The Business Day newspaper has reported this morning that Central bank of Nigeria has set July 6, 2012 as the date when it would fully implement the cheque truncation system in the banking industry by July this year.
Dipo Fatokun, the Director, Banking and Payment System Department in the apex bank, made the disclosure to newsmen during a stakeholders’ forum on Cheque Truncation in Lagos at the weekend.
Cheque truncation eliminates the cumbersome physical presentation of the cheque and saves time and
processing costs through the conversion of physical cheque into electronic form for transmission to the paying bank.
The pilot phase of the policy commenced in Lagos last August and Fatokun says the the policy would lead to a reduction in the clearing period for cheques.
“Instead of T+2 before you get value for your transactions, you get T+1 with cheque truncation. You know when you talk of money, time is very important. So, that one-day reduction in the clearing cycle makes a lot of difference,” he said. “So instead of you carrying cheque around, you pay in cheque into your account. And if you want to make payment, you use cheque, but based on the limit which is N10 million. So, cheque truncation is an integral part of the cash-less policy,”
Fatokun also disclosed that the CBN have commenced a process that would mitigate the risk which may arise from the policy.
“We need hardware to be able to present it., he said. “Then we need enlightenment on the part of those that are to participate in the programme. The onus of responsibility falls on the bank that is presenting the cheque. So those are some of the challenges that have to be addressed and which the CBN is actually addressing.
“And of course, in order to address the risk, the CBN would be visiting the banks with the Working Group and the Nigerian Interbank Settlement System (NIBSS) to ensure that everything in place and to mitigate the risks that could arise from the implementation of the cheque truncation policy.”
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