The Central Bank of Nigeria (CBN) has mandated the enrolment of other financial institutions (OFIs) on the credit risk management system (CRMS).
The C.B.N. stated this in a circular published on its website and signed by the Director of Financial Policy and Regulation Department, Chibuzo Efobi.
CRMS is the practice of mitigating losses by understanding the adequacy of a bank’s capital and loan loss reserves at any given period, and would also enable the CBN and OFIs to track any bank debtor to know if such a debtor owes another institution.
