Cbn extends uniform account number to ofis by april 20
It seems like you're referring to a news article or announcement from the Central Bank of Nigeria (CBN). Here's a breakdown of what I understand:
CBN extends Uniform Account Number to OFIS by April 20
The Central Bank of Nigeria (CBN) has announced an extension of the deadline for the implementation of the Uniform Account Number (UAN) for OFIS (Other Financial Institutions) to April 20.
What is the Uniform Account Number (UAN)?
The UAN is a unique account number assigned to each customer by the CBN, which aims to simplify the process of identifying and tracking customer accounts across different financial institutions.
What is OFIS (Other Financial Institutions)?
OFIS refers to financial institutions that are not commercial banks, such as microfinance banks, mortgage banks, and other specialized financial institutions.
What does this mean for OFIS?
By April 20, OFIS institutions are required to migrate their customers to the UAN system, which will enable seamless account management, reduce errors, and improve customer experience.
What are the benefits of the UAN system?
The UAN system is expected to bring several benefits, including:
- Simplified account management
- Reduced errors and discrepancies
- Improved customer experience
- Enhanced financial inclusion
I hope this summary helps!