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.
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.
