SWIFT/BIC codes in Nigeria

SWIFT/BIC codes in Nigeria

For Nigeria our database holds 196 SWIFT/BIC codes, spread over 63 institutions. You need a SWIFT/BIC code mostly for international transfers and for payments in a foreign currency.

Every bank is listed with its own page showing its main code and if there are any, codes for branches and departments. The rest of this page explain how the codes work, the cost of transfers and the checks worth doing before a payment.

Check the code before you pay

Ask the recipient to send you the account details straight from a recent statement. When the code you were given does not match our list, stop and ask: check with the recipient or the bank.

We collect bank codes using public sources and update them from time to time. Even so, banks merge or change codes, so information can be out of date. Before a payment of any size, check the BIC with the recipient’s bank. GoldexPay is an independent comparison service.

Fraudsters regularly send payment requests carrying new bank details from what looks like a familiar address. Before paying, verify changed details through a separate channel on a number you know.

SWIFT transfers to Nigeria

To pay into Nigeria you almost always need a SWIFT/BIC code – Nigeria is not a SEPA country. Without it, most banks will not send the transfer at all.

Depending on the country, the account is identified by a local account number instead of an IBAN, sometimes with an extra bank or branch code. Ask the recipient exactly which details their bank needs for payments from abroad – many banks give clear instructions for this. Before it arrives, a transfer may go through intermediary banks that charge for their part.

What a transfer to Nigeria really costs

If you transfer money to Nigeria with a regular bank, the fee you see is only part of the cost. Besides the fee, correspondent banks can take a cut, and when the money is converted the bank usually applies a less favourable rate than the real market rate.

That exchange rate margin is often the largest cost item because it is hidden in the rate. An easy check: put the rate you get against the mid-market rate and work out the difference on your amount.

For many currency pairs, a transfer service turns out to be less expensive than a bank – mostly thanks to the exchange rate. GoldexPay lists these providers next to each other so you can see what actually arrives in Nigeria for the same amount sent.

Receiving money in Nigeria from abroad

For an international payment into a Nigeria account, the person paying you has to have not just the BIC. Give them your name as registered with the bank, the IBAN or account number, your bank’s SWIFT code and your address.

Look up your bank in the list above, but take the code from your own bank details when in doubt. It helps to add the name and city of your bank as well, since some payment forms ask for it.

The amount you receive can be lower than the amount sent. Charges on incoming payments differ per bank – your bank’s price list tells you what applies. Agree with the sender who pays which costs before the money is sent.

When does money sent to Nigeria arrive?

How fast money reaches Nigeria depends on several factors: which currency you send, the number of banks in between, daily processing deadlines and differences in time zone. Transfers sent after the cut-off time or on weekends and holidays often start a business day later.

If the money seems late, ask the sender to contact their own bank and ask for the status or the UETR – the receiving bank often cannot see a payment that has not arrived. Specialist transfer services often show tracking online, which makes it easier to see where the money is.

The structure of a Nigeria SWIFT/BIC code

A BIC is 8 or 11 characters long and the parts always come in the same order. Characters one to four stand for the bank, the fifth and sixth characters form the country code and characters seven and eight give the location.

You can recognise a bank code from Nigeria by the fifth and sixth characters. When those two letters do not match Nigeria, the code belongs to a bank in another country, so check again.

The last three characters, if present, stand for a branch or department; XXX means the head office. Use a branch code just if the recipient’s bank asks for it; otherwise the head office code is the safe choice.

Most SWIFT codes in Nigeria: United Bank For Africa PLC

In our data, United Bank For Africa PLC holds the most SWIFT/BIC codes of all banks in Nigeria. Its main office uses UNAFNGLAXXX.

Banks differ in whether they register branch codes – a high count is not a measure of size. If not the recipient asks for a branch, UNAFNGLAXXX is fine for transfers to this bank.