NEW NUBAN FAQ
posted on Mar 15, 2021 | 1092 likes
Popular questions about the NUBAN update, and their answers
Q. What is NUBAN?
A. NUBAN is an acronym that stands for Nigeria Uniform Bank Account Number. It is a 10-digit Bank account numbering system that was first created in 2010 by CBN and revised in 2020 to include OFIs.
Q. Why NUBAN?
A. The CBN introduced the NUBAN for the purpose of uniformity across all financial institutions in the country, and also to align with the well-known requirements of the West Africa Monetary Institute.
Q. Why an Update on the NUBAN?
A. When the NUBAN was first introduced in 2011, the CBN implemented it for Deposit Money Banks alone. However, considering the success recorded and the increasing impact of Other Financial Institutions (OFIs) – like Page Financials and others, CBN has decided in 2020 to revise the NUBAN standard and extend its implementation to OFIs, hence the update.
Q. So what do I need to do?
A. As a Page customer, we have already updated your NUBAN, login to your account to see your new NUBAN. If you are a loan customer, you also need to contact your commercial bank to obtain new cheque leaves that comply with the new NUBAN standards to avoid repayment failure which is not good for your credit score.
Q. Is NUBAN the same with BVN?
A. No, NUBAN is not the same as BVN. A customer can have different NUBAN with different financial institutions, but that same customer can only have one BVN that is tied to all his/her accounts.
Q. Is it compulsory to use the new NUBAN?
A. Yes, it is compulsory that all account numbers of customers of Deposit Money Banks (DMBs), and Other Financial Institutions (OFIs) be revised to the new NUBAN system in order to conform with the uniform standard as set and regulated by CBN.
Q. Will I need to change my cheque book?
A. Yes, the new NUBAN rule has warranted a change in the cheque book security and numbering system, so DMBs are issuing new cheque books that are compliant with the new standard, you need to contact your bank to get the new Cheque leaves which you will present to us for your loan repayments.
Q. How do I get the new NUBAN from Page?
A. All you have to do is login to your internet banking account or mobile app, you will see your updated NUBAN, there is nothing more for you to do.
Q. Can I use my Page NUBAN for other financial purposes?
A. Yes, your Page NUBAN can be used to send and receive money from any financial institution. You can also use it for performing other financial transactions as approved by CBN.
Q. When is the deadline for using the old NUBAN
A. CBN has stated that as from March 15th 2021, all Deposit Money Banks and Other Financial Institutions must fully comply with the new NUBAN system or be sanctioned. This means you will NOT be able to use your old Page account number after March 15 2021.
Q. I have more questions on the NUBAN
A. Send us an email at customer@pagefinancials.com or simply call 017007243 to get any answers you need as regarding the new NUBAN and how it affects you.