recovered. The collaboration demonstrates a more aggressive approach to recovering outstanding loans. The use of Global Standing Instructions (GSI) has made many beneficiaries reluctant to repay their loans. A self-loan liquidation app has been launched by the bank to help borrowers liquidate their loans online.

Nudka Chiejina, | Economy | The Nation | Monday, May 13, 2024