First and foremost, it's essential to clarify that OPay is not classified as an International Money Transfer (IMT) bank. Instead, OPay operates as a fintech company in Nigeria, providing a range of financial services to both the banked and unbanked populations. The Central Bank of Nigeria (CBN) has licensed OPay as a Mobile Money Operator (MMO). As a Fintech licensed by the CBN as a MMO, it operations are focused within Nigeria.
Understanding SWIFT Codes
A SWIFT code is an international identifier that financial institutions use to pinpoint specific banks during international transactions. This code facilitates the wiring of funds to designated bank accounts associated with it. In other words, swift code is a crucial international identifier used by financial institutions worldwide to recognize specific banks.
For instance, the SWIFT code for United Bank for Africa (UBA) is UNAFNGLA, which includes a branch code of 005. This branch code helps international banks identify the exact branch where the funds should be deposited.
The SWIFT code is also known as a BIC (Bank Identifier Code). Some banks refer to it as an IBAN (International Bank Account Number) or a Sort Code. However, it's crucial to distinguish that a SWIFT code differs from a Routing Number. A Routing Number, often called an ABA Routing Number in the U.S., is a nine-digit code that identifies banks within the United States and is typically found at the bottom of checks.
Routing Numbers are standard for all U.S. bank accounts, including domiciliary accounts in Nigeria, which also have routing numbers. In contrast, American bank account details typically include the account number, account name, bank name, routing number, and account type (checking or savings).
OPay's Position on SWIFT Codes
OPay does not possess a SWIFT code. As a fintech application operating solely within Nigeria as a mobile money operator, OPay does not facilitate international transactions or receive foreign currencies directly. Therefore, it is not permitted to have a SWIFT code, which is specifically designed to route international wire transfers to the correct bank branch and account.
For those wishing to receive foreign currency, such as dollars, through OPay, third-party services like WorldRemit or MoneyGram can be utilized. These services allow users to receive foreign currency, which can then be converted to Nigerian Naira and transferred to their OPay wallet.
Does OPay Have a Sort Code?
As previously mentioned, while some banks refer to SWIFT codes as Sort Codes, these codes are not applicable to OPay. Consequently, OPay cannot receive funds from abroad using these identifiers.
However, OPAY does have a unique identifier that works exactly like a Swift Code, BIC code and Sort Code. The OPay unique identifier is NIBSS Code. Many people refer to this code as OPAY Sort Code. The NIBSS (Nigeria Inter-Bank Settlement System) code is a unique identifier assigned to banks and financial institutions in Nigeria, used to facilitate interbank transactions and electronic fund transfers within the country. This code is critical for processing payments, ensuring that transactions are accurately routed between different banks during transfers, and plays a key role in the smooth operation of Nigeria's payment and settlement infrastructure. Here, you can learn more about OPAY NIBSS Code.
Other fintech applications in Nigeria, such as PalmPay and Kuda Bank, similarly lack the capability to accept international transfers. However, Chipper Cash does offer a virtual dollar account for receiving foreign funds, but it does not require a SWIFT code, IBAN, BIC, or Routing Number.
Previously, Kuda Bank allowed Nigerians living abroad to create UK bank accounts denominated in Pounds (GBP), but this service has since been discontinued as the bank shifts its focus to the African market. When it was operational, Kuda had a SWIFT code: KUDANGBA234.
Conclusion
In summary, OPay does not have a SWIFT code, IBAN, Sort Code, BIC code, or Routing Number. This limitation applies to other Nigerian fintech platforms like Kuda Bank, PalmPay, and Chipper Cash, which primarily operate within Nigeria and do not facilitate international payment services or receive wire transfers from abroad. Thus, OPay functions strictly as a Mobile Money Operator (MMO) in Nigeria, without the capability for international fund transfers.
