November 8, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) has announced the extension of the Nigerian Uniform Bank Account Number (NUBAN) scheme designed for banks to Other Financial Institutions (OFIs).
The CBN in a circular dated November 6, 2018 and signed by Sam Okojere, director, Payments System Management Department to banks and OFIs, introducing the Exposure Draft for Revised Standards on NUBAN scheme for banks and OFIs in Nigeria reads thus:
According to the apex bank, following the success of the NUBAN Scheme across Deposit Money Banks (DMBs) and the increasing role of the OFIs in the Electronic Payments System, it is imperative that the scope of the Scheme be expanded to include the OFIs.