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Banks to Introduce New Digit and Expiry Dates on Cheque Books

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First Bank

New Cheque Books to Carry New Digit, Expiry Dates

Banks across the country will introduce a new digit on the Magnetic Ink Character Recognition code line and expire dates on new cheque books effective January 1, 2021.

This was disclosed in an email forwarded to customers by the First Bank of Nigeria Limited.

In the email titled “New features on cheque books”, the bank said “All cheque books will now have expiry dates.

“A cheque digit has now been introduced on the MICR code line.”

The bank urged the customers to pick up their new cheque books at all open FirstBank branches nationwide.

The CBN recently stated in its report entitled, “Monetary, credit, foreign trade and exchange policy guidelines for fiscal years 2020/2021,” that it was ensuring an enabling environment for efficient cheque processing and other paper-based payments instruments, through complete application of new and already adopted technologies.

It stated that it would continue to improve the clearing infrastructure to increase the efficiency of the system.

“The cheque truncation system shall continue to be used for the exchange of images of the instruments and Magnetic Ink Character Recognition,” it added.

The CBN stated, “The cheque clearing cycle remains T+1 and maximum cap on cheque at N10.0m.

“The bank will continue to take necessary steps to achieve a clearing cycle of T+0.”

It said it had approved the revised Nigeria Cheque Standards and Nigeria Cheque Printers Accreditation Scheme, to improve the safety and efficiency of the clearing system.

It stated, “Notable changes in the revised standards include introduction of Quick Response Code for faster verification of cheque details, expiry date of printed cheque booklet and clear zone at the back of the cheque.

It said that it would continue to conduct annual accreditation of the Nigeria cheque printers and cheque personalizers, in line with the provisions of the revised NICPAS.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Stanbic IBTC Obtains Approvals, License to Establish Life Insurance Subsidiary

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stanbic IBTC Insurance

Stanbic IBTC Holdings Plc on Friday announced that it has obtained all required Regulatory Approvals and a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary, Stanbic IBTC Insurance Limited (SIIL).

In a statement signed by Chidi Okezi, Company Secretary, Stanbic IBTC and released on Friday, the bank said “The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.

“Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.

“Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”

 

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Finance

World Bank to Discuss New $1.5 Billion Loan Request From Nigeria

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Zainab Ahmed

The Finance Minister, Budget and National Planning, Mrs. Zainab Ahmed, on Friday said the Federal Government has met all the conditions for a fresh loan of $1.5 billion from the World Bank.

The minister disclosed this on Bloomberg TV.

She said the multilateral financial institution is in the final stage of approving the loan. The minister explained that the loan will be discussed in the bank’s next meeting and possibly be approved in the same meeting.

In June, the Senate approved the borrowing plans but the World Bank pushed back demanding Nigeria fulfill the conditions attached to the $3.4 billion loan received from the International Monetary Fund (IMF) in May.

Some of the conditions were to increase revenue generation by upping VAT, the introduction of tariff reflective electricity bill, the removal of subsidy and the unification of the nation’s foreign exchange.

Most of which the Federal Government has done despite protests from most Nigerians who called the new policies anti-people given their current situation.

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Finance

Nigeria Realises Over N400 Billion from Company Income Tax in the Third Quarter of 2020

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tax relief

The Federal Government realised N416.01 billion from Company Income Tax (CIT) in the third quarter of the year, according to the latest report from the National Bureau of Statistics (NBS).

This was 3.48 percent higher than the N402.03 billion generated in the second quarter of the year and represents a decline of 20.13 percent year-on-year from N520.89 billion realised in the third quarter of 2019.

A breakdown of the report showed the professional services sector including the telecoms generated the highest amount of CIT at N55.52 billion during the quarter, while the manufacturing sector followed with N42.03 billion.

The banking and financial institutions realised N24.05 billion while the mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N120.93 million, N167.51 million and N321.72 million generated, respectively.

The report added that out of the total amount realised during the quarter under review, a sum of N244.70 billion was generated as CIT locally. The federal government collected N70.34 billion as foreign CIT payment and the remain N100.97 billion was received as CIT from other payments.

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