{"id":29606,"date":"2021-04-13T17:21:27","date_gmt":"2021-04-13T16:21:27","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=29606"},"modified":"2021-10-07T00:24:39","modified_gmt":"2021-10-07T00:24:39","slug":"cbn-begins-registration-of-more-financial-institutions-on-credit-risk-management-platform","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/cbn-begins-registration-of-more-financial-institutions-on-credit-risk-management-platform\/","title":{"rendered":"CBN begins registration of more financial institutions on credit risk management platform"},"content":{"rendered":"<p>Tanko Mohammed<\/p>\n\n\n<p>The Central Bank of Nigeria (CBN) has started the registration of \u201cOther Financial Institutions\u2019\u2019 (OFIs) on its Credit Risk Management System (CRIMS) to improve credit risk management.<\/p>\n\n\n<p>\u201cOther Financial Institutions\u2019\u2019 are Development Finance Institutions (DFIs), Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs) and Finance Companies (FCs)<\/p>\n\n\n<p>CBN\u2019s Director, Financial Policy and Regulation Department, Kevin Amugo, stated in a circular on Tuesday that with the successful implementation of CRIMS in commercial banks, it was time to accommodate Other Financial Institutions.<\/p>\n\n\n<p>He stated that the system was designed to improve credit risks in commercial, merchant and non-interest banks.<\/p>\n\n\n<p>Amugo urged all affected financial institutions to report all credit facilities to the platform.<\/p>\n\n\n<p>\u201cAccordingly all DFIs, MFBs and FCs are required to report all credit facilities (principal and interest) to the CRIMS and to update same on monthly basis,\u2019\u2019 he stated.<\/p>\n\n\n<p>He reminded the OFIs that Bank Verification Numbers and Tax Identification Numbers were the only basis for \u201cregulatory renditions.\u2019\u2019<\/p>\n\n\n<p>The CBN director also urged the OFIs to conclude the tagging of all live credit files for all borrowers by May 14.<\/p>\n\n\n<p>He advised concerned OFIs to acquaint themselves with the regulatory guidelines for the operations of the redesigned CRIMS for commercial, merchant and non-interest banks.<\/p>\n\n\n<p>The guidelines were issued in February and September of 2017.<\/p>\n\n\n<p>\u201cNote that the CBN will monitor compliance with the requirements of this circular and non-compliance will attract appropriate sanctions,\u2019\u2019 Amugo warned.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-29606\" data-postid=\"29606\" class=\"themify_builder_content themify_builder_content-29606 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>Tanko Mohammed The Central Bank of Nigeria (CBN) has started the registration of \u201cOther Financial Institutions\u2019\u2019 (OFIs) on its Credit Risk Management System (CRIMS) to improve credit risk management. \u201cOther Financial Institutions\u2019\u2019 are Development Finance Institutions (DFIs), Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs) and Finance Companies (FCs) CBN\u2019s Director, Financial Policy and Regulation Department, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":27758,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125,126],"tags":[],"class_list":["post-29606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","category-trade-and-industry","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - 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