Connect with us

Finance

Nigerian banks begin phase out of old cheque book design

BY David Olalele

Published

on

cheque book
cheque book

Nigerian banks have started phasing out old cheque book design, TechEconomy.ng can report.

This is in response to Central Bank Nigeria (CBN)’s order that Deposit Money Banks should implement a new cheque book standard.

Techeconomy.ng gathered that Access Bank Plc is among the banks that have issued a notice to their customers to request the new cheque book on or before October 31, 2020.

The CBN’s order stated that all deposit money banks in the country should suspend the clearing of all cheque instruments in the Nigerian Clearing System.

A report by The Punch claimed that Access Bank in an email sent to its customers on Wednesday, September 16, entitled ‘Important updates on cheque books and NEFT transfer.’

According to the report, the bank, in the email, told customers, “Please note the following important information regarding your cheque books and NEFT transfers.

“Cheque books; The Central Bank of Nigeria, in September 2019, introduced a new cheque book design across all banks.

“To this end, old cheque leaves will be phased out and no longer be honoured on presentation effective December 31, 2020.

“We encourage you to request the new cheque book on or before October 31, 2020 through any of the following channels.”

“We would also like to remind you that all cheques with the bank code “063” are no longer valid for clearing and will not be honoured on presentation for payment.”

@TechEconomyNG connects past-present-emerging technological impacts on Businesses, People and Cities. All Correspondence to: [email protected]