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Swift Codes For Commercial Banks In Nigeria (Updated Guide)
In the digital age, where globalization is reshaping the banking landscape, Swift codes have become indispensable for secure and seamless international money transfers. If you’ve ever needed to send or receive money from abroad, you’ve likely encountered a Swift code requirement. This updated guide provides a detailed explanation of Swift codes and a comprehensive list of Swift codes for commercial banks in Nigeria.
What is a Swift Code?
A Swift code, also known as a Bank Identifier Code (BIC), is a unique identifier assigned to financial institutions worldwide. It ensures that international transactions are directed to the correct bank and branch, eliminating errors and enhancing efficiency. The Swift network, operated by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), facilitates millions of secure transactions daily.
Structure of a Swift Code
A Swift code is an alphanumeric code consisting of 8 or 11 characters. It is structured as follows:
- First 4 characters: Bank code (e.g., GTCO for Guaranty Trust Bank).
- Next 2 characters: Country code (e.g., NG for Nigeria).
- Next 2 characters: Location code (e.g., LA for Lagos).
- Last 3 characters (optional): Branch code, specifying a particular branch (e.g., 123 for a specific branch in Abuja).
For example, the Swift code for Guaranty Trust Bank in Lagos is GTBINGLA.
Why Swift Codes are Essential in Nigeria
Nigeria's banking industry is one of the largest in Africa, with numerous commercial banks facilitating both local and international transactions. Swift codes are crucial for:
- International Wire Transfers: Ensuring funds are sent or received accurately.
- Global Business Transactions: Allowing businesses to seamlessly pay suppliers or receive payments from clients abroad.
- Foreign Exchange Transactions: Simplifying the movement of foreign currencies into and out of Nigeria.
- Verification and Security: Preventing errors or fraud in global money transfers.
Updated Swift Codes for Commercial Banks in Nigeria (2025)
Below is a comprehensive list of Swift codes for major commercial banks in Nigeria:
1. Access Bank Plc
- Swift Code: ABNGNGLA
- Location: Lagos
- Access Bank is one of Nigeria's largest banks, providing services across Africa and globally.
2. First Bank of Nigeria (FBN)
- Swift Code: FBNINGLA
- Location: Lagos
- Known for its long history and reliability, First Bank is a top choice for international transactions.
3. United Bank for Africa (UBA)
- Swift Code: UNAFNGLA
- Location: Lagos
- UBA operates in over 20 African countries and has a strong international presence.
4. Guaranty Trust Bank (GTCO)
- Swift Code: GTBINGLA
- Location: Lagos
- Renowned for its technology-driven banking services, GTBank is a leader in digital banking.
5. Zenith Bank Plc
- Swift Code: ZEIBNGLA
- Location: Lagos
- Zenith Bank is a preferred choice for corporate clients and international transfers.
6. Fidelity Bank Plc
- Swift Code: FIDTNGLA
- Location: Lagos
- Fidelity Bank offers tailored services for businesses engaged in international trade.
7. Union Bank of Nigeria
- Swift Code: UBNINGLA
- Location: Lagos
- Union Bank is one of the oldest financial institutions in Nigeria, with a strong international focus.
8. EcoBank Nigeria
- Swift Code: ECOTNGLA
- Location: Lagos
- A pan-African bank that specializes in cross-border payments and services.
9. Sterling Bank Plc
- Swift Code: NAMENGLA
- Location: Lagos
- Sterling Bank is popular for its innovative banking products and services.
10. Polaris Bank Limited
- Swift Code: POLBNGLA
- Location: Lagos
- Polaris Bank offers streamlined services for international money transfers.
11. Keystone Bank Limited
- Swift Code: KEYTNGLA
- Location: Lagos
- Keystone Bank provides flexible and secure international banking solutions.
12. Stanbic IBTC Bank
- Swift Code: SBICNGLX
- Location: Lagos
- A member of the Standard Bank Group, Stanbic IBTC specializes in corporate and investment banking.
13. Standard Chartered Bank Nigeria
- Swift Code: SCBLNGLA
- Location: Lagos
- Standard Chartered offers a wide range of international banking services.
14. Wema Bank Plc
- Swift Code: WEMANGLA
- Location: Lagos
- Nigeria’s oldest indigenous bank with a growing focus on international banking.
15. Citibank Nigeria
- Swift Code: CITINGLA
- Location: Lagos
- A subsidiary of Citigroup, offering robust international banking services.
16. Unity Bank Plc
- Swift Code: UNTBNGLA
- Location: Lagos
- Focuses on agriculture financing and international trade support.
How to Use a Swift Code for International Transactions
When conducting international transactions, you will need the following details:
- Recipient's Name: The full legal name of the account holder.
- Recipient's Bank Account Number: The specific account to receive the funds.
- Recipient’s Bank Name and Address: Including the branch.
- Swift Code: To identify the recipient’s bank globally.
Provide this information to the sender or the foreign bank initiating the transfer.
Common Questions About Swift Codes in Nigeria
1. Can I use the same Swift code for all branches of a bank?
Yes, most banks in Nigeria use a single Swift code for all their branches. However, verify with your bank to ensure accuracy.
2. Are Swift codes the same as IBANs?
No. While Swift codes identify banks, International Bank Account Numbers (IBANs) identify specific accounts, primarily used in Europe.
3. What happens if I use the wrong Swift code?
Using an incorrect Swift code can delay your transaction or result in funds being sent to the wrong bank. Always double-check the details.
Conclusion
Swift codes are vital for anyone conducting international transactions in Nigeria. They ensure your money gets to its destination quickly and securely. Whether you're a business owner or an individual, knowing your bank's Swift code is essential.
This updated guide provides a one-stop resource for the Swift codes of all major commercial banks in Nigeria. Always confirm the Swift code with your bank before initiating a transaction to avoid delays or errors. With this information, you can confidently navigate the world of international banking in Nigeria.
For further inquiries or assistance, visit your bank or check its official website. Safe banking!
