Read The Four New Guideline CBN Released for The banking Sector.

 
At a time commercial banks are going bankrupt, with every tendency to fold up, or be merged with stronger banks, ‎the Central Bank of Nigeria, CBN, on Tuesday August 2, released four new guidelines for the banking sector.


Top on the list, was the approval for bank customers to make cheque deposits into their savings accounts.
‎‎The guidelines which attracted wide range of jubilation and applauds amongst bank customers, are 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.
One of the directive as obtained in the circular, ordered banks and other financial institutions, to remove fixed interest rates on credit cards.

Others include: the discontinuation of actual address verification as a condition for account opening for customers with the BVN, and a directive that banks should embed customers BVN on their payment cards.
Speaking on the ‎cheque deposits approval on savings accounts, the apex bank limited the daily deposit to only N2 Million per customer in a day.
The CBN said the new guidelines, were meant to strengthen the payment system and the banking sector.

The circular, with reference number BPS/DIR/GEN?CIR/03/005, reads: “The Central Bank of Nigeria, in furtherance of its efforts at strengthening the Nigerian payment system, hereby issues the following directives: the removal of fixed interest on credit cards; and discontinuation of actual address verification in account openings for customers with the Bank Verification Number.
“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 Automated Teller Machines, Point of Sale Terminal, kiosks, etc.
“Savings account customers with the BVN should be allowed to deposit cheques, not more than N2 million in value, into their savings account, per customer, per day.
“Please, be guided and ensure strict compliance with the content of this circular,”‎ the CBN said