Central Bank of Nigeria (CBN) has reviewed the Nigeria Uniform Bank Account Number (NUBAN) to include other finance institutions.
A circular signed by Musa Jimoh, director, Payments System Management Department, the CBN stated that the new directive would commence on April 20 with a deadline of March 15, 2021.
The bank said this was the standard for the efficient operations of electronic funds transfer and cheque clearing operations by the Deposit Money Banks and the other finance institutions.
It recalled that the apex bank first issued the NUBAN standards in August 2010, to achieve uniform customer bank account numbering structure among all the DMDs in Nigeria.
In view of the success of the NUBAN standards across the banks and the increasing role of the OFIs in the electronic payment system, it said it was imperative for the scope of the standards to be expanded to the OFIs.
The circular read in part, “It is in this regard that the revised standards on Nigeria Uniform Bank Account Number scheme for banks in Nigeria were revised to include the OFIs.
“This circular takes effect from April 20, 2020 but with a deadline of March 15, 2021 for full compliance, after which appropriate sanctions would be imposed for contraventions and noncompliance.”
