CBN Okays Cheques Payment For Savings Account

The Central Bank of Nigeria has authorized payment of cheques for savings account holders in Nigeria and to begin to embed Bank Verification Number, BVN in payment cards.

The CBN in a circular signed by the Director, Banking & Payments System Department, Dipo Fatokun 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,”
“Discontinuation of actual address verification in account openings for customers with the Bank Verification Number.
“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.
Other directives are “ 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 the BVN should be allowed to deposit cheques not more than N2,000,000.00 (two million naira) in value into their savings account, per customer, per day. Please, be guided and ensure strict compliance with the content of this circular.”

Until now, cheques are only acceptable for deposit in a current account .

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