As part of the cashlite initiative, the Central Bank
of Nigeria (CBN) says cheque truncation system has gone live across the
country.
DigitalSENSE
Business News gathered that this signifies that settlement cycle of a
cheque in Nigeria has now been reduced to one day officially, although some
banks are claiming a shorter period for cheque processing.
According to sources close to the Nigeria InterBank
Settlement Systems (NIBSS) and Nigeria’s leading financial services software
provider, Precise Financial Systems (PFS), worked with the CBN to achieve this
breakthrough across all the 37 branches of the CBN located in states capital in
Nigeria including the federal capital territory, Abuja.
The CBN branches are Umuahia, Yola, Uyo, Awka,
Bauchi, Yenagoa, Makurdi, Maiduguri, Calabar and Asaba, Abakaliki, Benin City,
Ado-Ekiti, Enugu, Gombe, Owerri, Dutse, Kaduna, and Kano. Others are Katsina,
Birnin Kebbi, Lokoja, Ilorin, Ikeja, Lafia, Minna, Abeokuta, Akure, Oshogbo,
Ibadan, Jos, and Port Harcourt as well as Sokoto, Jalingo, Damaturu, and Gusau.
A signed press statement made available to DigitalSENSE Business News by
the chief executive officer, PFS, Mr. Yele Okeremi, said that with the new
regime, all cheques presented for settlement would be resolved within
stipulated date across the country.
He said, the cheque truncation system would allow
all branches of the CBN to capture all cheques in the respective branches and
maintain them in a central server in Lagos. Stressing that the system then
allows all captured cheques from the bank to be transmitted to the
clearinghouse from Lagos.
Further, Okeremi said the system is responsible for
the processing of all inward cheques and NIBSS Electronic Fund Transfer (NEFT)
transactions of banks. Even as it addresses all required management reporting,
its controls are guided “as the system implements all required maker checker
rules of the banks,” he said.
Explaining that with the activation of cheque truncation
through iTELLER platform in Nigeria, important challenge the system has
addressed is the ability of the CBN to meet the deadline for cheque truncation
nationwide. Aside, the platform has also
assisted the CBN to reduce cost, time and the stress level involved in its
cheque clearing operations. “This system removes all logistics costs associated
with clearing.”
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