The Central Bank of Nigeria (CBN) has extended the Nigerian Uniform Bank Account Number (NUBAN) scheme meant for banks to Other Financial Institutions (OFIs) in the country in furtherance of its efforts to enhance the security of the financial system.
The apex bank in a circular to banks and OFIs, introduced the Exposure Draft for Revised Standards on NUBAN scheme for banks and OFIs.
The circular signed by Director, Payments System Management Department, CBN, Sam Okojere stated that the regulatory measure was in consonance with the bank’s statutory mandate as provided by the Banks and Other Financial Institutions Act (BOFIA) and CBN Act 2007.
The circular 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)”.
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It would be recalled that the guidelines on NUBAN scheme was first issued by the apex bank in August 2010, to achieve uniform customer bank account numbering structure among all Deposit Money Banks (DMBs)in Nigeria.
The CBN stated that the need to extend the scope of the scheme to the OFIs derived from the success of the NUBAN Scheme across DMBs and the increasing role of the OFIs in the Electronic Payments System.
