The Central Bank of Nigeria (CBN), in collaboration with relevant stakeholders, has developed an industry portal for the verification of authorised signatories in the Nigerian banking system. The banking sector regulator explained that the move was in furtherance of its efforts in developing a safe, reliable and efficient payment system in the country.
The central bank stated this in a circular addressed to all deposit money banks, registrars, insurance companies, embassies and other stakeholders, a copy of which was posted on its website. The circular titled: “Authorised Signatories Verification Portal for the Nigerian Banking Industry,” was signed by the Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun.
The signatories verification portal is expected to replace the printed signature booklets that banks distribute, such that instructions and documents received from other banks can be verified electronically (online).
The portal would be used by banks, Registrars, insurance companies, embassies and any other user of the printed signature booklets, to avoid fabrication of letters coming from the banks.
In addition, the portal is meant to digitise the booklet and also ensure that updates can be made quickly as staff members change functions or move to other institutions. “In this regard, your (banks) organisation is expected to get in touch with the Nigerian Interbank Settlement System (NIBSS) Plc for the needed training and access rights to the portal, amongst others.
“The registration process and upload of the authorised signatories should be completed on or before August 29th 2014. Kindly ensure strict compliance,” it added.