NO MORE FIXED INTEREST RATE ON CREDIT CARDS

Nigerians and residents who have credit cards, as against debit cards, are no more to pay fixed interest rates on such cards.
According to directive from the Central Bank of Nigeria to banks signed by Dapo Fatokun, Director Banking and payment systems, fixed interest on credit cards has been abolished forthwith

Also, owners of  savings accounts in Nigeria do not need to beg any one to help them cash any cheques any more, they can now simply pay same into their savings accounts.

According to directive to banks from the Central Bank of Nigeria (CBN), the only proviso is that such savings accounts owners must have  valid Bank Verification Number (BVN) and the amount involved must not be more that N2m per day.

It will certainly make it easier for small scale operations to do business without having to open a current account that involves bank charges.

However, the move may have limited immediate impact because savings accounts so far are patronised more by low income people that hardly deal in cheques.

In the same circular, the CBN asked banks not to do actual verification of address before opening accounts for customers provided such customer has BVN.

Finally, the apex bank asked banks to embed BVN biometric information on cards they issue from now on to facilitate off line BVN verification from outlets like ATMs, POs and kiosks.

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