CBN EXTENDS UNIFORM BANK ACCOUNT NUMBER TO OFIS

The Central Bank of Nigeria (CBN) has extended the Nigerian Uniform Bank Account Number (NUBAN) scheme meant for banks to Other Financial Institutions (OFIs). 

The apex bank disclosed this in a circular to banks and OFIs, introducing the Exposure Draft for Revised Standards on NUBAN scheme for banks and OFIs in Nigeria. 

The circular signed by Director, Payments System Management Department, CBN, Sam Okojere stated: “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)”. 

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”.

(Vanguard)