Nigeria to sanction defaulting banks over uniform account system
The Central Bank of Nigeria, CBN, Tuesday, threatened to sanction banks that fail to adopt the unified bank account system by May 31, 2012.
The CBN, in a circular to all Deposit Money Banks, DMB, signed by T.A Fatokun, Director, Banking & Payments System Department, said that from June 1, 2012, any payment instrument that does not comply with the Nigeria Uniform Bank Account Number standard will be barred from passing through the Automated Clearing System.
The CBN said, “Please refer to our circular No. 02/033 dated June, 2011, which extended the transition period for compliance with the Nigeria Uniform Bank Account Number, NUBAN standard by one year. During the transition period, the old account numbers were to run concurrently with the NUBAN codes.
“This is to remind you that the transition period for compliance with the NUBAN Standard shall elapse on 31st May, 2012.
“In view of the above, all DMBs are hereby directed to fully comply with NUBAN standard by that date.
“Please note that with effect from June 1, 2012, any payment that is not NUBAN compliant will not be allowed to pass through the Automated Clearing System.
“For the avoidance of doubt, any bank that flouts this directive shall face the appropriate penalty, as outlined in the guidelines. Compliance shall be strictly monitored.”