Banks SWIFT Code

List all Nigerian Banks SWIFT Code

Last Updated on April 28, 2024 by admin

In the global landscape of banking and finance, SWIFT Codes play a crucial role in facilitating secure and efficient international transactions. Nigerian banks, like their counterparts worldwide, utilize these unique codes to ensure the smooth transfer of funds across borders

Understanding the significance of SWIFT Codes and having access to the correct codes for Nigerian banks is essential for individuals and businesses engaging in cross-border transactions.

when you are expecting money from abroad either on google adsense, or transfer from family and friends nor payment from business partner you will need to open a domiciliary bank account. The SWIFT enabled branch / branches. Select an individual Bank link to view list of cities, where the particular bank

This article provides a comprehensive guide to Nigerian Banks SWIFT Codes, covering the benefits of these codes, a list of major Nigerian banks and their respective Codes, how to find and use it and common pitfall to avoid on swift code

Benefits of Nigerian Banks SWIFT Code

Nigerian banks utilize SWIFT codes (or BIC codes) in order to participate in the SWIFT network. This global system facilitates secure financial transactions and communication, offering various benefits:

1. Global Reach

  • International Transfers: SWIFT codes are essential for sending and receiving international wire transfers. They ensure funds reach the correct Nigerian bank and account.
  • Trade Finance: SWIFT facilitates trade by streamlining communication and documentation between buyers, sellers, and their respective banks in international transactions.

2. Secure and Reliable Transactions

  • Standardized Identification: SWIFT codes provide unique and standardized identifiers for each bank, minimizing errors and ensuring correct routing of transfers.
  • Message Security: SWIFT employs robust security measures to encrypt and protect sensitive financial information exchanged within the network.

3. Efficiency and Speed

  • Faster Transactions: Compared to traditional methods, SWIFT enables streamlined and relatively fast processing of international transfers, often within a few days.
  • Reduced Costs: While SWIFT transfers might incur fees, they can be more cost-efficient than older methods or using multiple intermediaries.

4. Transparency and Tracking

  • Unique Transaction References: SWIFT transactions have unique identification numbers, making it easier to track payments and resolve any discrepancies.
  • Transparency for Businesses: Businesses gain better visibility into international payments, facilitating trade and accounting processes.

5. Regulatory Compliance

  • Adherence to Standards: SWIFT codes are a key part of international banking standards, helping Nigerian banks comply with regulations for cross-border transactions.
  • Anti-Money Laundering (AML): Participation in the SWIFT network can help banks comply with AML regulations in combating financial crimes.

Additional Considerations:

  • Not for Domestic Transfers: SWIFT codes are primarily for international transactions. Domestic transfers within Nigeria utilize different systems.
  • Fees: Nigerian banks may charge fees for SWIFT transfers, both for sending and receiving funds.
  • Finding SWIFT Codes: You can usually find your Nigerian bank’s SWIFT code on their website, bank statements, or by contacting their customer service.

What is Bank Swift code and sort code

 

UBA BANK SWIFT CODE

Bank name: United Bank for Africa Plc.
UBA SWIFT BIC / SWIFT code: UNAFNGLA
Headquarters: Lagos

 

Zenith BANK SWIFT CODE

Bank name: Zenith Bank Plc.
Zenith Bank SWIFT BIC / SWIFT code: ZEIBNGLA
Headquarters: Lagos

 

Union BANK SWIFT CODE

Bank name: Union Bank Plc.
Union Bank SWIFT BIC / SWIFT code: UBNINGLA
Headquarters: Lagos

 

GTBANK SWIFT CODE

Bank name: Guaranty Trust Bank Plc.
GTB SWIFT BIC / SWIFT code: GTBINGLA
Headquarters: Lagos

 

FCMB SWIFT CODE

Bank name: First City Monument Bank Plc.
FCMB SWIFT BIC / SWIFT code: FCMBNGLA
Headquarters: Lagos

 

ACCESS BANK SWIFT CODE

Bank name: Access Bank Nigeria.
Access Bank SWIFT BIC / SWIFT code: ABNGNGLA
Headquarters: Victoria Island, Lagos

 

ECOBANK SWIFT CODE

Bank name: Ecobank Nigeria Plc.
ECOBANK SWIFT BIC / SWIFT code: ECOCNGLA
Headquarters: Lagos

 

Fidelity BANK SWIFT CODE

Bank name: Fidelity Bank Plc.
Fidelity Bank SWIFT BIC / SWIFT code: FIDTNGLA
Headquarters: Lagos

 

First BANK SWIFT CODE

Bank name: First Bank Nigeria Plc.
FBN SWIFT BIC / SWIFT code: FBNINGLA
Headquarters: Lagos

Polaris Bank SWIFT CODE

Bank name:Polaris bank Nigeria limited

PolarisBANK SWIFT BIC / SWIFT code: PRDTNGLA

 

KEYSTONE BANK SWIFT CODE

KEYSTONE BANK:   PLNINGLA

 

WEMA BANK swift code :  WEMANGLA
UNITY BANK swift code:   ICITNGLA
STANBIC IBTC swift code :  SBICNGLX
STANDARD CHARTERED BANK swift code:   SCBLNGLA
Heritage Bank swift code :  HBCLNGLA
JAIZ BANK swift code:   JAIZNGLA
CENTRAL BANK OF NIGERIA swift code:   CBNINGLA
CITI BANK swift code :  CITINGLA

Common pitfall to avoid on swift code

Here are common pitfalls to avoid when dealing with SWIFT codes to ensure successful international transfers:

1. Incorrect Code Format

  • Typos: A single misplaced character or formatting error can cause a transfer to fail. Double and triple-check the SWIFT code you’re entering for accuracy.
  • Length: SWIFT codes are either 8 or 11 characters long. Mistaking the length can lead to invalid codes.
  • Confusion with Other Codes: Be sure you’re using the SWIFT code and not confusing it with other routing codes, IBANs, etc.

2. Using the Wrong SWIFT Code

  • Main Bank vs. Branch-Specific: Some banks have a general SWIFT code, while branches might have unique codes. Use the correct code corresponding to the recipient’s exact bank branch where the account is held.
  • Outdated Information: Banks may occasionally change their SWIFT codes. Always confirm with the recipient or the bank that you have the most up-to-date code.

3. Omitting Required Information

  • Complete Recipient Details: An international transfer needs more than just a SWIFT code. Ensure you have the recipient’s full name, account number, and any other details the receiving bank might require.
  • Intermediary Banks: Some international transfers may involve intermediary banks. You might need to provide their SWIFT codes as well.

4. Ignoring Fees and Exchange Rates

  • Transfer Fees: Expect fees for international transfers, both from your bank and potentially from intermediary banks. Clarify these fees beforehand.
  • Exchange Rates: Fluctuations in exchange rates can impact the final amount received. Monitor rates, or utilize services that offer favorable exchange rates.

5. Not Considering Transfer Time

  • Not Instantaneous: International transfers, even with SWIFT, take time (usually a few business days). Factor this into your planning.
  • Cut-Off Times: Banks have cut-off times for processing international transfers. Missing the cut-off can add delays.

 

Meet Ogbeide Frank, popularly known as perere, a blogger who loves writing about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies

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