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 […]
The Central Bank of Nigeria (CBN) says savings account holders in Nigeria can now pay cheques of N2million or less into their savings account per day.
In a circular signed by Dipo Fatokun, CBN director of banking and payment system, the bank also asked Deposit Money Banks (DMBs) to remove fixed interest rates on credit cards.
“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 […]