Accounts, NUBAN & Interest Rates

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1. Automated CBN NUBAN Derivation

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2. Who Sets Interest Rates?

• Department: The Treasury Department owns interest rate policy across the institution.
• Role: Treasury Officer (Role 320015).
• Maker-Checker Governance:
  • Maker: The Treasury Officer proposes product rate changes or slab adjustments.
  • Checker: The Head of Operations (Role 320011) or Asset-Liability Committee (ALCO) approves the rate changes before they take effect.

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3. Custom Rate Overrides for Individual Customers

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How Custom Overrides Work:

1. When opening or modifying an account, the officer enters the negotiated nominalInterestRate (e.g. 14.5% instead of the default 11.0%).
2. The core banking engine flags the transaction: OVERRIDE_PENDING_APPROVAL.
3. The request routes to the Treasury Officer (Role 320015) in the approval queue.
4. Once the Treasury Officer approves, the account activates with its custom schedule. Daily interest accrual batch jobs calculate interest against this custom rate.

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Opening an Account with a Custom Rate Override:

POST /nucleus/api/v1/savingsaccounts?tenantIdentifier=pilot-mfb
Content-Type: application/json

{
  "clientId": 3,
  "productId": 2,
  "nominalAnnualInterestRate": 14.5,
  "interestCompoundingPeriodType": 1,
  "interestPostingPeriodType": 4,
  "interestCalculationType": 1,
  "interestCalculationDaysInYearType": 365,
  "submittedOnDate": "12 September 2026",
  "dateFormat": "dd MMMM yyyy",
  "locale": "en"
}