There is a range of 3 to 5 digit bank code called “Bank CBN Code”. This bank code refers to a unique bank identifier code (BIC) assigned by the Central Bank of Nigeria (CBN) to each bank operating within Nigeria.
This code is used to standardize and facilitate banking transactions, such as inter-bank transfers, within the Nigerian banking system. However, it’s important to note that CBN is not directly responsible for managing this banking code system. The Nigerian Apex bank has handed it over to an agency called Nigerian Inter-Bank Settlement System (NIBSS).
Speaking of which, Kuda Bank falls into the category of Deposit Money Banks (DMBs) in Nigeria. Aside the fact that all DMBs in Nigeria are insured by the Nigeria Deposit Insurance Corporation (NDIC), they’re monitored by NIBSS. When conducting certain types of transactions, especially those involving inter-bank payments, the CBN code helps to ensure that the funds are routed correctly to the intended bank.
For example, if someone send money to your Kuda bank account from Zenith Bank, the CBN code will help ensures that the money is going to Kuda Bank and Kuda bank system will guide the money to the appropriate account within the banking core.
Kuda CBN Code
The Kuda Bank CBN code can also be referred to as “Kuda Bank Sort Code”, Kuda Bank NIBSS Code” or "Kuda Bank's NUBAN (Nigeria Uniform Bank Account Number)". This code is a combination of three layers of codes, altogether making 9-digit code.
Here are the details of Kuda Bank Codes:
- The Sort Code is 9-50211-15-1.
- The CBN Bank Code is 50211.
These Kuda Bank Codes are used to identify Kuda Bank in Nigeria for inter-bank transfers and transactions within the Nigerian financial system only. In other words, Kuda doesn’t have a SWIFT code, the bank is currently supporting sending and receiving money in naira only.
“Currently, you can only send or receive money in naira with your Kuda account, so we don't have a Swift Code. However, if you need to send money using a Sort Code, here are the details: Sort Code: 9-50211-15-1. Bank Code: 50211,” says Kuda Bank in a blog post.
When sending money to a Kuda Bank account, you’ll use this code to ensure the transfer is directed to the right bank.
Other Nigeria Banks CBN Code
| Bank Name | Abbreviation | CBN Code |
|---|---|---|
| Access Bank Nigeria Plc / Diamond Bank Plc | Access/Diamond | 044 |
| Ecobank Nigeria | Ecobank | 050 |
| Enterprise Bank Plc | Enterprise | 084 |
| Fidelity Bank Plc | Fidelity | 070 |
| First Bank of Nigeria Plc | FirstBank | 011 |
| First City Monument Bank | FCMB | 214 |
| Guaranty Trust Bank Plc | GTBank | 058 |
| Jaiz Bank | Jaiz | 301 |
| Keystone Bank Ltd | Keystone | 082 |
| Mainstreet Bank Plc | Mainstreet | 014 |
| Skye Bank Plc | Skye | 076 |
| Stanbic IBTC Plc | StanbicIBTC | 039 |
| Sterling Bank Plc | Sterling | 232 |
| Union Bank Nigeria Plc | UnionBank | 032 |
| United Bank for Africa Plc | UBA | 033 |
| Unity Bank Plc | Unity | 215 |
| WEMA Bank Plc | WEMA | 035 |
| Zenith Bank International | Zenith | 057 |
| Providus Bank | Providus | 101 |
| PARALLEX BANK LIMITED | Parallex | 104 |
| LOTUS BANK LIMITED | Lotus | 303 |
| PREMIUM TRUST BANK LTD | PremiumTrust | 105 |
| SIGNATURE BANK LTD | Signature | 106 |
| GLOBUS BANK | Globus | 103 |
| TITAN TRUST BANK | TitanTrust | 102 |
| Polaris Bank | Polaris | 067 |
| OPTIMUS BANK LTD | Optimus | 107 |
| Standard Chartered Bank | StanChart | 068 |
| Suntrust Bank | Suntrust | 100 |
