The banking sector is characterized by a multitude of banks, each operating multiple branches. Sort codes become indispensable tools in distinguishing these institutions and their locations.
This prevents transactional errors. It ensures that payments reach their intended destinations without fail.
Bank sort codes are essential for seamless financial operations.
If you are an individual looking to transfer money, understanding bank sort codes is a step toward this. Or you are a business setting up payroll systems, or someone trying to navigate the complexities of the financial system, understanding bank sort codes is a step toward this.
What is a Bank Sort Code?
Bank Sort Codes in Nigeria are unique numbers assigned to banks and their branches. They help identify financial institutions within the country’s banking network.
These codes are essential for processing local and international payments. They are also needed for setting up direct debits.
They ensure that funds are transferred to the correct accounts without errors. Each sort code is a nine-digit number that represents the bank and its specific branch.
This makes every code unique to its designated location.
Nigerian Bank Sort Codes
Below is a list of bank sort codes in Nigeria:
| Nigeria International Bank (Citigroup) | 23150005 |
| Access Bank Plc | 44150149 |
| Fidelity Bank Plc | 70150003 |
| Equitorial Trust Bank Limited | 40150101 |
| Enterprise Bank | 84150015 |
| Ecobank Nigeria Plc | 50150311 |
| Diamond Bank Plc | 63150162 |
| First Bank of Nigeria Plc | 70150003 |
| First City Monument Bank Plc | 214150018 |
| Finbank Plc | 85151275 |
| Guaranty Trust Bank Plc | 58152052 |
| Keystone Bank | 82150017 |
| Mainstreet Bank | 14150030 |
| ECOBank | 56080016 |
| Polaris Bank Plc | 76151006 |
| Stanbic-Ibtc Bank Plc | 221159522 |
| Standard Chartered Bank Nigeria Ltd | 68150057 |
| Sterling Bank Plc | 232150029 |
| United Bank for Africa Plc | 33154282 |
| Union Bank of Nigeria Plc | 32156825 |
| Unity Bank Plc | 215082334 |
| Wema Bank Plc | 35150103 |
| Zenith Bank Plc | 57150013 |
Note: The first three numbers signify the actual bank code while the rest point to the locations of different branches of the bank.
How Can You Find Your Bank Sort Code?
You can find your bank sort code in the following ways:
Cheque Book
One of the most straightforward methods to find your sort code is by looking at your chequebook. On every cheque leaf, there are three sets of numbers at the bottom.
The first set represents the cheque number. The second set is the sort code, and the third set is your bank account number. The sort code is crucial for identifying the specific branch of your bank.
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Bank Branch Inquiry
Another reliable method is to inquire at your bank branch. Bank officials can provide you with the sort code for your specific branch.
Online Resources
The Central Bank of Nigeria maintains a list of all Nigerian banks and their sort codes. Also, some websites and blogs compile and publish these sort codes for public use.
However, when searching online, ensure you’re using reputable sources to avoid any inaccuracies.
Online Search
You can also find your sort code by using search engines. Typing “sort code for [Bank Name] in [State]” can help narrow down the search to your specific location and branch.
This method might not be as direct as others. It can be useful if you’re unable to visit your bank or access your chequebook.
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When Do I Need a Bank Sort Code?
You will need your bank sort codes in the following cases:
- Electronic fund transfers
- Setting up direct debits or standing orders
- Receiving payments
- Banking services registration
- Cheque clearing
- Loan applications
What is a Swift Code?
A SWIFT code, also known as a Bank Identifier Code (BIC), is a standard format used globally to identify banks and financial institutions. It consists of 8-11 characters. It is used when transferring money between banks, especially for international wire transfers or SEPA payments.
The code identifies the country, bank, location, and branch of an account. It ensures that the money is directed to the correct place. SWIFT codes are essential for international bank transfers.
They are used to exchange messages between banks. They are found on bank statements or can be obtained by using online checker tools.
The format of a SWIFT code includes the bank code, country code, location code, and branch code.
List of Swift Codes For All Banks in Nigeria
- Access Bank PLC – ABNGNGLA
- Fidelity Bank PLC – FIDTNGLA
- First Bank of Nigeria Ltd – FBNINGLA
- First City Monument Bank Limited (FCMB) – FCMBNGLA
- Guaranty Trust Bank PLC (GTBank) – GTBINGLA
- Ecobank Nigeria – ECOCNGLA
- Zenith Bank PLC – ZEIBNGLA
- United Bank for Africa PLC (UBA) – UNAFNGLA
- Union Bank of Nigeria PLC – UBNINGLA
- Stanbic IBTC Bank PLC – SBICNGLX
- Sterling Bank PLC – NAMENGLA
- Polaris Bank Limited – PRDTNGLA
- Keystone Bank Limited – PLNINGLA
- Heritage Bank PLC – HBCLNGLA
- Jaiz Bank PLC – JAIZNGLA
What is The Difference Between A Bank Sort Code, Swift Codes, and BIC?
A bank sort code is a unique number identifying a specific bank branch domestically while SWIFT codes (or BICs) are international identifiers for banks, facilitating cross-border transactions.
Banks globally use the SWIFT code, also known as a BIC (Bank Identifier Code), for wire transfers and messages between banks.
Sort codes are used primarily within countries. SWIFT/BIC codes are essential for international payments. They ensure funds reach the correct institution across borders.
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Conclusion
A bank sort code is a very useful tool for banks and you as a customer. It makes the transfer of funds easier.
Also, ensure you know your specific bank sort code through any of the means described in this article to stay prepared for the future.
