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.
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.
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.