Bank of Mozambique introduces NUIB, all bank customers to have a Single Bank Identification Number

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Bank of Mozambique introduces NUIB, all bank customers to have a Single Bank Identification Number

2:27 CAT | 25 Aug 2020

Bank of Mozambique's Administrator Gertrudes Tovela, during the virtual meeting held on Thursday (August 20) with ICSF to inform them of the decision to introduce the NUIB. [Photo courtesy: Banco de Moçambique]

The Bank of Mozambique has decided to create a Single Bank Identification Number (NUIB), as part of efforts to make the National Payment System more modern, robust and secure. [You may access the full Bank of Mozambique communique on the NUIB HERE]

According to the Administrator of the Financial Stability Department, Gertrudes Tovela, any customer who wants to hold a bank account or establish a business relationship with a specific credit institution or financial society (ICSF) will have to have one of these numbers.

The NUIB will be made available by the Bank of Mozambique, and can only be consulted by the ICSF with the client’s permission.

“All the players in the financial system must be in a position to materialise this action. In this sense, in a first phase, they must update the customer register with the NUIB to be made available by the Bank of Mozambique, and later, they must provide automatic NUIB consultation mechanisms,” the central bank indicates.

The introduction of the NUIB is expected to improve processes related to the Central Credit Registries, the Register of Issuers of Checks without Provision and other with public administration systems, with all the advantages of the “Know Your Customer” (KYC) paradigm.

Source: Associação Moçambicana de Bancos