Nigerian Uniform Bank Account Number (NUBAN) Explained
Some time in August 2012, the Nigerian Apex bank CBN released the Guidelines on NUBAN (Nigerian Uniform Bank Account Number) to help achieve uniform customer bank account numbering structure among all Deposit Money Banks in Nigeria. In compliance with the CBN NUBAN guidelines, all the commercial banks operating within the country started educating their customers on the need to switch to over to the new numbering system.
Though the CBN objectives for NUBAN as it appears today has gained weight, the fact still remains that most commercial bank customers are yet to key into this trend. Everyday I go to the bank, I see customers whose transactions are kept pending as a result of their non-compliance to the set guidelines. Does it mean that commercial banks have not done created enough awareness as to this regard? Or is it actually customers that are the cause?
The answer to the above question, I expect from you in comments, should you have any reply to it.
I decided to write this article to help enlighten the few Nigerians who are still yet to key into the CBN NUBAN guidelines. This article will just run through the core facts about NUBAN and possibly the Frequently Asked Questions "FAQ" as published by some Nigerian banks.
What is the NUBAN?
NUBAN is an acronym for "Nigerian Uniform Bank Account Number"
Defining it further, the NUBAN account number is a 10 digit account number that complies with the CBN’s initiative on implementing a uniform bank account numbering scheme across all banks.
NUBAN was introduced because it was believed to have great potentials capable of resolving the observed problems with Nigerian electronic payments, which for long has been attributed to specification of wrong beneficiary account numbers.
Transition
I recall vividly that one of the commercial banks in Nigeria (wait, which bank was that? hmm.. I have forgotten!) used to generate account numbers for customers using their customer's mobile phone number. Well this look pretty sweet as it gives those who have problem memorizing numbers an edge. But what are the implications? Aside from using customer's mobile phone number as account number, other banks used account numbers that were more and less than the present 10 digits. Everything was going on well, but the emergence of electronic payment now makes it very impossible for smooth transactions (inter-bank operations) to be conducted between banks in Nigeria.
Why the NUBAN Codes?
NUBAN was introduced to:
1. Question: What is NUBAN?
Answer: NUBAN is Nigerian Uniform Bank Account Number.
2. Question: Why NUBAN?
Answer: It is a directive from the Central Bank of Nigeria (CBN) to achieve a Uniform Bank
Account Numbering among all Deposit Money Banks.
3. Question: What is the difference between NUBAN and our existing Account Numbering?
Answer: The existing Account Numbering is 16 digits while NUBAN is 10 digits.
4. Question: What effect does it have on my Account?
Answer: No effect except that your Account Number will change to 10-digit from the current
16-digit number.
5. Question: How can I obtain my new Account Number?
Answer: You may visit any of our Branches to obtain your new Account Number(s). However,
Customers who have advised us of their Email addresses will receive their new Account
Number(s) via their email boxes.
6. Question: Will I have to change my Cheque book & ATM card?
Answer: No. Both remain valid. You don’t have to change your Cheque book until it has been
exhausted and your ATM Card will remain active until its expiry date.
7. Question: Is there any charge attached?
Answer: NO charges for the change of your Account Number.
8. Question: How will this affect online transactions?
Answer: Only your new Account Number will be acceptable for online transactions.
9. Question: Does the change to NUBAN require surrendering my eBanking details i.e PIN, ATM
Card Number, Password etc.
Answer: NO. You are not required to disclose your details to any individual and your Bank will
never request for these details.
10.Question: Is there a penalty for not using the new number since it’s a directive from the CBN?
Answer: You will not be able to do some transactions like transferring funds to other Banks
through RTGS, NEFT and Clearing.
11.Question: Is it only Intercontinental Bank Plc that is changing Account Number(s)?
Answer: No. All Nigerian Banks are mandated to change their Customers’ Account Numbers to
the 10-digit Account Numbering format.
Now you have known the facts about the CBN NUBAN Codes, I will strongly advice that you visit your bank today to get your account NUBAN Number. It's worth doing!
Let me know if you have any question as to this regard in comment.
Cheers!
Though the CBN objectives for NUBAN as it appears today has gained weight, the fact still remains that most commercial bank customers are yet to key into this trend. Everyday I go to the bank, I see customers whose transactions are kept pending as a result of their non-compliance to the set guidelines. Does it mean that commercial banks have not done created enough awareness as to this regard? Or is it actually customers that are the cause?
The answer to the above question, I expect from you in comments, should you have any reply to it.
What is the NUBAN?
NUBAN is an acronym for "Nigerian Uniform Bank Account Number"
Defining it further, the NUBAN account number is a 10 digit account number that complies with the CBN’s initiative on implementing a uniform bank account numbering scheme across all banks.
NUBAN was introduced because it was believed to have great potentials capable of resolving the observed problems with Nigerian electronic payments, which for long has been attributed to specification of wrong beneficiary account numbers.
Transition
I recall vividly that one of the commercial banks in Nigeria (wait, which bank was that? hmm.. I have forgotten!) used to generate account numbers for customers using their customer's mobile phone number. Well this look pretty sweet as it gives those who have problem memorizing numbers an edge. But what are the implications? Aside from using customer's mobile phone number as account number, other banks used account numbers that were more and less than the present 10 digits. Everything was going on well, but the emergence of electronic payment now makes it very impossible for smooth transactions (inter-bank operations) to be conducted between banks in Nigeria.
Why the NUBAN Codes?
NUBAN was 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
1. Question: What is NUBAN?
Answer: NUBAN is Nigerian Uniform Bank Account Number.
2. Question: Why NUBAN?
Answer: It is a directive from the Central Bank of Nigeria (CBN) to achieve a Uniform Bank
Account Numbering among all Deposit Money Banks.
3. Question: What is the difference between NUBAN and our existing Account Numbering?
Answer: The existing Account Numbering is 16 digits while NUBAN is 10 digits.
4. Question: What effect does it have on my Account?
Answer: No effect except that your Account Number will change to 10-digit from the current
16-digit number.
5. Question: How can I obtain my new Account Number?
Answer: You may visit any of our Branches to obtain your new Account Number(s). However,
Customers who have advised us of their Email addresses will receive their new Account
Number(s) via their email boxes.
6. Question: Will I have to change my Cheque book & ATM card?
Answer: No. Both remain valid. You don’t have to change your Cheque book until it has been
exhausted and your ATM Card will remain active until its expiry date.
7. Question: Is there any charge attached?
Answer: NO charges for the change of your Account Number.
8. Question: How will this affect online transactions?
Answer: Only your new Account Number will be acceptable for online transactions.
9. Question: Does the change to NUBAN require surrendering my eBanking details i.e PIN, ATM
Card Number, Password etc.
Answer: NO. You are not required to disclose your details to any individual and your Bank will
never request for these details.
10.Question: Is there a penalty for not using the new number since it’s a directive from the CBN?
Answer: You will not be able to do some transactions like transferring funds to other Banks
through RTGS, NEFT and Clearing.
11.Question: Is it only Intercontinental Bank Plc that is changing Account Number(s)?
Answer: No. All Nigerian Banks are mandated to change their Customers’ Account Numbers to
the 10-digit Account Numbering format.
Now you have known the facts about the CBN NUBAN Codes, I will strongly advice that you visit your bank today to get your account NUBAN Number. It's worth doing!
Let me know if you have any question as to this regard in comment.
Cheers!
