Confirmed! You Can Now Pay Cheques Into Savings Accounts

The Central Bank of Nigeria has released four new guidelines for the banking industry, top of which was an approval to allow bank customers make cheque deposits into their savings accounts.

Prior to this development, customers could only make cheque deposits into their current accounts.

The new guidelines were contained in a circular posted on the CBN website and signed by the Director, Banking and Payment System, Mr. Dipo Fatokun. The circular, which was directed to banks and other financial institutions, was dated July 28, 2016.

Aside from this approval, the CBN also ordered banks and other financial institutions to remove fixed interest rate on credit cards.

The CBN directed the banks to henceforth begin to embed customers’ Bank Verification Numbers on their payment cards.

It also ordered the banks to discontinue actual address verification as a condition for account opening for customers with the BVN.

In approving cheque deposits into savings accounts, the apex bank limited the daily deposit to only N2m per customer in a day.

The new guidelines are meant to strengthen the payment system and the banking sector.