Bank customers with BVN can now pay cheques into savings account.. says 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 2nd, the apex bank
said bank customers with savings account linked
to their BVN can deposit a maximum of N2
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
N2,000,000.00 (Two million naira) into
their accounts, per customer, per day.