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 account uses under the Central Bank of Nigeria's Nigeria Uniform Bank Account Number standard. Nine digits identify the account and the last is a check digit, calculated with the bank's code, that catches most typing errors. UK apps ask for it because it is how a Nigerian account is identified.
If you are used to UK sort codes and account numbers, a Nigerian account number can look unfamiliar. It is ten digits, with no sort code, and the bank is chosen from a list. That ten-digit number is a NUBAN, and it follows a published standard.
Where the standard comes from
The CBN issued revised NUBAN standards in a circular referenced PSM/DIR/CON/CWO/05/030, dated 9 March 2020, which took effect from 20 April 2020 and set full compliance by 15 March 2021. The standard covers deposit-taking institutions in Nigeria, including commercial banks and other financial institutions.
How a NUBAN is built
Behind the ten digits you see, the standard works with a 16-digit string in the form ABCDEF-GHIJKLMNO-P:
- ABCDEF
- A 6-digit institution code. For deposit money banks it is the bank's 3-digit CBN code with three leading zeros (the circular's example turns 011 into 000011). For other financial institutions it is the 5-digit CBN code with a leading 9.
- GHIJKLMNO
- A 9-digit serial number for the account.
- P
- A single check digit.
The customer-facing account number is the last ten digits: the nine-digit serial plus the check digit. That is the number your recipient gives you.
How the check digit works
The circular sets out the calculation. Each of the first fifteen digits (the institution code and the serial) is multiplied by a weight, in the repeating pattern 3, 7, 3. The products are added, the total is divided by 10, and the remainder is subtracted from 10. The result is the check digit, with 10 counted as 0.
A worked example
Example only, using the circular's sample code and an invented serial. Institution code 000011 and serial 012345678.
- Institution code digits 0,0,0,0,1,1 times weights 3,7,3,3,7,3 give 0+0+0+0+7+3 = 10.
- Serial digits 0,1,2,3,4,5,6,7,8 times weights 3,7,3,3,7,3,3,7,3 give 0+7+6+9+28+15+18+49+24 = 156.
- Total 10 + 156 = 166. 166 divided by 10 leaves 6. 10 minus 6 = 4.
- The check digit is 4, so the account number is 0123456784.
If one digit is mistyped, the check digit usually no longer fits, and an app or bank that validates the number rejects it before money moves. It does not catch every error: a valid number for the wrong account at the same bank would still pass, which is why the name check matters too.
Microfinance banks and other institutions
The standard is not only for commercial banks. The circular extends it to other financial institutions, whose 5-digit CBN code is given a leading 9 to make the six-digit institution code (its example turns 50547 into 950547). The account number your recipient sees is still ten digits. That is why an account at a microfinance bank or another licensed deposit-taker can be paid in the same way as a commercial bank account, provided your app lists that institution.
What a NUBAN does not tell you
- It does not show the account's currency. A domiciliary account in pounds or dollars also has a ten-digit number; check which account your recipient means.
- It does not confirm the account is active. A dormant or closed account may reject a credit.
- It does not show the account holder's name. Only the bank's lookup does that.
Why UK apps ask for it, and the bank
- It identifies the account. Nigerian payouts are made to a NUBAN at a named bank. Wise's help centre, for example, asks for the 10-digit account number and the bank for naira transfers.
- The bank matters for the check. Because the check digit uses the bank's code, the same ten digits can be valid at one bank and invalid at another. Choosing the wrong bank from the list is a common cause of failures.
- It enables a name lookup. With the number and bank, the paying side can look up the name on the account and compare it with what you entered.
Common mistakes
- Entering eleven digits or nine; a NUBAN is exactly ten.
- Leaving out a leading zero. Some numbers start with 0, and some forms drop it if pasted into a number field.
- Picking a bank with a similar name, or one listed under an old name after a merger. Choose the exact current name from your app's list.
- Using an old account that the recipient no longer operates.
The safest habit is to copy the number from a screenshot of your recipient's banking app, paste it into a text field, and read it back digit by digit before you approve. If the app rejects it as invalid, do not try variations until one passes; ask your recipient to check the number and the bank.
For all the fields a transfer needs, see what details you need; for name problems, see name mismatch.
Where Pryme fits
Pryme accounts include local naira account details, so family in Nigeria can pay into your account and you can send to any Nigerian bank from your naira balance. See multicurrency accounts.
Questions people ask
How many digits is a Nigerian account number?
Ten. It is the NUBAN, made up of a nine-digit serial and a check digit, under the CBN standard.
Is NUBAN the same as an IBAN?
No. An IBAN is a European-style format. Nigerian accounts use the 10-digit NUBAN with the bank selected separately.
Why does my app say the account number is invalid?
The check digit may not match the bank you chose, or a digit is wrong. Confirm both with your recipient.
Can two banks have the same account number?
Ten digits can be valid at one bank and not another, because the check digit uses the bank's code. Always choose the right bank.
Sources
- CBN circular PSM/DIR/CON/CWO/05/030: Revised Standards on NUBAN (9 Mar 2020), text via RegAlert · accessed Oct 2026
- Wise Help Centre: Guide to NGN transfers · 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.