As we all knew before now, Cheques were only paid into current accounts; but yesterday, in a statement released by the Central Bank of Nigeria, Cheques can now be paid into saving accounts. This is really great!
Clearly signed Circular by Director, Banking and Payment System Department, Dipo Fatokun, issued to all banks and financial institutions in the country yesterday, being 2nd August 2016, the Apex bank has said that bank customers who manage saving accounts that are properly linked to their BVN can now deposit a maximum of N2milion naira Cheque into their accounts per day.
“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 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, 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."
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