AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
A NUBAN is the 10-digit account number every Nigerian bank and deposit-taking institution uses, set by the CBN; its last digit is a check digit that catches most typing errors. Before sending from abroad, confirm the bank, the 10 digits and the account name, ideally by seeing the name your app returns from the account number.
Nigeria does not use IBANs or sort codes for everyday payments. A Nigerian account is identified by its bank and a 10-digit number called a NUBAN, the Nigeria Uniform Bank Account Number. If you send money home regularly, a minute spent checking those 10 digits saves days of chasing a payment that went to the wrong place.
What the 10 digits are
The CBN's revised NUBAN standards (circular dated 9 March 2020, full compliance by 15 March 2021) define a 16-digit structure, of which customers only see the last 10:
- Institution code (6 digits, hidden)
- For a commercial bank, its 3-digit CBN code with three leading zeros; for other financial institutions such as microfinance banks, a 5-digit code with a leading 9.
- Serial number (9 digits)
- The account's own number within that institution.
- Check digit (1 digit)
- Calculated from the other 15 digits, so a mistyped number usually fails.
Because the institution code is part of the calculation, the same 10 digits are only valid at one bank. That is why every app asks you to pick the bank first. The circular applies to all deposit-taking institutions, so microfinance banks and other licensed institutions issue 10-digit numbers too.
How the check digit catches mistakes
The circular sets the method: multiply the 15 digits by the weights 3, 7, 3, repeating; add the results; take the remainder after dividing by 10; subtract it from 10 (a result of 10 becomes 0). The circular's own example uses institution code 000011 and serial 000001457.
| Step | Worked example (from the CBN circular) |
|---|---|
| Digits | 000011 000001457 |
| Weighted products | 0,0,0,0,7,3,0,0,0,0,0,3,12,35,21 |
| Sum | 81 |
| Remainder after dividing by 10 | 1 |
| 10 minus remainder | 9, so the NUBAN is 0000014579 |
Our own checks of that formula show one useful property and one gap. Any single wrong digit always changes the check digit, so it is caught. But swapping two neighbouring digits that carry the same weight, such as the 3rd and 4th, is not caught: with code 000011, serials 123456789 and 124356789 both produce check digit 5. A number that passes the check can still be the wrong account.
Wallet-style accounts at microfinance banks and payment service banks also have 10-digit numbers, and many people quote their phone number as their account number. That only works where the institution has issued the number that way, so ask the recipient for the account number as their app shows it rather than assuming.
Name enquiry: the check that matters most
NIBSS, which runs Nigeria's instant interbank transfers, describes name enquiry as the step that lets the sending institution check the beneficiary's details by account number before money moves. Inside Nigeria, banking apps show the account name as soon as you type the number. Many international apps that pay naira do the same, though not all show it before you confirm.
- If the app shows a name, read it fully. A shared first name is not a match.
- If the name is a business or a person you did not expect, stop and check the number with the recipient by phone, not by replying to the same message.
- If the app shows no name, treat the first payment as a test and ask the recipient to confirm arrival.
Steps before you send
- Get the bank name and 10-digit number from the account holder directly, ideally as a screenshot from their own banking app.
- Select the exact bank in your app. Several banks have merged or renamed recently, so pick the name the recipient's app shows.
- Enter the number and compare the returned name with the recipient's legal name.
- Enter the recipient's name the way it appears on the account. GTBank's MoneyGram page, for example, says funds must be sent in the account holder's first name and surname.
- For a new recipient, send a small amount first and wait for confirmation.
If the details were wrong
An invalid number is usually rejected straight away. A valid number belonging to someone else is harder: the money may arrive, and recovery depends on the receiving bank and the account holder. See what to do after sending to the wrong account number and why a name mismatch can put a transfer on hold. The full arithmetic is explained in NUBAN explained: the 10-digit account number and its check digit.
Where Pryme fits
When you pay a Nigerian account with Pryme Send, you enter the bank and the 10-digit number and approve the payment once the details are on screen. Every payment can produce a receipt, and a verifiable receipt made with VerifyDoc.ai lets the recipient or anyone else confirm it is genuine and unaltered.
Questions people ask
How many digits is a Nigerian account number?
Ten. The CBN's NUBAN standard gives every customer a 10-digit number, unique within their bank or institution.
Can I check a Nigerian account name from abroad?
Many apps that pay naira show the account name after you enter the bank and number. If yours does not, confirm with the recipient and send a small test amount.
Is a NUBAN the same as an IBAN?
No. Nigeria does not use IBANs for local accounts; you need the bank name and the 10-digit NUBAN.
Why does my app say the account number is invalid?
Usually a mistyped digit or the wrong bank selected. The check digit only works with the correct bank's code.
Sources
- CBN Revised Standards on NUBAN, circular PSM/DIR/CON/CWO/05/030 (9 Mar 2020), text via RegAlert · accessed Oct 2026
- NIBSS: NIBSS Instant Payment (NIP) (17 Apr 2026) · accessed Oct 2026
- GTBank: MoneyGram · accessed Oct 2026
- TheCable: CBN foreign exchange manual 2026 (3 Jun 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.