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The Central Bank of Nigeria, CBN, said it will commence penalizing Deposit Money Banks, DMBs, whose equipment distort images and data being transmitted during cheque truncation process from November 1st 2023.
Communicating these in a circular to all DMBs titled: “Circular on the revised Nigeria Cheque Standards and Nigeria Cheque Printers Accreditation Scheme : Magnetic Ink Character Recognition reject”, CBN explained that the penalty and advice were in its bid to reduce the reported increase in MICR failures in banks.
The circular signed by the Director, Banking Services Department, Mr. Sam Okojere, stated: “Recall that the CBN issued the NCS and NICPAS, version 2.0 on 18th of September, 2018 to increase the efficiency and security of the Nigeria Clearing System.
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