CBN directs bank to accept cheque deposit into Savings Accounts

Central Bank of Nigeria (CBN) has directed banks to start accepting cheque deposits into Savings Accounts of their customers.

The apex bank in a circular by its director of banking and payment system department, Dipo Fatokun, to banks, also directed banks to embed Bank Verification Number (BVN) into the payment cards issued to customers.

He said embedding BVN in the payment card will facilitate the offline verification of BVN verification and biometric authentication on the payment device, including automated teller machine, Point of Sale terminal and kiosk.

The CBN Director said banks must not allow cheque above N2 million into an individual Savings Account in a day.

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