2016-07-29 | BPS/DIR/CIR/03/005

Circular to all Banks and other Financial Institutions

The Central Bank of Nigeria has issued a circular to strengthen the Nigerian payments system, addressing several directives. These include removal of fixed interest rates on credit cards, discontinuing address verification for customers with BVN, embedding BVN biometric data in payment cards, approving BVN watch-listing modalities and using Credit Risk Management System (CRMS) data to enrich the BVN watch-list. Savings account customers are also limited to depositing cheques not exceeding N2,000,000 per day with BVN. Compliance is required for all banks and financial institutions.

Nigeria

Central Bank of Nigeria

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