NUBAN will soon be 16 Digits according to CBN

According to Central Bank of Nigeria Revised Standard on Uniform Bank Account Number (NUBAN) exposure, the account number may soon be in 16 Digits to accommodate everyone (Banks, OFIS etc).

According to the exposure which part reads as follows:

In exercise of the powers conferred on the Central Bank of Nigeria (CBN) under the Banks and Other Financial Institutions Act (BOFIA) and CBN Act 2007 to make regulations and to promote sound financial system in Nigeria, facilitate the development of an efficient and effective payments system in Nigeria, the CBN hereby issues this Standards for the efficient operations of Electronic Funds Transfer and cheque clearing operations by Banks and Other Financial Institutions (OFIs). The exposure can be downloaded here.
Hope a 16 Digits number will be easy for people to remember? This is a question in the lip of everyone. Though we have not confirmed how CBN want to achieve this.
Let’s just keep watching.

Oluwaseun Hephzibah, Innovator @ Stackpreneur

I'm an entrepreneur, IT Consultant, guitarist, chess newbie, amateur writer and a Nigerian. I'm a great motivator and I can push you to achieve your dream. ------------------------------------------------------ email: babatundeseun2014[at]gmail.com

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