Imagine planning to transfer funds to family or friends, eager for them to receive the money promptly. Yet, an incorrect SWIFT code could lead to delays or even rejection of the transaction. The complexity of international transfers often stems from unfamiliarity with financial terminology, making the accuracy of SWIFT codes essential. For clients conducting financial transactions in Nigeria, understanding how to use these codes correctly ensures swift and seamless fund movement.
Why SWIFT Codes Matter
The United Bank for Africa (UBA) plays a significant role in foreign exchange transfers, with its SWIFT code— UNAFNGLA 004 —serving as a critical identifier for international transactions. The code breaks down as follows: UNAF represents the bank, while NGLA designates its Nigerian branch. This alphanumeric sequence is not just a formality; it safeguards the security and efficiency of cross-border payments.
Key Details for Successful Transfers
When initiating a transfer using UBA’s SWIFT code, the following information must be provided accurately:
- Bank Name: United Bank for Africa PLC
- City: Lagos
- Address: 9 Wharf Road, Lagos, Lagos, 104214, Nigeria
Under standard processing timelines, funds typically reach the recipient’s account within three business days. However, errors or omissions in the provided details may prolong this period, underscoring the need for meticulous verification.
Risks of Incorrect SWIFT Codes
Using an inaccurate SWIFT code can trigger multiple complications, including:
- Rejection of the transfer by intermediary banks
- Misrouting of funds to unintended accounts
- Extended processing delays
Such scenarios may result in financial losses and damage to trust between parties. Every step of the transaction process demands careful attention to ensure alignment between the SWIFT code and the intended bank destination.
Conclusion
Mastering the use of correct SWIFT codes is indispensable for international wire transfers. For UBA customers, memorizing UNAFNGLA 004 and accompanying account details not only enhances transaction success rates but also fortifies the security of transferred funds.