CBN Directs Banks to Allow Customers Deposit Cheques into their Savings Account

CBN Governor, Godwin Emefiele

The Central Bank of Nigeria (CBN) in a circular to all banks and other financial institutions has said that savings account customers (with Bank Verification Number, BVN) can now deposit checks to their accounts.

The Circular signed by ‘Dipo Fatokun, the Director Banking and Payments Systems Department, read:

The Central Bank of Nigeria, in furtherance of its efforts at strengthening the Nigerian payment system, hereby issues the following directives:

1. The removal of fixed interest on credit cards; and discontinuation of actual address verification in account openings for customers with the BVN.

2. Discontinuation of actual address verification in account opening for customers with the Bank Verification Number (BVN)

3. 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.

4. 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

5. 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.

Photo Credit: CBN