Regulatory Alerts2012-06-15 | BPS/DIR/GEN/CIR/01/009Recall of Circular to all Nigerian Deposit Money Banks, Microfinance Banks and Primary Mortgage Banks on the use of the National Identity Number (NIN) for the "Know Your Customer" (KYC) Verification
The Nigeria Central Bank has issued a warning to accredited cheque printers regarding the production of dividend/interest warrants for the Nigerian market. It emphasizes that these instruments must adhere to the stipulated standards set by the Nigeria Cheque Standard (NCS) and the Nigeria Cheque Printers Accreditation Scheme (NICPAS). The MICR Technical Implementation Committee has observed that most warrants currently do not meet this standard, and therefore, printers who produce non-compliant instruments will face sanctions. Strict compliance is required.
CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187 Garki, Abuja 09-46238455 (Fax) 09-46238445 Tel BPS/DIR/GEN/CIR/01/007 24th May, 2012 ALL ACCREDITED CHEQUE PRINTERS PRINTING OF SECURITY INSTRUMENTS.
The Nigeria Cheque Standard (NCS) and the Nigeria Cheque Printers Accreditation Scheme (NICPAS) Document states that all security instruments (cheques, interest/dividend warrants etc.) produced for the Nigerian market, must meet the stipulated standard.
However, the MICR Technical Implementation Committee has noted with concern that most of the dividend/interest warrants produced for the Nigeria market, do not meet the specified standard.
Going forward, accredited cheque printers will be sanctioned for security instruments produced by them that fail to meet the required standard.
Kindly note and ensure strict compliance.
Dipo Fa Director, Banking and Payments System Department