The sort code for Moniepoint is a six-digits NIBSS code used for electronic transfers between banks within Nigeria. The Moniepoint Sort Code is 090405; the code ensures that funds are routed correctly to Moniepoint accounts.
However, it's important to note that Moniepoint does not have a SWIFT code. This is because the fintech only focuses on domestic banking and does not participate in the SWIFT network for international transfers.
For international transactions, Moniepoint has its own entity that carry out cross border remittance services from the U.K. to Nigeria. The Moniepoint's MonieWorld, I fact, does not rely on SWIFT codes to carry out this cross-border payments.
Quick Hints: Moniepoint is a Nigerian fintech company and microfinance bank, founded in 2015 by Tosin Eniolorunda and Felix Ike. Since inception, Tosin has been acting as the company CEO till date. Moniepoint is built for the purpose of offering personal and business banking, loans, and payment solutions. It is particularly focused on supporting small and medium-sized enterprises (SMEs) in Nigeria.
While Moniepoint has expanded beyond Nigeria to offer Monieworld to Nigerians in the U.K. so that they can have the fastest and cheapest way to send money home, Moniepoint still don't use SWIFT to facilitate this transaction. The cross border payment is directly wired through Monieworld account to Moniepoint account.
A SWIFT code (or BIC - Bank Identifier Code) is an international standard for identifying banks during cross-border wire transfers. It is typically used for international transactions between commercial banks that holds domiciliary accounts and consists of 8 or 11 characters.
A sort code, on the other hand, is a UK and Ireland banking terms. It's a six-digits bank code used for identifying a bank and branch for domestic transfers. In Nigeria, the equivalent is the Nigeria Inter-bank Settlement System (NIBSS) code, also a six-digit code, used for facilitating electronic transfers between Nigerian banks.
In a nutshell, Moniepoint doesn't have a SWIFT Code and the term "sort code" is NIBSS code which is 090405. If you want to use Moniepoint to receive money from abroad, you may need to explore Moniepoint's MonieWorld, which handles international transfers from the U.K. to Nigeria without relying on SWIFT codes.
