What is a Voucher Bank?

A voucher bank performs certain functions very much like a traditional chartered bank  (checking accounts, sending and receiving money from others, etc.), but it is legally different from a traditional bank. Traditional banks usually operate under a special  government license (also known as a “charter“).

In the U.S. that license can be obtained from the Office of the Comptroller of the Currency (OCC), a bureau under the U.S. Treasury Department, or from a state’s banking regulatory agency, (list here).  One of the unique features of a government licensed bank is that they can issue that country’s national currency (i.e., dollars, naira, yen,  pounds , etc.). 

In Nigeria, the entity that licenses banks is the Central Bank of Nigeria (CBN). The CBN is responsible for overseeing banks in Nigeria, all of whom may issue the Naira, the national currency of Nigeria. See the video on the home page to understand how banks issue national currencies.

The key difference here is that a voucher1 bank may issue other instruments that can be used to purchase goods and services other than a national currency, and may do so without having to obtain a bank charter or license from a government entity. See the below video for the difference between vouchers and money.

1 Voucher definition: https://www.merriam-webster.com/dictionary/voucher


UNIEX NG has been designed to issue a unique voucher for every state in Nigeria. That unique voucher is your default voucher, but you are free to acquire vouchers from other states. When you set up your account, UNIEX determines your primary state and assigns your default voucher.

Once you have established your UNIEX account you will then be able to buy and sell goods and services on your state’s marketplace (see Postings).

To establish a voucher account with UNIEX, please go to the Signup page.