Banks set to commence one day clearance of cheques

As from Thursday, September, 4 2014, banks in the country would begin to clear cheques within a day which means if you pay in a cheque today, your account would be credited by the end of tomorrow’s working day.

The new system is an improvement to the cheque truncation system introduced by the Central Bank of Nigeria (CBN) to effectively improve the efficiency of the Nigerian payment system.

THISDAY reports the CBN Director, Banking and Payment System, Mr. ‘Dipo Fatokun as saying that the new system, which is commonly referred to as T+1 means that “if you pay in a cheque on Monday, by the close of business on Tuesday, your account would be credited, unlike what is currently obtainable which is Wednesday.

“People will ask, what is the difference? But if your cheque is cleared on Tuesday night and you get value for your money, you can decide to use electronic transfer or your ATM to get your money.”

According to him, the move is aimed at supporting the cashless policy. He explained that the new policy became necessary in view of the payment system transformation.

Fatokun therefore urged all deposit money banks (DMBs) to configure their systems to give values to their customers on day T+1.