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The short answer
Many Nigerian microfinance banks are naira-only and have no SWIFT code, so an international wire from a UK bank may have no direct route to the account. The usual way in is a service that converts your pounds and pays the naira locally through NIBSS Instant Payments (NIP), using just the bank name, the 10-digit account number and the account name.
Your sister banks with a microfinance bank in Lagos. Your uncle's salary lands in an app-based account that is, legally, a microfinance bank. You open your UK banking app, choose "international payment", and it asks for a SWIFT/BIC code the recipient cannot give you. That is not a mistake on their side. It reflects how Nigerian microfinance banks are connected to the payment system.
Why SWIFT may not work
A SWIFT transfer travels between banks that are members of the SWIFT network, usually through one or more correspondent banks that hold foreign currency accounts. Nigerian commercial banks generally have SWIFT codes and correspondent relationships. Many microfinance banks do not, because they hold naira deposits and do not run foreign currency business. Kuda's own help centre, for example, describes its account as naira-only and with no SWIFT code, and gives its bank code instead. If the receiving institution has no SWIFT identity, a wire from your UK bank has nowhere direct to land.
A UK bank wire can sometimes reach the account indirectly, if a Nigerian commercial bank receives it and passes it on, but you cannot normally arrange that from a UK banking app, and you would be exposed to intermediary fees and delays that are hard to predict. Our explainer on sending money to OPay and PalmPay from the UK covers the same problem for wallet-style accounts.
How local naira payouts reach MFB accounts
Inside Nigeria, banks and microfinance banks are connected through NIBSS Instant Payments (NIP), the system that moves naira between accounts in seconds. Under the CBN's revised NUBAN standard, every deposit-taking institution gives customers a 10-digit account number; behind it, a microfinance bank sits in the "other financial institution" category with a five-digit institution code starting with 9, while commercial banks use three-digit codes. In practice that means a service that already holds naira in Nigeria can pay an MFB account exactly as it pays a commercial bank.
Some UK services do this from the sender's side. Monzo's help page, for instance, says it sends NGN payments as a local transfer through NIP with partner banks, needs only the recipient's name, bank name and 10-digit account number, and that most payments arrive in seconds. Remittance apps work in a similar way. We do not rank providers; check each one's own page for the fee, the exchange rate it applies and whether your recipient's microfinance bank is in its list.
What to check before you pay
- Bank name exactly as listed. Many MFB names are close to each other or to commercial banks. Pick from the provider's drop-down, not from memory.
- The 10-digit account number. Ask for it in writing; one wrong digit usually fails the check-digit test and the payment will not go, but not always.
- The account name the service shows you. Most naira payout services look up the name before you confirm. If it does not match the person you meant to pay, stop.
- The total cost. Look at the transfer fee and compare the rate offered with the mid-market rate on the same screen and time. The difference is the FX margin.
- Limits. Some microfinance accounts, especially basic tiers, cap how much they can receive or hold until the customer completes more identity checks.
Worked example
Example only, with made-up figures. You want your niece to receive ₦150,000 in her microfinance bank account. Service A shows a fee of £1.50 and a rate of ₦1,900 to £1, so you pay £78.95 plus £1.50, a total of £80.45. Service B charges no fee but offers ₦1,860 to £1, so you pay £80.65. On these numbers A is 20p cheaper; at a larger amount the rate would matter more than the fee. Today's figures will differ, so compare on the day and at the same time.
If the money does not arrive
A NIP payment has a session ID that the receiving bank can trace. Ask your provider for it and pass it to your recipient, who can quote it to their microfinance bank. Our guide on using the NIP session ID in a dispute walks through it. If you sent a SWIFT payment that has not arrived, ask your UK bank for a trace and the reference it used.
Where Pryme fits
A Pryme account holds GBP and NGN together. You convert with Swap when you choose, and pay a Nigerian bank or microfinance bank account from the app; the rate and the fee are shown before you approve, and the account name is shown before you send. Naira balances are held by a licensed Nigerian microfinance bank, regulated by the CBN and insured by the NDIC up to the applicable limit. See sending to Nigeria and the multicurrency account.
Questions people ask
Do Nigerian microfinance banks have SWIFT codes?
Many do not, because they are naira-only. Kuda, for example, states it has no SWIFT code. Ask the recipient's bank, but expect to use a local naira payout instead.
Can I send money from Barclays or HSBC to a Nigerian MFB account?
A standard international wire needs a SWIFT code at the receiving end, which many MFBs lack. Use a service that pays naira locally through NIP using the bank name and 10-digit account number.
What is NIP?
NIBSS Instant Payments, the Nigerian system that moves naira between banks and microfinance banks, usually within seconds.
Is it safe to send money to a microfinance bank account?
Licensed MFBs are regulated by the CBN and deposits are insured by the NDIC up to the applicable limit. Check the account name before you send and confirm the details with the recipient directly.
Sources
- Kuda Help: FAQs (13 Jul 2026) · accessed Oct 2026
- CBN Revised NUBAN Standards circular, 9 Mar 2020 (text via RegAlert) · accessed Oct 2026
- Monzo Help: Sending NGN payments · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.