Nigerian banks recovered N50.32 million within nine days from debtors after the financial institutions began the Global Standing Instruction (GSI) which enables Nigerian banks to go after debtors' accounts in other banks to retrieve their loan. The implementation of the GSI began on August 1, 2020.

The GSI increased the rate of recovery of debt following the challenges banks face with Non-Performing Loans. Some debtors have been avoiding repayment and not servicing their debt - this promoted the Central Bank of Nigeria (CBN) to empower banks to apply the GSI.

AllNews had reported the new banking policy last month. While... https://allnews.ng/news/banks-now-debiting-debtors-external-account-withdraw-n50m-in-nine-days

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Hmm. I don't think this is true.