As part of efforts to enhance the country’s payment system, the Central Bank of Nigeria (CBN), has called for proposal from suitably qualified Nigerian and foreign organizations, to review the Nigerian
Cheque Standard and Nigeria Cheque Printers Accreditation Scheme (NICPAS) documents (The Green Book).
In a release issued by the apex bank, it stated that it intends review the NICPAS, which was introduced in 2006, to facilitate an efficient Clearing system in Nigeria.
The CBN noted the proposals are expected to analyse of some clearing instruments and related payment issues in recent years and review the mandatory and optional security features, as specified by the Nigerian Cheque Standard, to access their adequacies and continued relevance.
Those submitting their proposals are also expected identify the latest technology that can further enhance the security features of cheques and enhance detection of fraud at minimal cost.
Among other things the apex bank wants to achieve with the review of the NICPAS includes: “Identification of foreseeable changes in the global environment, that may be relevant to the update of this document and the cheque production processes; and identification of features/design that can enhance image technology/cheque truncation, as well as protect all parties in the cheque truncation regime.”
The CBN also hopes to review of the cheque design, type and sizes and carry out a general review of the cheque standard for consistency in terms of structure and contents.
According to the apex bank, those submitting proposals for the review of the NICPAS will also have to compare the Nigeria cheque standard with WAMZ standard and harmonize where necessary and carry out a general review of the Nigeria Cheque Printers Accreditation Scheme for content and operational procedures.
In the course of the review, the design an auditable programme that will confirm domestication of the cheque printing by accredited local printers would have to be carried out as well as recommend inputs for Quality Policy to be implemented by the cheque Personalization Centres.