The
Central Bank of Nigeria, CBN, yesterday, directed banks operating in the
country to accept deposit of cheques into savings account and to begin to embed
Bank Verification Number, BVN in payment cards. The CBN, in a circular signed
by Director, Banking & Payments System Department, Dipo Fatokun, dated July
28, 2016, sent to all banks and financial institutions and released, yesterday,
stated: “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.” Other directives by the CBN to banks include: “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.
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