Accept Cheques Into Savings Accounts -CBN


The Central Bank of Nigeria (CBN) in a circular signed by the Director, Banking and Payment System, Mr. Dipo Fatokun, as part of its new guidelines for the banking sector on Tuesday, has directed Nigerian deposit banks to allow customers deposit cheques into their saving accounts.

The apex bank has also ordered banks and other financial institutions to remove fixed interest rate on credit cards. It also directed them to henceforth begin to embed customers’ Bank Verification Numbers on their payment cards.

It also ordered the banks to discontinue actual address verification as a condition for account opening for customers with the BVN.

According to the circular, with reference number BPS/DIR/GEN/CIR/03/005, reads, “The Central Bank of Nigeria, in furtherance of its efforts at strengthening the Nigerian payment system, hereby issues the following directives: the removal of fixed interest on credit cards; and discontinuation of actual address verification in account openings for customers with the Bank Verification Number (BVN).

“Banks should begin to embed the BVN on all payment cards issued henceforth to facilitate off-line BVN verification and biometric-based customer authentication in such payment devices as the Automated Teller Machines, Point of Sale Terminal, kiosks etc.

“Savings account customers with the BVN should be allowed to deposit cheques not more than N2m in value into their savings account per, customer per day. Please, be guided and ensure strict compliance with the content of this circular.”