The Central Bank of Nigeria has written a circular to banking institutions to permit bank customers to make cheque deposits into their savings accounts. This new guideline, alongside three others, were contained in a circular posted on the CBN website and signed by the Director, Banking and Payment System, Mr. Dipo Fatokun. The circular, which was directed to banks and other financial institutions, was dated July 28, 2016. The circular, with reference number BPS/DIR/GEN?CIR/03/005, read:
“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; and 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.”“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.”
Prior to this development, bank customers could only make cheque deposits into their current accounts.