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, told The Nation 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.

WowSweetGuy:
.I truly think it's worth sharing!

My suggestion to d Federal government. A senator earns N36,000,000 per month. If this is divided into two d senator collects N18,000,000 and d remaining N18,000,000 can be used to employ 200 Nigerians that will earn N90,000 per month, 200 pple multiply by 109 senators = 21800 employees, meaning 200 Nigerians can leave comfortably on half of monthly income of just one senator. A member of federal house of rep.earns N25,000,000 per month. If dis is divided into two a honourable earns N12.5million per month. The remaining N12.5million can be used to employ 135 Nigerians who will earn N92,500 per month. 135 Nigerians multiply by 360 honourables in the Federal house of reps. =48600 employees, meaning 135 Nigerians can live comfortably on half of a monthly income of just a honourable memner of NASS. Pls forward to d
Federal government, Senators, and Honourables in Nigeria. This means that this administration can actually employ 70,400 Nigerians that will earn N90,000 nd N92,500 respectively from the reduction of monthly income of senators and honourables in Nigeria. As for me if 25% of their income become their take home now to safe cost Nigeria can employ 140,800 Nigeria which I believe we Nigerian should demand this reduction in pay instead of Sale of hard earn FG assets. This should go down to Governors, ministers, President and Vice-President.
Please Re-broadcast!!

watchindelta:
yeye UNION BANK jst made my junior bro sent 90k twice, this kind time for Nigeria, i beg am to help me send moni to person for NIGERIA through ATM card but it showed transaction failed, dem him go firstbank transaction succeed. imagine he no no say the first transaction for UNIONBANK went through even with the failed it displayed. so i jst lost 90k so. becuz of unionbank. so who i go blame na my junior bro or yeye UNION BANK. ATM transaction is very risk so i jst dey vex CBN n Nigerians take note ATM transaction very very risk.

WowSweetGuy:
.I truly think it's worth sharing!

My suggestion to d Federal government. A senator earns N36,000,000 per month. If this is divided into two d senator collects N18,000,000 and d remaining N18,000,000 can be used to employ 200 Nigerians that will earn N90,000 per month, 200 pple multiply by 109 senators = 21800 employees, meaning 200 Nigerians can leave comfortably on half of monthly income of just one senator. A member of federal house of rep.earns N25,000,000 per month. If dis is divided into two a honourable earns N12.5million per month. The remaining N12.5million can be used to employ 135 Nigerians who will earn N92,500 per month. 135 Nigerians multiply by 360 honourables in the Federal house of reps. =48600 employees, meaning 135 Nigerians can live comfortably on half of a monthly income of just a honourable memner of NASS. Pls forward to d
Federal government, Senators, and Honourables in Nigeria. This means that this administration can actually employ 70,400 Nigerians that will earn N90,000 nd N92,500 respectively from the reduction of monthly income of senators and honourables in Nigeria. As for me if 25% of their income become their take home now to safe cost Nigeria can employ 140,800 Nigeria which I believe we Nigerian should demand this reduction in pay instead of Sale of hard earn FG assets. This should go down to Governors, ministers, President and Vice-President.
Please Re-broadcast!!

mrbillz:
Sorry o bro! Shey na devil hin transfer the money to wey the supposed transaction can't be reversed since it's been charged for multiple transactions. Just wondering tho!

bigtt76:
Diamond bank chop my money nor deliver the airtime I bought I de wait for them.

tolexy007:
make e sa no affect my MMM payment tomao

4four:
send mail to complains@diamondbonk.com am sure de will reverse it

ccollins:
please help me on directive I need to follow. do U need to wait for 48 hours to confirm payment after U have provided help