The Central Bank of Nigeria and other lending institutions have agreed to seize the bank savings of customers that borrow money and refuse to pay back.
They agreed that the deposits in the customers’ other banks’ accounts should be used to service the unpaid loans.
This was part of the resolution at the 345th Bankers Committee meeting which took place in Lagos on Monday.
At the meeting, the bankers decided that bank borrowers would be made to sign an agreement that if there was a default, the bank would have a right to access the borrowers other accounts.
The bankers also decided that vital information should be demanded from bank borrowers such as Bank Verification Number, Tax Identification Number among other documents.
Source: Punch Newspaper
