Kuda SWIFT Code in Nigeria: Does Kuda Microfinance Bank Have One?
If you are looking for the Kuda SWIFT code in Nigeria, there is a clear answer from Kuda itself: Kuda currently does not have a SWIFT code.
Kuda’s official FAQ states that customers can currently send or receive money in naira through their Kuda accounts and that Kuda therefore does not have a SWIFT code. This makes Kuda different from Nigerian banks that publish a BIC for international wire instructions.
Does Kuda have a SWIFT code?
No. Kuda’s official information says it does not currently have a SWIFT code.
Kuda explains that its accounts currently support sending and receiving money in naira and that it does not have a SWIFT code. 0
Why doesn’t Kuda have a SWIFT code?
A SWIFT/BIC is used to identify participating financial institutions for international banking communications. Kuda’s current account structure and supported payment services do not provide customers with a SWIFT receiving route.
This does not mean that Kuda is not a bank. Kuda states that it holds a national microfinance banking licence from the Central Bank of Nigeria. 1
Can I receive dollars directly into Kuda?
Kuda’s official FAQ states that customers currently send or receive money in naira with their Kuda accounts. Therefore, you should not give a foreign sender a made-up SWIFT code or assume that a Kuda naira account can receive a direct SWIFT wire in foreign currency.
What if someone abroad wants to send me money?
The sender may need to use a supported remittance or payment service rather than a conventional SWIFT bank transfer directly into the Kuda account.
The appropriate method depends on the sender’s country, the currency and the payment provider. Check Kuda’s current instructions before choosing a service.
Kuda SWIFT code vs sort code
Kuda’s official FAQ distinguishes between its lack of a SWIFT code and the sort-code information it provides for certain payment purposes. A sort code should not be mistaken for a SWIFT/BIC.
This distinction is particularly important when a foreign banking form asks for SWIFT or BIC.
Is Kuda a real bank?
Yes. Kuda states that Kuda Microfinance Bank Limited is incorporated in Nigeria and licensed by the Central Bank of Nigeria as a National Microfinance Bank. Its deposits are also insured by the Nigeria Deposit Insurance Corporation. 2
Why you should not use a random Kuda SWIFT code
If a website publishes a code and labels it “Kuda SWIFT code,” compare it against Kuda’s official information before using it. Kuda explicitly states that it does not currently have a SWIFT code.
A random BIC could belong to another financial institution and should not be used to route an international transfer to a Kuda account.
Frequently asked questions
What is Kuda’s SWIFT code?
Kuda currently does not have a SWIFT code, according to Kuda’s official FAQ. 3
Can I use Kuda for international transfers?
Kuda’s current official information says its accounts send and receive money in naira. International payment options should be checked against Kuda’s latest supported services.
Can I use Kuda’s sort code as a SWIFT code?
No. A sort code and a SWIFT/BIC are different banking identifiers.
Is Kuda licensed?
Yes. Kuda states that it is licensed by the Central Bank of Nigeria as a National Microfinance Bank. 4