AI agents for business finance: what they can and can't do
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The short answer
Usually yes, if you use a licensed money transfer app: the payout in Nigeria is a local naira transfer, and providers' bank lists for Nigeria include microfinance banks (Remitly's, for example, lists Accion MFB, Aella MFB and many others, and MoneyGram's documentation says its bank deposit reaches "all banks"). A SWIFT wire is different: many microfinance banks have no SWIFT code and hold naira only, as Kuda's own FAQ states, so an international bank wire generally cannot go straight to them.
More Nigerians now bank with microfinance banks (MFBs), many of them app-based, alongside or instead of the large commercial banks. If the person you support banks with one, the question is whether money from abroad can reach that account. The short answer depends on how you send.
Route 1: a remittance app (usually works)
When you send through a licensed international money transfer operator (IMTO), the operator converts your money and pays it out inside Nigeria as a naira transfer from its local settlement account. Since 1 May 2026, the CBN has required these payouts to be in naira and routed through settlement accounts at authorised dealer banks, according to Udo Udoma & Belo-Osagie's note on the CBN circular of 24 March 2026. The last step is therefore an ordinary domestic transfer, and domestic transfers reach MFB accounts like any other.
What providers say on their own pages:
- Remitly: its US Nigeria page lists a long set of payout institutions that includes microfinance banks such as Accion MFB, Above Only MFB, Aella MFB, Alert MFB and Baines Credit MFB, as well as 9 Payment Service Bank and Airtel Smartcash PSB.
- MoneyGram: its developer documentation for Nigeria, modified 23 October 2025, gives bank-deposit availability as "all banks", requiring a 10-digit NUBAN and the bank chosen from MoneyGram's list.
- Other apps: check the bank drop-down. If the MFB is listed, you can send; if not, ask the provider before you assume it is unsupported.
Route 2: a SWIFT wire from your bank (usually does not)
A wire from your bank abroad needs the receiving bank's SWIFT (BIC) code, and many MFBs do not have one. Kuda's FAQ (13 July 2026), for example, says it has no SWIFT code and handles naira only, and gives a domestic bank code (50211) and sort code instead. Those are codes for transfers inside Nigeria; your bank abroad cannot use them to send a wire.
If you must use a wire, send it to an account at a commercial bank that has a SWIFT code, often a domiciliary account in the recipient's name, and let them move the naira on locally. See Nigerian bank SWIFT codes and sending dollars to a domiciliary account.
Payment service banks and wallets
Payment service banks (PSBs) and mobile wallets are a separate category from MFBs, but the same logic applies. Remitly's Nigeria list includes 9 Payment Service Bank and Airtel Smartcash PSB, and MoneyGram's documentation lists mobile-wallet payout to SmartCash and Airtel, delivered in minutes, with a stated limit of ₦5,000,000 per transfer and the wallet number entered as 13 digits starting with 234. If your recipient mainly uses a wallet, check whether your provider pays it directly before you route money through a bank account they rarely open.
What to check before you send
- The exact bank name. Many MFB names are similar. Ask your recipient for a screenshot of their account details screen.
- The 10-digit account number and the account name as the bank shows it.
- Whether your app lists the MFB. Search the bank list in the app, not the provider's marketing page.
- The recipient's account tier. A low-tier account may have a maximum balance or single-deposit cap that a large remittance would breach; see tier 1 accounts and transfers from abroad.
- BVN or NIN linked. Accounts without them can be restricted; see restricted for no BVN or NIN.
Deposit insurance at an MFB
Deposit insurance is lower at MFBs than at commercial banks. The NDIC's FAQ states maximum cover of ₦5,000,000 per depositor at deposit money banks and ₦2,000,000 at microfinance banks. If you are sending a large sum that will sit in the account for months, that limit is worth knowing. The Nigeria library compares the two types of bank in microfinance bank vs commercial bank.
A worked example
Example only: your sister banks with an app-based MFB and needs ₦400,000 for rent. Your UK bank's international wire screen asks for a SWIFT code her bank does not have, so the wire cannot be sent. In your remittance app, her MFB appears in the bank list; you enter her 10-digit number, the app shows her account name, you check it matches, and the naira arrives as a local credit. Her account is at a full KYC tier, so the deposit is within its limits.
Where Pryme fits
Pryme's naira deposits are themselves held by a licensed Nigerian microfinance bank, regulated by the CBN and insured by the NDIC up to the applicable limit. A Pryme account can be opened from any country and has local account details for dollars, pounds and euros as well as naira, so money can arrive in the currency it was sent and be converted only when you choose; see multicurrency and send.
Questions people ask
Can I send money from the UK to Kuda or another app-based bank?
Through a remittance app that lists the bank, generally yes, because the payout is a local naira transfer. Kuda says it has no SWIFT code, so a direct international wire is not possible.
Do microfinance banks have SWIFT codes?
Many do not. Kuda's FAQ, for example, says it has no SWIFT code and handles naira only. Check with the MFB.
Can Western Union or Remitly pay into a microfinance bank account?
Remitly's Nigeria page lists many MFBs. For any provider, check whether the MFB appears in the app's bank list before you send.
Is money in a microfinance bank insured?
Yes, by the NDIC, up to ₦2,000,000 per depositor at an MFB, compared with ₦5,000,000 at a deposit money bank, according to the NDIC's FAQ.
Sources
- Udo Udoma & Belo-Osagie: CBN directive to IMTOs (circular of 24 Mar 2026), Mar 2026 · accessed Oct 2026
- Remitly: Send money to Nigeria (US) · accessed Oct 2026
- MoneyGram Developer Portal: Direct send options for Nigeria, modified 23 Oct 2025 · accessed Oct 2026
- Kuda Help: FAQs, 13 Jul 2026 · accessed Oct 2026
- NDIC: Frequently asked questions · 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.