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CBN Begins Debiting Accounts Of Loan Defaulters; Partners With EFCC To Recover Loans

The Central Bank of Nigeria has begun debiting the account of borrowers that have refused to pay back their loans. In a bid to effectively recover the unpaid loans, the CBN vowed that they will be partnering with the Economic and Financial Crimes Commission (EFCC).

This was revealed by the CBN director of development finance, Yusuf Yila, after the Monetary Policy Committee (MPC) meeting they had in Abuja on Wednesday, September 28, 2022.

This decision covers the Bank’s various intervention projects especially the Anchor Borrower Program and the Commercial Agric Credit (CAC) which was a loan program targeted at the farmers. It was revealed that States and individuals participated on these programs, and as such, none of them would be spared in their payback.

As revealed, the CBN disbursed about N1 trillion but recovered only N400 billion, and under the CAC, the bank gave out about N800 billion and recovered N700 billion. Hence the need to take serious action in recovering the loans.

Many wondered how possible it may to debit the defaulters’ account, but the bank made it known that they have the Bank Verification Number (BVN) of the defaulters, hence may not be a big deal debiting their accounts.

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