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CBN extends NUBAN to other financial institutions
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CBN extends NUBAN to other financial institutions

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The Central Bank of Nigeria has extended the Nigerian Uniform Bank Account Number meant for banks to Other Financial Institutions.

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 “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 this Standards for the efficient operations of Electronic Funds Transfer and cheque clearing operations by Banks and Other Financial Institutions (OFIs)”.

In August 2010, the CBN introduced the NUBAN Scheme to achieve a uniform bank account numbering structure among all Deposit Money Banks in Nigeria.

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