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CBN extends uniform account number to OFIS by April 20

Re-Ignite / Business  / CBN extends uniform account number to OFIS by April 20

CBN extends uniform account number to OFIS by April 20

The Central Bank of Nigeria (CBN) on Wednesday revised the Nigeria Uniform Bank Account Number (NUBAN) to include the Other Financial Institutions (OFIS) for efficient operations of electronic funds transfer and cheque clearing operations by Deposit Money Banks (DMBS) and OFIS.

Other Financial Institutions are institutions, apart from commercial banks, that carry out financial services and activities. They include microfinance banks, primary mortgage banks, finance companies, development finance institutions.

The revised standard takes effect from April 20, 2020 with a deadline of March 15, 2021 for full compliance, according to a circular signed by Musa Jimo, director, payment system management department, CBN.

The circular stated that appropriate sanctions would be imposed for contraventions and non-compliance to the revised standard.

The CBN first issued the NUBAN standard in August 2010 to achieve uniform customer bank account numbering structure among all the deposit money banks in the country.

In view of the success of the NUBAN standard across DMBS and the increasing role of the OFIS in the electronic payment system, the apex bank said it was imperative that the scope of the standard be expanded to include the OFIS.

“It is in this regard that the revised standard on Nigeria uniform bank account number scheme for banks in Nigeria was revised to include the OFIS,” the circular stated.

Source:https://businessday.ng/exclusives/article/cbn-extends-uniform-account-number-to-ofis-by-april-20/

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