Central Bank of Nigeria Loans & Access to Credit Facilities
Ministry of Finance, Budget and National Planning, Nigeria
Loans are an important source of financial relief for individuals and companies. They provide an alternative source of income that assists in meeting personal needs and achieving business expansion. This document educates financial consumers on the importance of loans, the types of loans (secured and unsecured loans), sources of loans, types of collateral, and eligibility for loans, repayment of loans, defaults and consequences. The revised Prudential Guidelines aim to address various aspects of banks’ operations, such as risk management, corporate governance, KYC and anti-money laundering/ counter financing of terrorism and loan loss provisioning. The guidelines also aim to address the peculiarities of different loan types and financing to different sectors.
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Consumer Protection Department ⬤
Financial System Stability Directorate ⬤
Office of the CBN Governor ⬤
Federal Executive Council ⬤
Central Bank of Nigeria Loans & Access to Credit Facilities Current Version
January 2022
Loans are an important source of financial relief for individuals and companies. They provide an alternative source of income that assists in meeting personal needs and achieving business expansion. This document educates financial consumers on the importance of loans, the types of loans (secured and unsecured loans), sources of loans, types of collateral, and eligibility for loans, repayment of loans, defaults and consequences. The revised Prudential Guidelines aim to address various aspects of banks’ operations, such as risk management, corporate governance, KYC and anti-money laundering/ counter financing of terrorism and loan loss provisioning. The guidelines also aim to address the peculiarities of different loan types and financing to different sectors.
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