CBN introduces signatories’ verification portal for banks

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 industry.

This, according to the apex bank, is in furtherance of its efforts in the development of a safe, reliable and efficient payment system.
Signatories’ verification portal is expected to replace the printed signature booklets that banks distribute, such that instructions/documents received from other banks can be verified electronically/online.

The portal will be used by banks, registrars, insurance companies, embassies and other users of printed signature booklets to avoid fabrication of letters as coming from the banks.

In a circular signed by Dipo Fatokun, director, banking and payment system department, CBN, the registration process and upload of the authorised signatories to the portal should be completed on or before August 29, 2014.

The portal is meant to digitise the booklet and also ensure that updates can be made quickly, as staff change functions or move to other institutions.