In today’s globalized economy, international money transfers have become an indispensable part of financial transactions. Whether supporting family and friends abroad or facilitating cross-border business payments, the demand for secure and efficient international remittances continues to grow. At the heart of this process lies the SWIFT/BIC code—a critical component for ensuring the safety and timely delivery of funds.
For individuals and businesses sending money to Nigeria’s United Bank for Africa PLC (UBA), understanding and correctly using the bank’s SWIFT/BIC code is the first step toward a seamless transaction. The SWIFT network (Society for Worldwide Interbank Financial Telecommunication) operates as an international financial messaging system, with its unique Bank Identifier Code (BIC) enabling secure and efficient cross-border transfers between banks worldwide.
Understanding UBA’s SWIFT/BIC Code
United Bank for Africa’s SWIFT/BIC code, UNAFNGLA006 , serves as the bank’s unique identifier within the global financial system. This alphanumeric string is far more than a simple reference—it pinpoints the exact financial institution and branch where funds should be directed. The code corresponds to UBA’s headquarters at:
10 Industrial Road, Industrial Estate, Lagos, Lagos, 101233, Nigeria.
Providing accurate banking details, including the verified SWIFT code, is essential. Errors in this information may result in delayed transfers, misrouted funds, or even the return of remittances to the sender. Verifying the SWIFT code before initiating a transfer is a non-negotiable step for every sender.
Structure and Function of SWIFT/BIC Codes
SWIFT/BIC codes typically consist of 8 to 11 characters, combining letters and numbers:
- The first 4 characters identify the bank (e.g., UNAF for United Bank for Africa).
- The next 2 characters represent the country code ( NG for Nigeria).
- The following 2 characters indicate the location code ( LA for Lagos).
- The optional last 3 characters specify the branch (e.g., 006 for UBA’s head office).
This structured format minimizes errors by precisely identifying the recipient bank and its branch. Before transferring funds, always confirm that the SWIFT code matches the intended bank.
Key Considerations for International Transfers
Beyond the SWIFT code, several factors influence the success of an international transfer:
- Recipient details: Provide the full name of the beneficiary, their exact account number, and any additional required information (e.g., contact details).
- Transfer fees: Banks and payment providers charge varying fees for international transactions. These costs may affect the final amount received, so clarify the fee structure beforehand.
- Processing time: Due to time zone differences and varying bank processing speeds, international transfers typically take 1–5 business days. Confirm expected timelines with your bank to manage expectations.
Tracking and Transparency
Many financial institutions offer real-time tracking systems for international transfers. These tools allow senders to monitor the status of their funds, providing peace of mind and enabling prompt resolution of any issues that may arise during the process.
The Future of Cross-Border Payments
As technology advances, new remittance services—such as mobile payment platforms and digital wallets—are emerging alongside traditional banking channels. While these innovations simplify transactions, the SWIFT/BIC system remains a foundational element for secure international transfers.
For those sending funds to United Bank for Africa, the correct use of SWIFT code UNAFNGLA006 ensures that money reaches its destination safely and efficiently. In an increasingly complex global financial landscape, understanding the mechanics of SWIFT transfers, associated costs, and best practices is essential for both individuals and businesses engaging in cross-border transactions.