Nigeria: CBN Accredits Two Firms for Cheque Printing, Delists 13

The Central Bank of Nigeria, CBN, has accredited two companies - Superflux International Ltd and Tripple Gee and Company Plc as authorised printers of cheques and other security paper instruments, thereby delisting 13 firms with the exclusion of foreign printing firms.

In a circular (BPS/DIR/CIR/04/2013) to "Deposit Money Banks, Cheque Printers and other Stakeholders on the the Accreditation of Cheque Printers for 2013/14", signed by Dipo Fatokun, Director, Banking and Payments System Department of CBN, dated May 9, 2013, the apex bank said this was in line with the Nigeria Cheque Printers' Accreditation Scheme (NICPAS) qualification criteria. It however noted that the accreditation is ongoing with the possibility of more local printers being added to the list in the future.

The circular stated: "In furtherance of its mandate to ensure an efficient Payments and Settlement System, the Central Bank of Nigeria, in collaboration with the MICR Technical Implementation Committee conducted the accreditation and re-accreditation exercise of cheque printers in Nigeria in line with the Nigeria Cheque Printers' Accreditation Scheme (NICPAS) qualification criteria. At the end of the exercise, the following Cheque Printers were accredited to print cheques and other "debit pull" paper instruments for the Nigerian Market: Superflux International Ltd and, Tripple Gee and Company Plc.

"Foreign based printers were neither accredited nor re-accredited in line with the Bank's policy to domesticate cheque printing in Nigeria. Consequently, all banks are by this circular, reminded to patronise only the CBN accredited cheque printers. It is instructive to note that the accreditation exercise is ongoing and more local printers may be added to the list in the future, if they satisfy the NICPAS requirements.Please be guided and note that henceforth, appropriate penalties shall be strictly applied to erring institutions for noncompliance."

The development implies that 13 companies have lost their accreditation to print cheques and other paper instruments in Nigeria. Before now, there were 15 companies accredited by CBN to print cheques in the country, of which only three are local operators - Nigerian Security Printing and Minting Plc, Tripple Gee and Company Plc, and Superflux International Limited, as revealed in a CBN circular (BPS/DIR/CIR/01/012) to Deposit Money Banks and Discount Houses on October 24, 2011 signed by G.I. Emokpae, then Acting Director, Banking & Payments System Department.The remaining twelve were offshore companies, namely: Kalamzoo Seure Solutions Ltd, Birmingham, England; Security Print Solution, UK; CFH Total Document Mgt Ltd, England: Smith and Ouzman Ltd, England; Tall Security Print Ltd, England; A1 Trade print Services, England; Papi Pinting Coy Ltd, UK; Corrinum Continous Ltd, UK; Euphoria Comm. Ltd, UK; and DLRS Group, Ireland. Others are Camelot Ghana Ltd, Accra, Ghana; and Shave and Gibson Group based in South Africa. It would be recalled that the apex bank initiated NICAPS as part of the Federal Government's local content enhancement policy, and stimulate indigenous entrepreneurship.

Source: Vanguard