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By Obinna Chima

In order to beat the June deadline issued by the Central Bank of Nigeria (CBN) for all banks to standardise their align with the Nigerian Uniform Account Numbering Policy (NUBAN), First City Monument Bank (FCMB) Plc said it has migrated all its customers’ account numbers to the recommended digits.

A statement from the bank signed by its Group Head, Corporate Communications, Mr.Kenny Aliu said implementing the NUBAN policy was in line with best practice, adding that the policy also seeks to eliminate the high cost and efforts that the current use of non-standardized account numbers is to the financial system.

Aliu said: “The bank, while assuring that the standardisation of customer’s accounts numbers would not affect banking transactions, explained that current cheque books with customers and Debit Cards are still valid, but that subsequently issuance of cheque-books will bear the new 10 digit number.”

He revealed that customers were already  advised of their new account numbers.

“Some
benefits of NUBAN according to the directive to banks include enhancement of the activities of the Automated Clearing House (ACH); helping banks to validate customers account numbers before sending out transactions to clearing house and; making it easier for customers to quote their account numbers if they wish because the number of digits are now reduced, among others,” he added.