Lenders battle against fraudsters; a case for an industry blacklist

Global Standing Instruction tightens the noose on bad actors.

On July 13, 2020, Nigeria’s Central Bank published the guidelines for Global Standing Instructions (GSI).

How blacklists could work

In Kenya, for instance, a credit information sharing (CIS) mechanism helps lenders share information about lenders with each other. When defaults happen, the names of those lenders are shared with the Credit reference bureaus (CRBs).

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