Welcome to 9jaflaver

HOME | MUSICS | FREEBEAT | VIDEOS | NEWS | TECHS | JOKES | COMEDY VIDEOS | GOSPEL

Celebrity News | Education | Fashion | Football Updates | Lifestyle | Funny Photos

Call Only:- +2348111727895 or +2348081377637

You Can Email Us:- [email protected]



« | »

CBN Okays No Deposit For New Accounts


CBN Okays No Deposit For New Accounts

CBN okays no deposit for new accounts
Customers are free to open accounts without deposits, the Central Bank of Nigeria (CBN) has said.

The directive is contained in the Monetary, Credit, Foreign Trade and Exchange Guidelines for Fiscal Years 2016/2017 guidelines posted by the CBN on its website.

Commercial banks ask for cash deposits to cover operating cost of opening new accounts to discourage customers from abandoning their account opening plans after completing documentations.
The initial deposits are usually around N1,000 or N5,000 for savings accounts and N10,000 and above for corporate accounts.

The CBN said the new policy directive is in line with its commitment to encourage banks to improve their deposit mobilisation efforts while promoting the financial inclusion initiative.

“The CBN shall continue to encourage banks to improve their deposit mobilization efforts. In line with the financial inclusion initiative, banks shall be required to allow zero balances for opening new bank accounts so as to make banking services accessible to the unbanked public. Accordingly, banks are encouraged to develop new products that would improve access to credit and simplify their account opening processes, without compromising the Know-Your-Customer (KYC) requirements,” the guidelines indicated.

It said that despite the drive for deposits, banks and other financial institutions should continue to apply the principle of KYC as specified in the CBN the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Regulations in Banks and Other Financial Institutions Regulations (BOFIA) Act, 2013. “Financial institutions should not conduct any business with persons/entities who fail to properly identify themselves,” it said

Source:- Thenationolineng

 

Click Here To Comment On This Post

 

Share This Post:-

[Music] Kiss Daniel – Yeba


[Music] Rankfiizy – Chibo (Laba Dance)


[Music] Wizkid Ft Future – Everytime


[Music] 2Dreadz – Bad Thing


[Music] DJ Consequence Ft Olamide – Assignment


[Music] Patoranking Ft Diamond Platnumz – Love You Die


[Music] Mikki Babi Ft Ellyzzy – Roll It


[Music] Phyno Ft Olamide – Augment

author image
About 9jaflaver owner (Mr Ejump)

Mr Ejump Is the owner/CEO of 9jaflaver, he's an economist, a loving, and friendly young man. CONNECT via:- FACEBOOK TWITTER


Posted by on July 18, 2016.

Categories: 9ja news

There is love in sharing

0 Responses

Don't Just Read A Post And Go, Comment Below To Make The Post Lively

Do You Have Something To Say? Comment In The Box Below

Your Name Below

NOTE:- After Dropping your comment, keep calm, it will take 5mins before it appears.

« | »


Hottest Songs This Week

FOR MORE MUSICS CLICK HERE

Hottest Videos This Week

FOR MORE VIDEOS CLICK HERE

9jaflaver Music Of The Week

Phyno Ft Olamide – Augment

9jaflaver music of the week

DOWNLOAD HERE

Also Check Out This Song Below:-

Rankfiizy – Chibo (Laba Dance)

9jaflaver Club Banger Song Of The Week

DOWNLOAD HERE

Advertise | About Us | Privacy Policy | Contact Us | Content Removal | DMCA

Like us on facebook | Follow us on twitter
Copyright © 2017 9jaflaver
Powered By: 9jaflaver