CBN directs banks to accept cheques in savings account

The Central Bank of Nigeria, CBN on Tuesday 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.”

"Discontinuation of actual address verification in account opening 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.


"Approval of BVN watchlisting modalities and release by CBN of necessary Credit Risk Management System (CRMS) data to facilitate its use for enriching the BVN watchlist

"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.



- News 24