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NUBAN is an acronym for Nigerian Uniform Bank Account Number
NUBAN is being introduced to; - Align Nigerian bank account numbers with international best practices
- Facilitate direct electronic funds transfer between banks
- Reduce errors on transfer advices between banks with non-uniform account numbers
- Reduce risk of customers quoting wrong account numbers on any of their transactions
May 31 2011
Yes, upon implementation all new cheque leaves will have the customers' NUBAN on the MICR line.
No. Customers will be expected to use NUBAN.
Yes. Transaction instruments will be changed to take the ten digit format of NUBAN.
Internet banking logon details will remain the same. However, only NUBAN will be displayed as account number in every account number field or list.
Yes, there will be a relationship between a customer's various account types. These will not be visible from the account numbers, but will be recognized by the banking application.
A customer can have as many as 1,000 current accounts with cheque-books. No more limitations to the first 10 accounts.
A bank cannot choose not to migrate to NUBAN. The decision to migrate is a directive from CBN which must be adhered to by all banks operating in Nigeria.
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