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GTBank completes Migration of Customers to New CBN Numbering Format (NUBAN)

By on June 14, 2011

In accordance with CBN’s recent directive that Nigerian Banks should migrate all customer account Numbers to the new 10-digit Nigerian Uniform Bank Account Number (NUBAN) format by July 2011, Guaranty Trust Bank has fully complied with the directive and subsequently notified its customers via SMS and e-mail of their new numbers.

The Central Bank of Nigeria had, in a circular dated 19th August, 2010, mandated all banks to implement a uniform 10-digit account numbering structure known as NUBAN. Speaking on this development, Acting Managing Director of GTBank, Mr. Segun Agbaje, commended the Central Bank on the initiative and said the migration will promote seamless and efficient electronic inter-bank transfers, whilst also ensuring that Nigeria aligns with the West African Money Institute Payment Standards, aimed at ensuring integration with the ECOWAS inter-regional electronic funds transfer scheme once it becomes operational.

He further stated that the Bank’s internet banking platform has been upgraded to utilize the new NUBAN account numbers. In addition, the Bank has also upgraded its Core Banking system, Central Clearing platform, Inter-bank Funds Transfer and Settlement platforms and FX processing platforms to process transactions with the new account numbers, which customers are being encouraged to start using immediately for all business transactions.

The Central Bank also granted GTBank license to continue operating as an international bank under its new licensing regime which now classifies banks as International, National or Regional Banks.

With this upgrade, the Nigerian banking industry is expected to witness significant improvement in transactions (Cheques, Direct Credit, Direct Debit etc) on local Inter-bank Clearing and Settlement platforms as the NUBAN account number can be verified by the presenting bank, using a check-digit. However, when the numbers are used for inter-bank transactions, customers must also provide the GTBank bank code or Sort-Code to ensure uniqueness. The new account numbers also ensure that customers can be issued cheque books for all Naira and Domiciliary current accounts.

Established in 1990, Guaranty Trust Bank has grown consistently to become one Africa’s leading, service oriented, e-business and financial services providers with significant presence in all Anglophone West Africa countries (Nigeria, Ghana, Gambia, Sierra Leone, Liberia) and the United Kingdom. The bank was adjudged the Most Customer focused Bank by KPMG (Retail & Corporate) in 2010 and also, The Best Bank in Nigeria by Euromoney Finance and the Banker Magazines – both in 2010.

Guaranty Trust Bank plc
Plot 1669, Oyin Jolayemi Street
Victoria-Island, Lagos, Nigeria

Email: [email protected]
Website: www.gtbank.com