NUBAN: The History, Its Concept, and Importance to BankingNovember 9, 2019
NUBAN: The History, Its Concept, and Importance to Banking
NUBAN…So as to realize your financial balance works and oversee it appropriately, you should think about the NUBAN number.
History of the NUBAN Account Number
Preceding 2011, Nigerian banks had no brought together configuration of any kind for their record numbers. Banks utilized a fluctuating number of digits. While some gave 12 digits account numbers, others gave as much as 15 digits.
The Central Bank of Nigeria gave an announcement to drive all banks to give account quantities of not in excess of 10 digits. This is what is known as Nigeria Uniform Bank Account Number, financial balances not in excess of 10 digits.
Notwithstanding whatever kind of record you utilize reserve funds (savings), current, domiciliary, and so forth., your record number must not be pretty much than 10 digits. Resistance with this announcement is lawfully off-base.
What is the NUBAN Number?
NUBAN is an abbreviation that represents Nigeria Uniform Bank Account Number. NUBAN is a 10-digit financial balance numbering framework. This implies the NUBAN number is additionally equivalent to the financial balance number. It was embraced in 2011 and has become basic today. Before this time, the record numbering structures were longer. NUBAN fits in with the necessities of the West Africa Monetary Institute. Each bank in Nigeria today is required to have its own one of a kind NUBAN code for the record of its clients; Current records, store and sparing accounts.
The NUBAN number must be incorporated into the client’s database of the bank. This is on the grounds that any exchange or communication with a client requires the NUBAN account number.
The NUBAN number is produced for an individual and dynamic client of each endorsed Nigerian bank including the Central bank of Nigeria. The NUBAN numbers were made dynamic on the 24th of May 2011.
The Purpose Behind the Adoption of NUBAN:
One of the significant purposes behind the appropriation of NUBAN was on the grounds that it could be effectively overseen by the two representatives of the bank and the bank clients. The previous customary and longer record numbers were very hard to cite which made it a typical issue.
The 10 digit NUBAN account number would make Nigeria completely agreeable with the 10-digit Account Number structure required by the West Africa Monetary Institute pointed towards a financial combination of ECOWAS nations (a comparable plan is likewise the drilled in the United Kingdom)
Advantages of Having a NUBAN Account Number
The NUBAN Account framework has numerous favorable circumstances. First is its accommodation. The 10 digit number is straightforward and can be effectively overseen.
The 10 digits likewise keep you from the danger of citing account numbers wrongly-this hazard is very much connected with the previous record numbers which were longer.
The current NUBAN account framework makes it simple for banks to approve client accounts. It additionally encourages simpler and quicker treatment of e-installments.
Step by Step Instructions to Obtain Your NUBAN Account Number
So as to get your NUBAN account, all you should do is visit any of the banks in Nigeria. For instance, on the off chance that you need a NUBAN account number from First Bank, at that point you should visit any of the First Bank offices close to you.
You will at that point be given a structure to fill and afterward pick the record type. You will be required to introduce a few reports, which incorporate the Birth authentication, ID Card, condition of the starting point. The archives required to fluctuate from bank to bank.
A few banks enable you to open a fundamental account by simply dialing the special USSD banking code related to the specific bank. After this, you will get your one of a kind 10-digit NUBAN account number.
For GTBank Customers: Step by Step Instructions to Acquire Your Own NUBAN Account Number on the Phone:
The way toward getting your NUBAN number is very basic. You don’t have to go to the bank or an ATM terminal. You should simply send either an email or an SMS.
If you want to utilize the SMS technique, pursue the accompanying advances below:
- Select the ‘Create New Text Message’
- Enter the number 08076665555 as the recipient of the message
- ‘Create New Message’
- Type ‘my account’
In a situation that you are sending an email, follow the guidelines explained above.
Hold up a couple of moments to get a message with your complete name and record number. It is significant that you realize your NUBAN number to make for simpler exchanges.
How To Recover Your NUBAN Account Number when Forgotten:
The various banks in Nigeria have various methods for their clients to get back their overlooked or lost NUBAN numbers. While some just necessitates that you dial a basic USSD code at that point give the cell phone number connected to your financial balance.
In the event that you don’t have the foggiest idea what the USSD code for checking your bank is, all you should is complete a Google search as these codes shift from bank to bank
You could likewise visit the nearest part of your bank which you have a record with and meet with the client care agent that you have forgotten your account number.
You may likewise be required to give the accompanying data:
- Full name
- Phone number linked to your bank account
- Next of kin
- Date of Birth
- The branch of the bank which you registered your account
- Residential address
This data is utilized to affirm that you really possess a record with the bank being referred to.
Reactions (Criticisms) of the Current NUBAN Scheme:
There have been instances of the equivalent NUBANs existing in various banks. This has been happening progressively as more NUBAN’s are created. This, at last, invalidates the point of NUBAN as an extraordinary financial balance identifier for each bank client in Nigeria. Along these lines, with its blames, NUBAN’s uniqueness relies upon the client or client’s cognizant use of bank codes/bank names with the NUBAN.
It has been recommended that the Central bank of Nigeria present 3 additional digits considering the number to 16 digits (Three going before zeros will likewise be presented by the CBN as a cradle for when more Banks, MFBs and OFIs are consolidated for business).
It is accepted that this usage will additionally ease combinations between banks, OFIs, fintechs and the numerous MSMEs that will grasp open banking for imaginative improvements and help to convey quality money related administrations to Nigerians.