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Borrower's Certification & Authorization for Nigeria

Borrower's Certification & Authorization Template for Nigeria

A comprehensive document used in the Nigerian lending environment that serves dual purposes: it contains the borrower's formal certification of the accuracy and completeness of all information provided during the loan application process, and their authorization for the lender to verify and share this information as needed. The document complies with Nigerian banking regulations, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Nigeria Data Protection Regulation (NDPR) 2019, ensuring proper information handling and verification processes while protecting both lender and borrower interests in the loan transaction.

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Borrower's Certification & Authorization

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What is a Borrower's Certification & Authorization?

The Borrower's Certification & Authorization is a fundamental document in Nigerian lending practices, required whenever an individual or entity applies for a loan or credit facility. This document serves as a critical risk management tool for lenders while ensuring transparency for borrowers. It is particularly important in the context of Nigerian banking regulations, which require strict due diligence and documentation of lending processes. The document typically includes certifications about the accuracy of provided information, financial status declarations, and various authorizations for information verification and sharing. It must comply with multiple Nigerian regulations, including BOFIA 2020, NDPR 2019, and the Consumer Protection Framework 2016. The document is especially relevant given Nigeria's emphasis on proper documentation in financial transactions and the growing focus on responsible lending practices.

What sections should be included in a Borrower's Certification & Authorization?

1. Borrower Information: Complete identification details of the borrower including full name, address, and relevant identification numbers

2. Loan Reference: Details of the loan application or existing loan being referenced

3. Information Certification: Borrower's declaration that all information provided in the loan application and supporting documents is true, complete, and accurate

4. Financial Status Declaration: Certification of current financial status, including income, debts, and obligations

5. Information Verification Authorization: Authorization for the lender to verify all provided information with third parties

6. Credit Check Authorization: Specific permission for credit checks and credit bureau reporting

7. Information Sharing Consent: Consent for sharing information with necessary third parties, compliant with NDPR 2019

8. Change Notification Commitment: Borrower's commitment to notify the lender of any material changes in the certified information

9. Acknowledgment of Rights: Statement acknowledging understanding of rights regarding information sharing and verification

10. Signature Block: Space for borrower's signature, date, and witness details

What sections are optional to include in a Borrower's Certification & Authorization?

1. Employment Verification: Additional section for employed borrowers, authorizing employment and income verification

2. Business Information: For self-employed borrowers, certification of business information and authorization to verify business records

3. Collateral Declaration: For secured loans, certification of collateral ownership and condition

4. Co-Borrower Certification: When applicable, certification and authorization from co-borrower(s)

5. Digital Communication Consent: Optional consent for receiving communications and documents electronically

6. International Information Sharing: For loans involving international entities, specific authorization for cross-border information sharing

What schedules should be included in a Borrower's Certification & Authorization?

1. Schedule A - Supporting Document List: Detailed list of all documents submitted with the loan application

2. Schedule B - Authorized Third Parties: List of specific third parties authorized to receive or verify information

3. Schedule C - Additional Assets/Liabilities: Detailed listing of assets and liabilities when relevant to the loan application

4. Appendix 1 - Privacy Notice: Detailed privacy notice explaining how the borrower's information will be used and protected

5. Appendix 2 - Required Verifications: List of specific verifications that will be conducted

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Ƶ

Document Type

Authorization Form

Cost

Free to use
Relevant legal definitions




















Clauses



















Relevant Industries

Banking

Financial Services

Microfinance

Mortgage Lending

Consumer Finance

Commercial Lending

Real Estate Finance

Asset Finance

Agricultural Finance

FinTech

Relevant Teams

Legal

Compliance

Credit Risk

Operations

Customer Service

Underwriting

Document Management

Credit Administration

Risk Management

Data Protection

Relevant Roles

Credit Officer

Loan Officer

Risk Manager

Compliance Officer

Legal Counsel

Banking Operations Manager

Credit Risk Analyst

Customer Service Representative

Underwriter

Document Control Specialist

Financial Services Manager

Branch Manager

Relationship Manager

Due Diligence Officer

Data Protection Officer

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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