In compliance with the directives of the Central Bank of Nigeria (CBN) for Deposit Money Banks (DMBs) to implement the revised Nigeria Cheque Standard (NCS), Fidelity Bank has announced the introduction of its new in cheque leaflet.
In a notice to its customers, Fidelity Bank said the newly designed cheque book is embedded with security features as required by the banking sector regulatory agency, the CBN.
The central bank had introduced the revised NCS to increase efficiency and asked all commercial banks in the country to commence implementing the new design from January 2021.
The apex bank had in a statement said it was determined to phase-out the old cheque books, warning that if after 2020, they are presented for clearing, they would not be honoured.
“We would like to remind you that all cheques with bank code 063 are no longer valid for clearing and will not be honoured on [the] presentation for payment [from 2021] ,” a statement from the CBN to the DMBs had stated.
In the emailed message to its customers, Fidelity Bank noted that from next year, the old cheque book will not be accepted, urging customers to visit their nearest branch to request for the new leaflet.
The lender disclosed that the redesigned cheque comes with security features like expiry date, two-digit security code, QR code and standard dating format.
“Following the directive of the CBN for banks to fully implement the revised Nigeria Cheque Standard before December 31, 2020, please be informed that we have redesigned and introduced new security features in our cheque leaflets.
“These features include the addition of expiry date, 2-digits security code, QR code and standard dating format as shown in the sample of the new cheque leaf.
“Kindly contact your relationship manager or visit the nearest branch for a new cheque book ahead of the deadline of December 31, 2020, as the old cheque leaflets will no longer be accepted from January 1, 2021,” the notice, which was sighted by Business Post, read.