Cheques can now be paid into savings accounts – CBN

This was made known, yesterday, in a circular posted on the CBN website. Aside from this approval, the CBN also ordered banks and other financial institutions to remove fixed interest rate on credit cards and discontinue actual address verification as a condition for account opening for customers with the BVN.. Also, that 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 ATM, POS Terminal, kiosks etc.

  In approving cheque deposits into savings accounts, CBN limited the daily deposit to only N2m per customer in a day. Prior to this development, bank customers could only make cheque deposits into their current accounts.... wt many ppl alert ending up being electrocuted....