Zeeh Africa, an open banking financial technology company, has announced the launch of its loan recovery solution powered by global standing instruction technology.
The firm stated that the system offered a direct and automated approach to fund recollection, providing a seamless solution for lenders grappling with recovery challenges.
According to a statement, the GSI technology will address the challenge of loan repayment for lenders in Nigeria and beyond and will serve as a robust last-resort system.
This would enable connected lenders to directly debit the accounts of loan defaulters at other banks, the company noted.
Speaking on the solution, the CEO of Zeeh Africa, David Adeleke, stressed that the GSI-powered solution introduced a cutting-edge system that merged the efficiency of direct debit with GSI functionality.
Adeleke said it offered an advanced tool beyond conventional recovery approaches that proved effective in reducing non-performing loan rates.
The Zeeh Africa boss explained that borrowers initiate the process by granting consent through their Bank Verification Number and linking all associated accounts, ensuring comprehensive access to relevant information for more effective recovery.
“Zeeh Africa’s Direct Debit feature enables borrowers to designate their primary account for debits. However, in cases of failed debits, the system seamlessly transitions to the GSI feature, acting as a fail-safe mechanism when Direct Debit encounters obstacles such as no debit or partial debit,” he noted.
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