Banks Dump Old Cheques, Sack Over 2,400 Workers |The Source

By Fola James

Access Bank Plc has notified its customers of plan to phase out old cheque books by December 31 this year.

According to the notice sent to customers by the Herbert Wigwe led bank, new cheque books will be made available at the bank’s branches across the country starting from October, and will be given to customers at their request.

The email titled ‘Important updates on chequebooks and NEFT transfer’  urged the customers to“Please note the following important information regarding your cheque books and NEFT transfers.Cheque books; The Central Bank of Nigeria, in September 2019, introduced a new cheque book design across all banks.

“To this end, old cheque leaves will be phased out and no longer be honoured on presentation effective December 31, 2020.

“We encourage you to request the new cheque book on or before October 31, 2020 through any of the following channels.”

The bank also notified customers that “all cheques with the bank code “063” are no longer valid for clearing and will not be honoured on presentation for payment.”

Meanwhile, the magazine learnt that other money deposit banks, DMBs are also planning to stop accept old cheque by the end of the year, following the Central Bank of Nigeria’s, CBN directive to them on the matter last year.

The CBN had earlier issued a circular entitled ‘Implementation of the Nigeria Cheque Standard and Nigeria Cheque Printers Accreditation Scheme version 2.0,’ to all DMBs, accredited cheque printers/ personalisers and the Nigeria Inter-Bank Settlement System dated June 10, 2019.

The apex bank in a circular sent to the commercial banks in June last year said “In furtherance to the bank’s effort to ensure a seamless transition to the new cheque standard, it has become necessary to remind all Deposit Money Banks that cheques ordered after 31st August 2019 must conform to the new cheque standard and that the parallel run for old and new cheques shall commence on September 1, 2019.

“The above is in line with the stipulations of the reviewed Nigeria Cheque Standards and Nigeria Cheque Printers Association Scheme document, revised to increase the efficiency and security of the Nigerian Clearing System.

“In order to avoid ambiguities, please note the above timeless, and ensure that your bank’s cheque processing system are ready for the full adoption of the new cheque standard by September 1, 2020.”

Meanwhile, the magazine learnt that commercial banks in the country have sacked over 2400 staff in the last six months, contrary to CBN directive not to do so.

According to the figure released by the National Bureau of Statistics, NBS the lay-offs comprised of both contract and permanent staff.

The Godwin Emefiele-led CBN warned the banks not to sack employees as such will worsen the unemployment level and stress more families already affected by the impacts of COVID 19.

“In order to help minimize and mitigate the negative impact of the COVID-19 pandemic on families and livelihoods, no bank in Nigeria shall retrench or lay-off any staff of any cadre (including full-time and part-time).

“To give effect to the above measure, the express approval of the Central Bank of Nigeria shall be required in the event that it becomes absolutely necessary to lay-off any such staff,” CBN said.