By NBF News

INTERCONTINENTAL Bank has successfully completed tactical migration of its over four million customers' accounts to the new Central Bank of Nigerian (CBN)'s approved 10-digit Nigerian Uniform Bank Account Number (NUBAN) account system.

This was contained in a statement issued by the Bank.

According to the statement, 'the bank has completed the integration of over four million customers' accounts to the new 10-digit NUBAN format, with the generation of new 10-digit account numbers for all our Happy Customers.'

It stated that in compliance with the Central Bank of Nigeria's directive to all banks to migrate to the NUBAN, the bank had last week sent out notices to all its customers via, emails, text messages, letters and advertorials at branches advising on the change to a new 10-digit account number.

Speaking on the benefits of the NUBAN with our correspondent, the bank's Group Head, Corporate Communica-

tions, Eddy Ademosu, said, 'a 10-digit account number is simple to recall by our customers as against the longer 16-digit numbering. Our customers can easily quote the new numbers and avoid the risks associated with wrong entries, which hinders completion of financial transactions'

Speaking further on the development, Ademosu, said, 'The adoption of a 10-digit NUBAN by Intercontinental Bank has made it compliant with global best practices in line with International Organisation for Standardisation (ISO).'

The CBN had in a circular to all the banks said that the implementation of NUBAN is expected to reduce cost of operations and increase efficiency of Automated Direct Credits (ACH) processing and resolve e-payment related challenges in terms of wrong numbers and padded numbers. It gives a deadline of end of June for all banks to comply.