Banks To Pay N10m Advantageous For Utilizing Unaccredited Cheque Printer

The Central {Bank} of Nigeria, CBN, has slammed a N10 million superb and withdrawal of cheques on business banks utilizing unaccredited cheque printers/personaliser.

The apex {bank} disclosed this in its revised sanctions regime on defaulters of the Nigeria Cheque Normal and Nigeria Cheque Printers’ Accreditation Scheme (NICPAS).

Amongst different issues, CBN mentioned: “Offence of engagement of unaccredited business cheque printer/personaliser by  business banks as reported by accredited cheque personalisers/printers or through CBN/MTIC audit will entice withdrawal of cheques from circulation and N10 million superb; withdrawal of cheques from circulation and N20 million superb for a repeat offence.

“Failure/ refusal to submit personalised cheque samples for testing and evaluation (the place relevant) will entice a N5 million superb.

“Failure to encode cheques correctly or meet the necessary safety and high quality requirements will entice a superb of N10,000 per instrument.”

In a round asserting the sanction, which was signed by Director, Banking Companies Division, Mr.   Hamisu Abdullahi, CBN recalled  that it issued a round on sanctions on defaulters of the Nigerian Cheque Requirements (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) in 2019.

“In furtherance of the {bank}’s dedication to extend the effectivity and security of the Nigeria Clearing System, it has turn out to be crucial to assessment the aforementioned Sanction Grid to mirror the present realities within the banking business

“In view of this, the {bank} hereby stipulates the connected, as revised sanctions to erring banks and Accredited Cheque Printer/Cheque Personalizers for infringements of NCS/NIPAS 2.0. Please be guided accordingly,” CBN added.