How Nirsal Micro Finance Bank (NMFB) Is Recovering Overdue Loans Through GSI Trigger From NMFB COVID-19

How Nirsal Micro Finance Bank (NMFB) Is Recovering Overdue Loans Through GSI Trigger From NMFB COVID-19

The Nirsal Micro Finance Bank (NMFB) management asserts that you cannot avoid repaying your loan with GSI. There is no way around our system for you to avoid repaying your debt.

Chukwuka Egbule, the head of the NMFB Loan Recovery Department, went into great detail on how the GSI trigger is used to get loan defaulters to settle their debts.

He claims that the Global Standing Instrument, or GSI, is a recovery tool that is currently in use throughout the world, but especially in Nigeria. Because some of our clients are defaulting, we are using GSI. Therefore, to assist us in recovering these Loans, we are using GSI’s instrumentality.

How Does It Operate?

We can get your money from anywhere in the banking or financial systems thanks to a program called GSI. Because of the parameters we were utilizing, which were provided to us when you applied for the loan, it is a recovery tool that you cannot avoid, he added.

Your information is also available to us through the Credit Risk Management System (CRMS) and our credit bureau. This means that since we have access to all of your credit information on this platform, it will be challenging for you to borrow money from another source if it indicates that you are not now in a performing status.

Because we also exchange information with credit bureau agencies worldwide, it is not as simple for those of you who wish to Japa as they stated. Thus, the embassies and they both own our information.

For us to identify you as the Head of the Loan Recovery Department of NMFB, the credit bureau will provide information to us if and when you decide to go overseas.

This demonstrates the reason behind the debiting of loan accounts without the applicants’ knowledge for select NMFB COVID-19 and TCF Loan applicants who have not yet repaid their loans.