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Godwin
Emefiele, CBN Governor
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The
Central Bank of Nigeria (CBN) on Tuesday released four new guidelines for the banking
industry, top of which was an approval for bank customers to make cheque
deposits into their savings accounts.
Prior to
this development, bank customers could only make cheque deposits into their
current accounts.
The new
guidelines 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.
Aside
from this approval, the CBN also ordered banks and other financial institutions
to remove fixed interest rate on credit cards.
The
central bank directed the banks to henceforth begin to embed customers’ Bank
Verification Numbers on their payment cards.
It also
ordered the banks to discontinue actual address verification as a condition for
account opening for customers with the BVN.
In
approving cheque deposits into savings accounts, the apex bank limited the
daily deposit to only N2m per customer in a day.
The CBN
said the new guidelines were meant to strengthen the payment system and the
banking sector.
The
circular, with reference number BPS/DIR/GEN?CIR/03/005, read, “The Central Bank
of Nigeria, in advancement 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.”
In
another development, the apex bank advised Nigerians at home and in the Diaspora to
beware of the unwholesome activities of some unlicensed International Money
Transfer Operators in the country.
It said
in a statement by its Acting Director, Corporate Communications, Isaac
Okoroafor, that the warning had become necessary because of the activities of
some unregistered IMTOs, whose modes of operation were detrimental to the
Nigerian economy.
Okoroafor
stated, “All financial service providers in Nigeria, just as in other
jurisdictions, are required to be duly licensed in order to protect both
customers and the financial system as well as to ensure the credibility of
financial transactions.
“For the
avoidance of doubt, all licensed International Money Transfer Operators, in
line with the CBN circular on the sale of foreign currency proceeds of July 22,
2016, are required to remit foreign currencies to their respective agent banks
in Nigeria for disbursement in naira to the beneficiaries, while the foreign
currency proceeds are to be sold to Bureaux De Change operators for onward
retail to end users.
“The
Central Bank of Nigeria will, therefore, not condone any attempt aimed at
undermining the country’s foreign exchange regime.
“Accordingly,
members of the public are advised to beware of the activities of such
unregistered IMTOs for the greater economic good of Nigeria.”
Labels: Bank customers to make cheque deposits into their savings accounts, CBN, Cheques can now be paid into savings accounts
