Banks Suspend Instant Alerts for Cheques Pending Clearance as CBN Issues New Directive
- The Central Bank of Nigeria (CBN) has issued a new directive to commercial banks on cheque alerts
- The new directive will see banks withholding alerts or notifications on cheque payments until funds are clear
- The apex bank disclosed that the move became necessary to curb incidents of bounced and dud cheques in Nigeria
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
In a significant policy shift aimed at strengthening financial security, banks in Nigeria have begun suspending instant alerts for cheques received from other banks until those cheques are fully processed and cleared.
This follows a directive from the Central Bank of Nigeria (CBN), which seeks to eliminate confusion around pending cheque payments and reduce losses from dishonoured cheques.
Source: Getty Images
Why was the policy introduced?
The directive means customers will now receive alerts only after the cheque has cleared and funds are credited, or if the cheque is dishonoured and returned.
Previously, many customers received immediate alerts after depositing a cheque, giving the false impression that funds had been received.
This led some individuals and businesses to release goods or services prematurely, only to later find that the cheque was invalid or bounced.
According to the CBN, the new rule will help protect both parties involved in cheque transactions.
By withholding alerts until funds are officially posted, the policy ensures that no one acts on unconfirmed payments.
Access Bank confirms implementation
One of the first banks to formally inform its customers is Access Bank. In an email, the bank said:
“You would only receive alerts for other banks’ cheques paid into your account after the cheque has been fully processed, that is, after the funds are paid into your account or if the cheque is unpaid and returned from the other bank.”
Access Bank further encouraged customers to use its digital banking channels, such as the AccessMore app, internet banking, PrimusPlus, and USSD code *901#, to keep track of account activity in the absence of instant cheque alerts.
Financial discipline and business protection
A banking insider noted that the move is part of efforts to promote financial discipline and reduce business losses due to cheque-related fraud or premature transactions.
“This change is critical in protecting businesses from bounced cheques and maintaining trust in cheque-based payments,” the source added.
Though Nigeria’s financial system is increasingly digital, cheques remain a trusted form of payment, especially in wholesale trade and business-to-business transactions.
The CBN’s decision reinforces its commitment to modernising and safeguarding payment systems.
What this means for customers
Customers who frequently deal in cheque transactions are advised to adjust their expectations and avoid releasing goods or funds based on early alerts.
Businesses should double-check clearance before proceeding with deliveries or services.
Source: Getty Images
The CBN’s new policy may be inconvenient for some, but it is seen as a necessary measure to bolster the credibility and reliability of cheque-based transactions in Nigeria's evolving banking landscape.
Wema Bank Joins Zenith, Access in CBN recapitalisation race
Legit.ng earlier reported that the CBN has confirmed that eight commercial banks have fully met the revised ₦500 billion capital base requirement for licensed international banks.
These lenders achieved this through a mix of rights issues, private placements, and equity injections.
Among the compliant banks are Access Holdings Plc, Zenith Bank, Wema Bank, Lotus Bank, Jaiz Bank, Stanbic IBTC, Providus Bank, and Greenwich Merchant Bank.
Source: Legit.ng
