PalmPay Swift Code: Everything You Need To Know

In Nigeria, NIBSS code is usually refers to as SWIFT Code, BIC and Sort Code. That’s why you’ll see many people asking about OPAY Swift code, PalmPay Swift code or Moniepoint Swift Code.

Well, the better truth is that PalmPay does not have a SWIFT code or BIC. SWIFT code is a bank identifier code usually used in United Kingdom (UK) and Ireland’s banks. Hadn’t been PalmPay has a branch or bank account in UK or Ireland, it’d have a SWIFT Code.

However, PalmPay is a locally approved mobile money app in Nigeria that’s offering micro financial services such as loan, funds transfer, bill payments e.t.c. to almost every household in the country. So, it’s not an international money transfer (IMT) agents; it cannot have a BIC or SWIFT code.

Nevertheless, PalmPay has a locally attached bank identifier code, NIBSS code, that works exactly like a SWIFT code. The Nigeria Inter-bank Settlement System (NIBSS) is the agency that sees into every individual and business financial transactions in Nigeria. Its functions as a central payment infrastructure that facilitates electronic payments and funds transfer services across Nigerian banks.

Its primary role is to ensure seamless and efficient interbank transactions, enabling instant payments, electronic clearing, and settlements. NIBSS provides a secure platform for various stakeholders, including banks, financial institutions, and businesses, to conduct real-time financial transactions, promoting the growth of a cashless economy in Nigeria.

In Nigeria, every deposit money banks (DMBs) has a NIBSS code. This usually being referred to as sort code or swift code or bic code. As all money deposit banks has a NIBSS code, so do PalmPay has it.

PalmPay Sort Code

The PalmPay NIBSS code is 100033. The NIBSS code works similarly to a sort code. It’s a unique six-digit number used to identify a specific bank and branch in financial transactions, particularly in Nigeria. It helps direct payments to the correct institution, branch and account.

Let’s take for example PalmPay NIBSS/Sort Code 10-00-33, where 10 identifies the bank (in this case, PalmPay), 00 refers to a specific region or branch within the bank and 33 pinpoints the exact branch location.

Each set of two digits in the  PalmPay’s NIBSS/Sort code helps ensure that payments are routed accurately to the intended bank branch for processing.

In a nutshell, PalmPay does not have a SWIFT code or BIC. Instead, it has a NIBSS code popularly known as sort code in Nigeria. The PalmPay sort code is 10-00-33, and it’s used to identify palmpay as a bank whenever an inter-bank transfer from other bank wants to occur.