TrueCelebMedia

CBN approves the payment of cheques into savings account

The Central Bank of Nigeria (CBN) on Tuesday, August 2 directed all banks operating in the country to henceforth accept deposit of cheques into savings account and to embed Bank Verification Number (BVN) in payment cards.

 

Cbn

The CBN disclosed this in a circular signed by Director, Banking & Payments System Department, Dipo Fatokun, dated July 28, 2016, sent to all banks and financial institutions which was released yesterday.

It read:

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.

 

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.

Promo

Click HERE for more info

Click image to contact via whatsApp:

Comments

Tagged with:

About author

Damex MrCoded

Entertainer with a difference, Historian, Actor, blogger, Nigeria born Malaysian writer, am funny and I don’t flirt, quote lover. Composer of famous quote: "The goal is to be Holy, not to look Holy"

Related Articles

Drop your comments 👇