Regulatory Alerts2018-11-06 | PSM/DIR/GEN/EXP/01/002Added · Updated
Exposure Draft for the Revised Standards on Nigeria Uniform Bank Account Number (NUBAN) Scheme for Banks and Other Financial Institutions in Nigeria
The Central Bank of Nigeria (CBN) has issued an exposure draft for the "Revised Standards on Nigeria Uniform Bank Account Number (NUBAN) Scheme," expanding the scheme to include Other Financial Institutions (OFIs) alongside Deposit Money Banks (DMBs). The NUBAN format will consist of 16 digits, including a check digit for account number validation, and the CBN provides algorithms for calculating this check digit for both DMBs and OFIs.
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