Regulatory Alerts2016-08-04
Circular to All Banks and Other Financial Institutions on Payment System Directives
The Central Bank of Nigeria has issued directives removing fixed interest rates on credit cards and discontinuing actual address verification for customers possessing a Bank Verification Number (BVN). Banks are now required to embed BVN biometric data into payment cards to enable offline authentication on ATMs and point-of-sale terminals while implementing new modalities for BVN watch-listing. Additionally, savings account holders with a BVN are permitted to deposit cheques with a maximum daily value of two million naira.
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