A Review of the Nigerian Energy Industry

CBN accredits four firms to print cheques

CBN Headquarters, Abuja
CBN Headquarters, Abuja

09 December 2014, Abuja — The Central Bank of Nigeria, CBN, has accredited Nigeria Security Printing and Minting Company Plc, Tripple Gee and Company Plc, Superflux International Limited and Euphoria Group Limited to print cheques and other debit paper instruments for the 23 banks in the country.

The CBN explained that the certification of the four firms was the outcome of an accreditation exercise of cheque printers in Nigeria that it jointly carried out with the MICR Technical Implementation Committee in line with the Nigeria Cheque Printers’ Accreditation Scheme, NICPAS, qualification criteria.

In a to circular to Deposit Money Banks and Cheque Printers, signed by CBN’s Director, Banking and Payments System Department, Dipo Fatokun, the apex bank warned all banks to patronise only the four accredited companies for the printing of cheques, dividend warrants and any other paper based instruments that are cleared through the Nigerian Clearing and Settlement System.

The regulator further stated that in line with its policy to domesticate cheque policy in the country, no foreign cheque printer was considered nor accredited to print for the Nigerian market.

Analysts point out that the cheque printing domestication exercise is part of the CBN’s contribution to the Federal Government local content enhancement policy.

Security printing firms print cheques, certificates, and other valuable documents. Until 2013, a significant percentage of such printers were foreign-based with businesses in the country executed via their intermediaries, known as brokers.
*Sola Alabadan – Daily Independent

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