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E-Financial

CBN Approves New Cheque Standard for Banks

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Central Bank of Nigeria (CBN) has approved a new cheque standard that will introduce new digit on the Magnetic Ink Character Recognition code line and expiry dates for new cheque books.

CBN Approves New Cheque Standard for Banks

Cheque book with a blank cheque

Confirming this development is a recent mail by First Bank of Nigeria Limited to its customers titled ‘New features on cheque books’. In the mail, FBN said that the approved new cheque standard will fully take effect from January 1, 2021.

Recall that CBN had earlier emphasized its commitment to ensuring an enabling environment for efficient cheque processing and other paper-based payment instruments through complete application of new and already adopted technologies in one of its recently released report titled; “Monetary, Credit, foreign and exchange policy guidelines for fiscal years 2020/2021’’. Some of the highlights of the new cheque standard contained in the report are;

Cheque Clearing: The Bank shall 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 (MICR) data. The cheque clearing cycle remains T+1 and maximum cap on cheque at N10.0 million. The Bank will continue to take necessary steps to achieve a clearing cycle of T+0.

Cheque Standards and Cheque Printers Accreditation Scheme: The Bank has approved the revised Nigeria Cheque Standards (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS), to improve the safety and efficiency of the clearing system. Notable changes in the revised Standards include introduction of Quick Response (QR) Code for faster verification of cheque details, expiry date of printed cheque booklet and clear zone at the back of the cheque.

The new and old cheque Monetary, Credit, Foreign Trade and Exchange Guidelines for Fiscal Years 2020/2021 standards would run concurrently till September 1, 2020. Thereafter, only cheques that conform with the new standards would be allowed in the clearing system.

The Bank shall continue to conduct annual accreditation of the Nigeria cheque printers and cheque personalizers, in line with the provisions of the revised NICPAS.


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E-Financial

Sterling Bank Pledges ₦2bn to Fully Fund University Scholarships

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Sterling Bank has launched a ₦2 billion scholarship initiative to support Nigerian students in private universities. The program, Beyond Education, was unveiled on Democracy Day and aims to remove financial barriers to higher learning.

The bank will fully sponsor 600 students from across Nigeria’s 36 states and the FCT to study Technology, Finance, Sales, and Public Health at Miva University, founded by Sim Shagaya. The selection process is merit-based, with candidates nominated by themselves or others, and final selection determined through public voting open to Sterling account holders.

Sterling Bank’s CEO, Abubakar Suleiman, described the initiative as an investment in Nigeria’s future, aligning with the bank’s commitment to Health, Education, Agriculture, Renewable Energy, and Transportation. The bank has already deployed over half a trillion naira in financing across these sectors.

According to Obinna Ukachukwu, Growth Executive at Sterling Bank, the program is about creating opportunities beyond education. The bank is shifting from short-term philanthropy to long-term ecosystem development, with investments in digitized healthcare, school financing, agricultural cooperatives, solar energy, and transport systems.

“Nigeria’s progress requires action,” Suleiman said. “We are funding the future architects of the country—those who will build the businesses, institutions, and innovations needed for national prosperity.”

Nominations for the Beyond Education scholarships are now open at www.sterling.ng/FUTURE. The initiative sets a precedent for private-sector-driven education investment, where success is measured not just in profit, but in people empowered.


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E-Financial

FG to Train 100,000 Youths Annually in Forex Trading and Financial Skills

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Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.

The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.

At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.

Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.

The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.

The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.

Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.

Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.


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E-Financial

NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

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Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.

NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.

Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.

In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.

This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.

To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.

Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.

The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.

Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.

These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.

By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.


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