Regulatory Alerts2010-01-29 | BOD/PSV2020/OPS/144CAdded · Updated
Nigeria Uniform Bank Account Number Proposal
The Nigerian Interbank Settlement Systems (NIBSS) introduced the National Uniform Bank Account Number (NUBAN), a 10-digit account number format with a check digit constructed to support a modulus check, to address issues related to the ACH system in Nigeria. The proposed implementation strategy involves a six-month period for banks to fully implement NUBAN. NUBAN is compliant with the West Africa Monetary Institute's 10-digit account number requirements and helps resolve the present ACH issues by promoting electronic payment adoption, efficient operation of the ACH system, and minimizing abuse along the ACH value chain.
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