2011-04-27 | BPS/DIR/GEN/CIR/02/008

CHECK DIGIT ALGORITHM FOR NUBAN

The Central Bank of Nigeria released guidelines for implementing the Nigeria Uniform Bank Account Number (NUBAN) scheme to create a unified bank account numbering structure. NUBAN is expected to solve many electronic payment issues in Nigeria by correcting wrong beneficiary account numbers. This proposal outlines the implementation modalities, including the Check Digit Algorithm for validation of the bank accounts and the transition from current account numbers to NUBAN codes for all Deposit Money Banks. The full adoption and implementation deadline is set as June 2011.

Nigeria

Central Bank of Nigeria

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