Lagos banks to begin use of e-cheques today – CBN

Beginning today (Friday), customers will be able to begin using electronic cheques at specified banks across Lagos, as the Lagos Clearing House is to serve as the pilot zone for the cheque truncation policy, the Central Bank of Nigeria (CBN), has said.
The policy, which involves the conversion of physical cheque into electronic form for transmission to the paying bank and thus eliminating physical presentation of the cheque, thereby saving time and processing cost.
This will begin on Friday with only Deposit Money Banks in Lagos participating in the scheme, which was originally scheduled  to take effect on August 1.
“As part of our preparation for the introduction of the cheque truncation system, the CBN carried out a systems audit certification test on all banks to confirm their readiness for the commencement of the scheme in Nigeria. Our finding is that conditions are appropriate for the cheque truncation scheme to commence in the Lagos area” a statement by the apex bank said.