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Brief Background
The Regulation regarding the Bank Identification Number (NUIB) was recently published, approved by Notice no. 10/GBM/2021, of December 22nd, whose purpose is to govern the attribution, adoption, operation and use of the NUIB, and is applicable to credit institutions and financial companies and other entities subject to supervision of the Bank of Mozambique, as well as to public or private individuals and legal entities that maintain relations with the Bank of Mozambique within the scope of its competences set forth in the Organic Law of the Bank of Mozambique, approved by Law no. 1/92, of January 3.
According to its preamble, the approval of the NUIB regulation arises from the need to provide the financial players with increasingly efficient means to safeguard transactions, through mechanisms consistent with market evolution and taking into account the technological context.
2. NUIB Assignment
The NUIB is a numerical identification attributed by Banco de Moçambique to natural and legal persons to carry out transactions, including foreign exchange transactions.
The NUIB is attributed upon request and through a specific platform, which is under the management and responsibility of the Bank of Mozambique.
The following information/documents will be required for the NUIB assignment:
a) Lawful and valid identification document (for individuals) or commercial certificate issued by the Legal Entities Registry Office or equivalent for foreigners or non-residents (for legal entities);
b) Official Gazette with the publication of the articles of association or equivalent; and
c) Tax Identification Number (NUIT) or equivalent for foreigners or non-residents.
In the case of individuals, details of residence, filiation and nationality will also be required, and credit institutions and financial companies may jointly adopt or associate biometric identification mechanisms for customer authentication, previously communicated to Bank of Mozambique.
3. NUIB Communication
Credit institutions and financial companies must communicate the NUIB assigned to the customer.
The individuals and legal persons may request clarification and updating of the elements that led to the allocation of the NUIB with the credit institution or financial company or even with the Bank of Mozambique.
4. Entry into force
The NUIB regulation came into force on the date of its publication, that is, December 22nd, 2021, however, a deadline to adapt to the platform of 180 (one hundred and eighty) days was established, from the date this regulation enters into force, and after the NUIB platform has been adapted, credit institutions and financial companies shall start the process of receiving NUIB requests from the general public.
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