In a move to curb the rising cases of bounced and dud cheques, the Central Bank of Nigeria (CBN) has directed commercial banks to suspend instant notifications for cheque deposits until the funds are fully cleared.
The policy, which took effect this week, means customers will no longer receive immediate alerts when they deposit cheques from other banks. Instead, notifications will only be sent after the cheque has successfully cleared and funds are credited, or if the cheque is dishonoured and returned.
The CBN explained that the measure is designed to protect businesses and individuals from financial losses caused by premature reliance on unconfirmed payments.
“Instant alerts for cheque deposits created a false impression of funds availability, prompting some customers to release goods or services prematurely,” a CBN official noted.
“By delaying alerts until confirmation, we are safeguarding the credibility of cheque-based transactions.”
Access Bank Confirms Implementation
Access Bank, one of the first to formally notify its customers, explained that alerts will now only be sent post-clearance.
“You will only receive alerts for other banks’ cheques paid into your account after the cheque has been fully processed, either credited or returned unpaid,” the bank stated in an email to customers.
The bank encouraged customers to monitor account activity via AccessMore App, Internet Banking, PrimusPlus, and USSD (*901#).
What Customers Should Know
- No instant alerts: Alerts come only after clearance, not at deposit.
- Avoid premature releases: Businesses should wait for confirmation before delivering goods or services.
- Fraud risk reduction: The policy aims to curb losses from dud cheques and enhance trust in payment systems.
Despite Nigeria’s shift toward digital banking, cheques remain a key payment method in wholesale trade and B2B transactions. The CBN said this measure is part of its broader effort to modernize and secure payment systems.
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These banks achieved compliance through rights issues, private placements, and equity injections, positioning themselves strongly ahead of the regulatory deadline.
