First of all, do understand that Kuda doesn't have a SWIFT code in Nigeria because it's not a commercial bank and cannot receive international payment from any country. According to WorldRemit, a SWIFT code is a code used to identify the country, bank and branch that an account is registered to.
For instance, when someone want to send money to your bank account in Nigeria, you’ll need a SWIFT code to ensure the money’s going to the right place. A SWIFT code is sometimes called a BIC (Bank Identifier Code) – but they’re exactly the same thing.
Hence, this indicates that Kuda Bank cannot be used to receive money from abroad. Here's the list of banks that possess a SWIFT?BIC code and that can receive payment from anywhere in the world.
A SWIFT code consists of 8 or 11 alphanumeric characters arranged in a specific format: the first 4 characters represent the bank code, the next 2 indicate the country code, and the final 2 specify the location code.
However, like OPAY, PalmPay and other digital payment platforms in Nigeria, Kuda Bank have a NIBSS code which is useful for facilitating inter-bank transfer between Nigerian Banks and a CBN code which is used by the Central Bank of Nigeria (CBN) to monitor and regulates a bank's activities from their ends.
The Nigeria Inter-Bank Settlement System (NIBSS) - popular known as Sort Code among Nigerians - works exactly like SWIFT code but within Nigeria only. All Banks in Nigeria have a NIBSS code. The NIBSS code, which can also be called NIBSS Instant Payment (NIP) code, is used for facilitating real-time inter-bank transactions in the country.
When you initiate a transfer through your bank account, NIBSS code facilitate the transaction and make it to be processed instantly, allowing the transferred funds to move from your bank account to the recipient's bank account within seconds.
The NIBSS platform connects all banks in Nigeria, ensuring that transactions are secure and efficient. This system is widely used for various payment services, including transfers, bill payments, and mobile banking, making it a crucial part of the Nigerian financial infrastructure.
In a nutshell, Kuda Bank does not have a Swift code or BIC code. Instead, the digital bank possesses a NIBSS code to facilitate inter-bank transfer between Nigerians Banks. In February 2020, Kuda finalized arrangements to be listed on Payoneer, allowing it users to receive money from abroad directly into their Kuda accounts via the Payoneer app. For Payoneer transfers, the temporary SWIFT code to use is KUDANGBA234. But now, the service has been closed down and there's no more SWIFT Code or BIC code. To receive payment from abroad, you can explore commercial bank services and other digital banks like Chipper Cash and Grey.co.
