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CBN Extends NUBAN to OFIs, Sets March 2021 Deadline for Compliance

CBN Extends NUBAN to OFIs, Sets March 2021 Deadline for Compliance

Nume Ekeghe

The Central Bank of Nigeria (CBN) has extended the Nigeria Uniform Bank Account Number (NUBAN) Other Financial Institutions (OFIs) under its regulation.

The Bank disclosed this in a circular posted on its website yesterday,

 

It stated that the extension of the NUBAN to OFIs would take effect from April 20, 2020, with a deadline of March 15, 2021, for full compliance, after which appropriate sanctions would be imposed for contraventions and non-compliance.

The circular stated that in furtherance of its mandate for the development of electronic payments system in Nigeria, the CBN issued the Revised Standards on NUBAN for banks and other financial institutions, for the efficient operations of electronic funds transfer and cheque clearing operations by DMBs and OFIs.

“The CBN first issued the NUBAN Standards in August 2010, to achieve uniform customer bank account numbering structure among all DMBs in Nigeria. ln View of the success of the NUBAN Standards across DMBs and the increasing role of the OFls in the Electronic Payments System, it is imperative that the scope of the Standards be expanded to include the OFls.

“It is in this regard that the revised standards on NUBAN scheme for banks in Nigeria was revised to include the OFls.”

It added: “The CBN first issued the NUBAN in August 2010, to achieve uniform customer bank account numbering structure among all Deposit Money Banks in Nigeria.

“In view of the

success of the NUBAN Standards across DMBs and the increasing role of the OFIs

in the Electronic Payments System, it is imperative that the scope of the

Standards be expanded to include the OFIs”

source:- https://www.thisdaylive.com/index.php/2020/03/12/cbn-extends-nuban-to-ofis-sets-march-2021-deadline-for-compliance/