The Central Bank of Nigeria Wednesday
announced that cheques can now be paid into savings accounts.
Before now, one could only pay
cheques into current accounts with cash or transfers being the only options for
sending money to a savings account, but no more.
In a circular signed by
the Director, Banking & Payments System Department, Dipo Fatokun the
CBN has validated the payments of up to N2m into savings accounts via cheques
as long as the customer’s BVN number is linked.
The circular which was circulated
among all financial Institutions wednesday said, “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 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.”
Source: The Herald
No comments:
Post a Comment