CBN Speaks On Why It Extended NUBAN To Other Financial Institutions

The Central Bank of Nigeria has extended the Nigerian Uniform Bank Account Number meant for banks to other financial institutions.

#CBN releases Exposure Draft for the Revised Standards on Nigeria Uniform Bank Account Number (NUBAN) Scheme for Banks and Other Financial Institutions in Nigeria https://t.co/KH1Pakvi0G

— Central Bank of Nigeria (@cenbank) November 7, 2018

Naija News understands that the Apex bank disclosed this in a circular to introduce the Exposure Draft for Revised Standards of uniform account numbers in Abuja.

The circular which was signed by Director, Payments System Management Department, CBN, Sam Okojere stated that:

“In exercise of the powers conferred on the Central Bank of Nigeria (CBN) under the Banks and Other Financial Institutions Act (BOFIA) and CBN Act 2007 to make regulations and to promote sound financial system in Nigeria, facilitate the development of an efficient and effective payments system in Nigeria, the CBN hereby issues these standards for the efficient operations of electronic funds transfer and cheque clearing operations by Banks and Other Financial Institutions (OFIs)”.

The guidelines on NUBAN scheme was first issued by CBN in August 2010, to achieve uniform customer bank account numbering structure among all Deposit Money Banks (DMBs)in Nigeria.

The CBN further stated:  “ In view of the success of the NUBAN Scheme across DMBs and the increasing role of the OFIs in the Electronic Payments System, it is imperative that the scope of the Scheme be expanded to include the OFIs”.