0 Members and 1 Guest are viewing this topic.


Briggz5d

When doing business in Nigeria Trust is a major issue, everyone is trying to outsmart the next guy and taking necessary precautions to avoid being screwed.

Except for the big names in the business, most Shops, Hotels and restaurants still maintain a "CASH ONLY" policy despite new and more efficient payment solutions the central bank of Nigeria has implemented.

POS terminals that allow customers to pay with Credit / Debit cards have been embraced to an extent, i think its a safer way to do business, so what about Cheques?

I don't know any business in Nigeria that would gladly accept cheques from first-time customers, Let you buy products or use their service and write a cheque as you leave - It's just too risky.

There's a 90% chance that the cheque will not be honored when you try to deposit it. (unless it's a salary Pay-cheque).

Now that we've Identified the problem, Whats the Solution?

EFCC DUD cheques
Issue Dud Cheque - Face 2 years Jail term  (EFCC)
In other parts of the world issuing a cheque against an unfunded account is a serious crime, punishable by huge fines or Jail sentence for repeat offenders.
To help build trust in the use and acceptance of Cheques in Nigeria, the CBN has suddenly remembered that this is against the law according to Dishonored/Dud Cheques Act of 1977.
CBN now requires all Banks to report all customers who have issued 3 Dud cheques from July 5th.
The Act stipulates a 2year jail term upon conviction for dud cheque issuers

The official Notice stated that Copies of the cheques and customer details will be forwarded to the Economic and Financial Crimes Commission (EFCC) for further investigation.

Don't be a scape goat for the EFCC, take the following precautions when issuing cheques:
  • Confirm your Account Balance by contacting your relationship manager or using the New Mobile and internet banking channels before Issuing Cheques to a third-party.
  • Post-Dated Cheques: Issuing a Cheque that can be deposited at a future date is alright, but if for some reason you don't have enough balance on that date, be sure to contact your client and tell them not to deposit the cheque yet!

This is not intended to scare people away from using cheques at all, but to build confidence in the system.
Found this post useful? then help others easily find it using the social Buttons below - Tweet, Like, G+

« Last Edit: August 30, 2013, 04:48 PM by Briggz5d »

 

Ecobank Nigeria Mobile App Download for Android, Blackberry & Apple devices

Started by feddygold

Replies: 1
Views: 54483
Last post September 07, 2017, 04:05 AM
by Ngwu
A biased Review of MMM Nigeria 30% Income - REAL or SCAM?

Started by Briggz5d

Replies: 7
Views: 61298
Last post December 28, 2016, 06:45 PM
by Briggz5d
Updated List of commercial Banks in Nigeria

Started by young cent

Replies: 0
Views: 80924
Last post January 24, 2013, 02:59 PM
by young cent
How to change your Guider in MMM Nigeria by yourself.

Started by Briggz5d

Replies: 0
Views: 3371
Last post January 01, 2017, 04:56 PM
by Briggz5d
Download Diamond Bank Mobile App – Diamond Mobile

Started by Debby25

Replies: 1
Views: 24404
Last post March 08, 2017, 05:46 PM
by Debby25