GTBank Plc, Ecobank Plc, and Fidelity Bank Plc among others have notified their customers to get the newly revised cheque leaflets introduced by the Central Bank of Nigeria (CBN), as old leaflets became invalid for clearing from March 31, 2021.
GTBank, in a mail sent to its depositors, stated, “We would like to remind you to request for the new cheque book for GTBank Current Account holders. This is because, from April 1, 2021, only the new cheque leaf will be accepted by all banks nationwide.
“The new cheque book is in line with the New Cheque Standard as advised by CBN. It has enhanced security features, a new design, and is now available for pickup at all our branches nationwide.”
Fidelity Bank, also in a mail to its customers, stated, “Following the directive of the Central Bank of Nigeria for banks to implement the revised cheque standard with additional security features, kindly contact your relationship manager or visit our nearest branch for a new cheque book if you are yet to obtain one.
The new cheque leaflet has the following additional features: Expiry date, two-digit security code, QR code and standard dating format.”
Meanwhile, a message from Ecobank to its customers stated, “We wish to remind you that effective 1st April 2021, the old cheque books will no longer be accepted through the cheque clearing system, while same will only be accepted for in-branch transaction processing only.
This is further to the revised Central Bank of Nigeria’s circular on implementing the requirements of the Nigerian Cheque Standards and the Nigerian Cheque Printers Accreditation Scheme dated 28th February 2019.
While we advise you to kindly request for the new cheque book (if you are yet to do so) before the cutoff date of 31st March 2021, we encourage you to use our other digital channels so you can continue to seamlessly carry out your transactions.”
What you should know
In January, CBN extended the phase-out date for old cheque books from January 1 to March 31. The apex bank had in a circular to all Deposit Money Banks (DMBs), accredited Cheque Printers/Personalisers, and the Nigeria Interbank Settlement System (NIBSS), stated that the revised cheque book will become fully operational from April 1, 2021.
Nairametrics reported that the apex bank directed all DMBs to enlighten their customers on the revised cheque book, introduced across all banks as full enforcement of its usage will commence on the stated date.
CBN stated, “The parallel run, in which old and new cheques are allowed to co-exist, will end on March 31. Only new cheques will be allowed in the clearing system from April 1, 2021.
Full enforcement of the second edition of the Nigeria Cheque Standard and Nigeria Cheque Printers Accreditation Scheme version 2.0 will commence 1st April 2021 and the NCS/NICPAS 2.0. Sanction grid will be fully operational on 1st April 2021.”