By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s Central Bank has said it has developed an industry portal for the verification of authorised signatories for the Nigerian banks.

This is contained in a circular dated August 19, 2014 and signed by Dipo Fatokun, director, banking and payments system department of the Central Bank of Nigeria (CBN) with REF:BPS/DIR/CIR/GEN/02/033.

According to the CBN, the 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 any other user of the printed signature booklets, to avoid fabrication of letters as coming from the banks,” the circular said.

According to Nigeria’s Central Bank, 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.

“In this regard, your organisation is expected to get in touch with NIBSS Plc for the needed training and access rights to the portal, amongst others. The registration process and upload of the authorised signatories to the portal should be completed on or before 29th August, 2014,” the CBN said.

The CBN advised banks to kindly note and ensure strict compliance.