CBN Directs Banks to Accept Cheques in Savings Accounts




The Central Bank of Nigeria (CBN) has directed banks and
other financial institutions to allow their customers that are
savings account holders to lodge in cheques in their
accounts.
Director, Banking and Payment System Department, CBN,
Mr. ‘Dipo Fatokun, stated this in a circular posted on the
central bank’s website.
According to the apex bank, savings account customers
with Bank Verification Number (BVN) should be allowed to
deposit cheques not more than N2 million in value per
customer per day into their accounts.
It explained that the decision to allow cheques in savings
accounts was in furtherance of its efforts at strengthening
the Nigerian payments system.
Furthermore, the CBN announced the removal of fixed
interest rate on credit cards and discontinued the actual
address verification in account opening, for customers with
BVN.
It also asked banks to begin to embed BVN biometric data
in payment cards issued henceforth, to facilitate off-line
BVN verification and biometric-based customer
authentication on payment devices as ATM, Point of Sale
(PoS), kiosks, etc.
“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,” it stated.
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