Deposit
Money Banks (DMBs) are yet to comply with the Central Bank of Nigeria (CBN)
directive that they allow cheques payments into savings accounts.
The
apex bank instructed the lenders that savings account customers with Bank
Verification Number (BVN) should be allowed to deposit cheques not more than N2
million in value, per customer per day, into their accounts.
But
two months after, the lenders claimed they were still upgrading their systems
to enable them comply with the directive.
Adebola
Oloye, a customer of one of the deposit money banks, said that his lender
rejected a cheque of N200,000 he wanted to lodge into his savings account,
outright.
“The
banks are not complying with the CBN’s directive. The apex bank has to compel
them to do the needful because I believe the policy will help to boost
confidence in the banking system,” he said.
CBN
Director, Banking and Payment System Department, ‘Dipo Fatokun, had said the
decision to allow cheques in savings accounts is in furtherance of its efforts
at strengthening the Nigerian payments system.
The
apex bank removed fixed interest rate on credit cards and discontinued the
actual address verification in account opening, for customers with BVN. It also
asked banks to begin to embed BVN biometric data in payment cards issued
henceforth, to facilitate off-line BVN verification and biometric-based
customer authentication on such payment devices as Automated Teller Machines
(ATM), Point of Sale (PoS), kiosks, among others.
Former
Keystone Bank Executive Director, Richard Obire, said the banks had no reason
not to comply. He said: “The CBN needs to wake the banks up by setting a
compliance deadline for them otherwise, the objective of the policy shift will
not be achieved.”
He
added: ”In the past, they asked their customers to get two references
before cheques are acceptable into the accounts. I understand they are taking
precautions as accepting cheques can expose them to risks, but with the BVN and
registered mobile phone details, I think they should comply without further
delay”.
Obire
explained that accepting cheques into savings accounts would boost financial
inclusion and create opportunity for low income earners to pay their dividend
warrants and other cheque-related instruments into their accounts, until such
accounts can be credited directly through the e-dividend platform.
Source:The Nation
Tags
Business