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No Deposit For New Accounts: CBN Gives Approval - Business - Nairaland

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No Deposit For New Accounts: CBN Gives Approval by Andyg: 9:01am On Jul 18, 2016
CBN okays no deposit for new accounts

Customers are free to open accounts without deposits, the Central Bank of Nigeria (CBN) has said.
The directive is contained in the Monetary, Credit, Foreign Trade and Exchange Guidelines for Fiscal Years 2016/2017 guidelines posted by the CBN on its website.
Commercial banks ask for cash deposits to cover operating cost of opening new accounts to discourage customers from abandoning their account opening plans after completing documentations.
The initial deposits are usually around N1,000 or N5,000 for savings accounts and N10,000 and above for corporate accounts.
The CBN said the new policy directive is in line with its commitment to encourage banks to improve their deposit mobilisation efforts while promoting the financial inclusion initiative.
“The CBN shall continue to encourage banks to improve their deposit mobilization efforts. In line with the financial inclusion initiative, banks shall be required to allow zero balances for opening new bank accounts so as to make banking services accessible to the unbanked public. Accordingly, banks are encouraged to develop new products that would improve access to credit and simplify their account opening processes, without compromising the Know-Your-Customer (KYC) requirements,” the guidelines indicated.
It said that despite the drive for deposits, banks and other financial institutions should continue to apply the principle of KYC as specified in the CBN the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Regulations in Banks and Other Financial Institutions Regulations (BOFIA) Act, 2013. “Financial institutions should not conduct any business with persons/entities who fail to properly identify themselves,” it said





http://thenationonlineng.net/cbn-okays-no-deposit-new-accounts/

4 Likes 1 Share

Re: No Deposit For New Accounts: CBN Gives Approval by Adesiji77: 7:32pm On Jul 18, 2016
Hmm

Cc: lalasticlala, dominique, Mynd44, dearie

http://thenationonlineng.net/cbn-okays-no-deposit-new-accounts/
Re: No Deposit For New Accounts: CBN Gives Approval by dollaflow(m): 7:35pm On Jul 18, 2016
Good development

1 Like

Re: No Deposit For New Accounts: CBN Gives Approval by Dexpro: 7:36pm On Jul 18, 2016
Good initiative.
Re: No Deposit For New Accounts: CBN Gives Approval by alabiman: 8:11pm On Jul 18, 2016
More inactive, dormant and accounts in debit loading for banks.

32 Likes 2 Shares

Re: No Deposit For New Accounts: CBN Gives Approval by RichYoungNigga: 9:56pm On Jul 18, 2016
Do people still use bank accounts ??

Well, Nigeria will get there someday

1 Like 1 Share

Re: No Deposit For New Accounts: CBN Gives Approval by jnrbayano(m): 9:57pm On Jul 18, 2016
Mr Okeke Bamidele Muhammad Oghenetega will have upwards of 10 bank accounts soon.

8 Likes 1 Share

Re: No Deposit For New Accounts: CBN Gives Approval by NaijaMutant(f): 9:57pm On Jul 18, 2016
Clueless and Directionless CBN

They think they will eventually get it right through Trial and Error

They will have to try for 999 times to get it right.

You are not Newton.

5 Likes 1 Share

Re: No Deposit For New Accounts: CBN Gives Approval by Ishopbest: 9:57pm On Jul 18, 2016
I opened an account with no deposit in a bank since 2015, surprisingly I keep getting "interest" and "sms charge" alert on a ZERO NAIRA balance

29 Likes 2 Shares

Re: No Deposit For New Accounts: CBN Gives Approval by NaijaMutant(f): 9:58pm On Jul 18, 2016
When will CBN Okay withdrawal of Money from Tinubu's account for every Nigerian

63 Likes 3 Shares

Re: No Deposit For New Accounts: CBN Gives Approval by haywire1: 9:58pm On Jul 18, 2016
Can i now withdraw my 1k deposit fee remaining inside that stvpid Skye Bank ?


#

21 Likes

Re: No Deposit For New Accounts: CBN Gives Approval by ngmgeek(m): 9:58pm On Jul 18, 2016
ok o
Re: No Deposit For New Accounts: CBN Gives Approval by Isryl02(m): 9:58pm On Jul 18, 2016
Long overdue smiley
Re: No Deposit For New Accounts: CBN Gives Approval by mikkypel(m): 9:59pm On Jul 18, 2016
If corporate acct can be free.. Then thumbs up to that

2 Likes

Re: No Deposit For New Accounts: CBN Gives Approval by Miraxzeebility(m): 9:59pm On Jul 18, 2016
Na thunder go fire First bank.. Ole!? Ma go open account for my kid brothers and them tell me 1k constant
Re: No Deposit For New Accounts: CBN Gives Approval by Nobody: 9:59pm On Jul 18, 2016
It still has not changed the hatred I have for Ecobank. I hate that so called bank.

22 Likes

Re: No Deposit For New Accounts: CBN Gives Approval by lollmaolol(m): 10:00pm On Jul 18, 2016
Not SCB
Re: No Deposit For New Accounts: CBN Gives Approval by Miraxzeebility(m): 10:00pm On Jul 18, 2016
I hope tis effective from tomoa? cheesy
Re: No Deposit For New Accounts: CBN Gives Approval by Zector(m): 10:00pm On Jul 18, 2016
Make N1=$1

7 Likes

Re: No Deposit For New Accounts: CBN Gives Approval by Ridwan123(m): 10:01pm On Jul 18, 2016
Hmmn
Re: No Deposit For New Accounts: CBN Gives Approval by Memyselfu2009(m): 10:01pm On Jul 18, 2016
Good move
Re: No Deposit For New Accounts: CBN Gives Approval by yanshDoctor: 10:01pm On Jul 18, 2016
..this man is already preparing ground for his final sack. he is only trying to make a name. there is underground plan to replaced him with northerner by buhari. the event will soon unfold.

7 Likes 1 Share

Re: No Deposit For New Accounts: CBN Gives Approval by jayesmalling(m): 10:01pm On Jul 18, 2016
gbosa gbosa...Naija delta militants are in trouble
Re: No Deposit For New Accounts: CBN Gives Approval by theophorus(m): 10:02pm On Jul 18, 2016
...See this people oooo.

Na wen get excess money you go open acct...

A beg make una declare 5M for everybody.

1 Like

Re: No Deposit For New Accounts: CBN Gives Approval by Nobody: 10:02pm On Jul 18, 2016
The thieves in fancy suits will finda way of getting the money

1 Like

Re: No Deposit For New Accounts: CBN Gives Approval by Jamiubond009(m): 10:03pm On Jul 18, 2016
Ok

4 Likes

Re: No Deposit For New Accounts: CBN Gives Approval by ALAYORMII: 10:03pm On Jul 18, 2016
Efi ete le
E npa lapalapa

2 Likes 1 Share

Re: No Deposit For New Accounts: CBN Gives Approval by Andyg: 10:04pm On Jul 18, 2016
My first time of posting/creating a thread on nairaland has hit front page, na Godwin

1 Like

Re: No Deposit For New Accounts: CBN Gives Approval by real2fix(m): 10:05pm On Jul 18, 2016
good to av acct in all banks

1 Like

Re: No Deposit For New Accounts: CBN Gives Approval by passionate88: 10:06pm On Jul 18, 2016
Make I rush go Zenith bank

3 Likes

Re: No Deposit For New Accounts: CBN Gives Approval by Kx: 10:07pm On Jul 18, 2016
Like seriously ,its this what central banks in d advanced world busy themselves with- continued roll out of guidelines and memos for commercial banks alone even in the face of recessions and economic contractions?

6 Likes

Re: No Deposit For New Accounts: CBN Gives Approval by justicejay(m): 10:08pm On Jul 18, 2016
Uhm uhm..well not bad. Let's see how far it goes

1 Like

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