And your dividends can be paid into your savings account!

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The Securities and Exchange Commission recently gave a public notice that dividend warrants can now be deposited into savings accounts.

The Securities and Exchange Commission (SEC) is pleased to notify the investing public that dividend warrants can now be deposited into savings accounts. This follows the directive from the Central Bank of Nigeria (CBN) via Circular referenced BPS/DIR/GEN/CIR/03/005 dated 28th July, 2016 instructing banks to allow customers with BVN to deposit cheques into their savings account.
This is part of the measures they are carrying out to put an end to the growth in unclaimed dividends in Nigeria. The SEC had earlier on engaged the CBN and other stakeholders on key initiatives like the e-Dividend Mandate Management System (e-DMMS) as an online portal for enrolling investors.

Retail investors have since then been enrolling onto the platform using their Bank Verification Numbers (BVN). Investors who successfully register on the e-DMMS will be able to receive their dividends directly into their accounts.

So if you are an investor and are yet to get enrolled on the e-Dividend platform, you are equally advised to approach their respective banks and get enrolled.

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