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Wednesday, August 3, 2016

Cheques can now be paid into Savings Account, says CBN



The Central Bank of Nigeria, CBN, yesterday, directed banks operating in the country to accept deposit of cheques into savings account and to begin to embed Bank Verification Number, BVN in payment cards. 

The CBN, in a circular signed by Director, Banking & Payments System Department, Dipo Fatokun, dated July 28, 2016, sent to all banks  and financial institutions  and released, yesterday,  stated: “The CBN in furtherance of its efforts at strengthening  the Nigerian payments system  hereby issues the following directives: 


The removal of fixed interest rate on credit cards; Discontinuation of actual address verification in account  opening  for customers with  customers with the BVN;  Banks should begin to embed BVN biometric data in payment cards issued henceforth, to facilitate offline BVN verification  and biometric based customer authentication on such payment devices as  Automated Teller Machines, ATMs, Point of Sales Terminals, POS, Kiosks, etc.”

Other directives by the CBN to banks include:  “Approval of BVN Watch-listing modalities and release by CBN of necessary Credit Risk Management System (CRMS) data, to facilitate its use for enriching the BVN watch-list; savings account customers with BVN should be allowed to deposit cheques worth not more than N2,000,000.00 (Two million naira)  into their accounts, per customer per day, the statement added.

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