Cheque Can Now Be Paid Into Savings Account

Cheque Can Now Be Paid Into Savings Account - CBN

The Central Bank of Nigeria yesterday said cheques can now be paid into savings accounts .

Before now , cheques were only paid into current accounts . In a circular signed by Director , Banking & Payments System Department, Dipo Fatokun and issued to all banks and financial institutions yesterday August 2 nd , the apex bank said bank customers with savings account linked to their BVN can deposit a maximum of N 2 million cheque per day.

The circular also stated that bank customers can now open a new account with another bank without the bank asking for their address since their addresses are in their BVN details.

The circular reads in part

“ 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 N 2 ,000 ,000 . 00 (Two million naira) into their accounts , per customer, per day.

Source : Liveofofo

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