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Society for Worldwide Interbank Financial Telecommunication (SWIFT) Code is an international bank identifier used to facilitate global money transfers between financial institutions. It helps foreign banks know exactly where to send your money by identifying the receiving bank, its country, and branch.
A SWIFT code is usually 8 or 11 characters long: the first 4-codes identify the bank, the next 2-codes indicate the bank's country, the following 2-codes shows the location of the bank, and the last 3-codes (in many cases optional) specify the bank's branch. In essence, these codes ensures international payments reach the right bank quickly and securely.
BIC code, on the other hand, is also an essential bank identifier that's used for specifying a bank during international transactions. The BIC code also works exactly how a SWIFT code works; they both serves as the universal standard for identifying banks around the world. In other words, they provide a globally recognized way to pinpoint a financial institution in cross-border payments or communications.
BIC codes follow the same format as SWIFT codes, usually 8 or 11 characters, and are assigned by the same organization—SWIFT. So, there is no practical difference between a SWIFT code and a BIC code; they refer to the same thing and are used interchangeably. In most cases, when a bank asks for your SWIFT code, they are also referring to your BIC code.
Now, that you've know the definition of SWIFT and BIC code and how both are used interchangeably, let's dive into OPAY SWIFT/BIC code, the primary reason of this article.
OPAY SWIFT/BIC CODE
OPay is one of the most prominent digital banks in Nigeria, and as we all know, the creator economy is growing rapidly in the country. This has increased the urgent need for SWIFT codes, as creators rely on them to receive earnings and revenue from foreign clients and platforms. In most cases, this is the major reason the demand for an OPay SWIFT code or BIC code is so high.
But what many people don't know is that OPAY doesn't have a SWIFT code because it's not a commercial bank or International Money Transfer Operator (IMTO) partner. The fintech company is licensed as a “mobile money operator (MMO)” in Nigeria, and it is not part of the SWIFT international banking network.
What OPay does have is a domestic identifier called a NIBSS code or “sort code” and these codes are used for facilitating local transfers. The OPay sort code is often given as 999992. As a result, you cannot receive an international wire (USD, EUR, CAD, AUD etc.) directly into your OPay wallet via SWIFT.
If you want to get paid from abroad or your want to receive your hard-earned money from your creator's platform like Upwork, YouTube, TikTok, Payoneer, Fiverr, e.t.c., you'll need to route the money through a traditional Nigerian bank with a SWIFT code, or use third-party transfer services like Reanest, Chipper Cash, or Gigbanc, then move the funds into your OPay account.
OPAY UK SWIFT CODE
OPAY UK is registered as OPAY HOLDING LIMITED, and it's the subsidiary company of OPay Digital Service Nigeria. The UK branch has a SWIFT code (OPAHGB22), but it's not for general use or purpose yet. OPAY HOLDING LIMITED is a financial institution registered in the United Kingdom (St. Albans) that acts as an E-Money Institution.
The reason that might still be holding OPAY back from using its UK SWIFT code for international remittance may be because, even though the company has secured a major license in the UK to operate an EMI platform, the platform will still need to secure another license in the receiving country (Nigeria) to be able to handle customers' funds that arrive from foreign banks.
Meanwhile, as of now, OPay is only operating with the Mobile Money Operator (MMO) license the Central Bank of Nigeria issued to it. There's no news that the company has secured an IMTO partner license for international remittance services.
