Kuda Bank CBN Code: Everything You Need To Know
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 se…
About the author
Temmy Samuel
He is a seasoned journalist with extensive experience in consumer tech, economy, finance, business, money and politics. Currently chasing a BSc degree in Accounting.
