Moniepoint Sort Code is a six digit unique bank identifier code (BIC) that helps in facilitating inter-bank funds transfer to/fro other banks in Nigeria. Moniepoint is the fastest growing financial technology institution in Nigeria.
With sort code, inter-bank funds transfer from other bank to Moniepoint account is possible. Sending money from Moniepoint to other bank account within Nigeria is also facilitated by a sort code.
However, it’s important to note that the words “sort code” is mostly used in the United Kingdom (UK) and Ireland financial institutions. They use sort code to route money to the correct bank when processing domestic transfers, such as direct deposits, standing orders, or bill payments.
These days, many Nigerians also use the term “sort code” as the system that helps facilitate the inter-bank payment within Nigeria banks. However, the Nigeria Inter-Bank Settlement System (NIBSS) is the agency monitoring all inter-banks transfers in Nigeria.
The NIBSS is a financial infrastructure company in Nigeria that provides the framework for inter-bank transactions and payments. NIBSS was established in 1993 by the Central Bank of Nigeria (CBN) and all licensed banks in Nigeria to facilitate electronic payments, settlements, and clearing among banks and financial institutions in the country.
So, the popular sort code that many people are seeking for within Nigeria banks is officially known as NIBSS code. It can also be called “Bank Code” which is totally different from Bank’s USSD code.
Moniepoint Sort Code
The Moniepoint sort code is 090405. This code works exactly like a SWIFT/BIC as it’s being used in the United Kingdom and Ireland. However, the Moniepoint sort code can only be used within Nigeria and cannot be used to accept any international payment.
The perspective of many Nigerians searching for fintechs like Moniepoint, OPAY, and Kuda bank sort codes is that they’re planning to use it for international remittances.
Well, it’s very important to note that these fintechs and other fintechs that are not international money transfer (IMT) doesn't use a traditional sort code or SWIFT or BIC but relies on the NIBSS code instead.
Only banks and fintechs that’s licensed as an International Money Transfer (IMT) and that have branches in the United Kingdom and Ireland have a sort code, SWIFT and BIC.
