This was made known, yesterday, in a circular posted on the CBN
website. Aside from this approval, the CBN also ordered banks and other
financial institutions to remove fixed interest rate on credit cards and
discontinue actual address verification as a condition for account
opening for customers with the BVN.
Also, that banks should begin to embed the BVN on all payment cards
issued henceforth to facilitate off-line BVN verification and
biometric-based customer authentication in such payment devices as the
ATM, POS Terminal, kiosks etc.
In approving cheque deposits into savings accounts, CBN limited the
daily deposit to only N2m per customer in a day. Prior to this
development, bank customers could only make cheque deposits into their
current accounts
