Sending and receiving money internationally can get complicated if you need the right Zenith Bank codes. When using a Zenith Bank account to transfer funds outside of Nigeria, you need specific identifiers – like the Zenith Bank SWIFT code, sort code, and IBAN.
This guide will provide the key Zenith Bank details you need as a customer to send or receive money across borders smoothly. You’ll learn what each code and number is used for, how it helps facilitate payments, and how to find your specific information for Zenith Bank branches in Lagos, Abuja, or anywhere in the country.
With the proper Swift code, sort code, and IBAN for your Zenith Bank account, you’ll seamlessly have everything you need to send or receive money abroad. Read on to become an expert on the banking codes critical for international transfers using your Zenith account.
What is Zenith Bank Swift Code?
A Swift code, also known as a BIC code or SWIFT code, is an identification code for banks and financial institutions globally. When transferring money internationally, it helps identify the bank name, location, and branch.
Swift codes make international money transfers easier and more secure. When you send money overseas, your bank needs to know exactly where to send it. The swift code provides all the details in a standardised format.
Zenith Bank is one of the largest commercial banks in Nigeria. Here are the key details of their swift code:
- Zenith Bank’s swift code is ZEIBNGLA013
- The first 4 letters – ZEIB – identify the bank name as Zenith Bank
- NG stands for Nigeria, which is the country the bank is located in
- LA shows the location as Lagos, which is Zenith Bank’s head office
- The last 3 digits – 013 – specify the particular branch, in this case the head office
Using Zenith Bank’s Swift Code
When sending an international wire transfer to Zenith Bank, you must provide their swift code to your bank. This ensures the money reaches the correct Zenith Bank branch in Nigeria.
You can also use Zenith Bank’s swift code to track payment status. Some online tools allow you to search by swift code and reference number to check if a transaction has been processed.
Zenith Bank SwiftPay
Zenith Bank offers a payment solution called SWIFTPay for its corporate customers. This lets companies initiate and send payment instructions directly from their accounting/ERP software. The ERP software is what companies use to manage things like invoices, payrolls, expenses, etc. Its features let the company generate payment files listing who to pay and how much.
With SWIFTPay, the company can use their ERP software to create these payment instructions. The instructions will contain details of the recipients, amounts to be paid and any other relevant information. Once created, the payment instructions are electronically transmitted to Zenith Bank. This transmission happens over the SWIFT network.
SWIFT is a globally recognised secure messaging system used by banks worldwide. When payment details are sent through SWIFT, it ensures the messages reach their destination safely and without any errors. The payment instructions from the company’s ERP reach Zenith Bank through the SWIFT network. Once received, Zenith Bank then processes the payments by transferring the funds to the intended recipients.
Zenith Bank SwiftNet System
Here are the two main payment options available on Zenith Bank’s SWIFTNet system for corporates, explained in simpler terms:
The FileAct service allows companies to securely send and receive large files of payment information with their bank, Zenith Bank, in this case. It is helpful for companies that must make many payments at once rather than just a single payment.
There are two main file types involved:
- Payment file (Pain001): This file is created by the company’s accounting/payment software (ERP). It contains all the details of the payments the company wants to make – who they are paying, how much each payment is for, etc.
- Response file (Pain002): After receiving the payment file, Zenith Bank will return a response file to confirm if the payments were accepted or rejected.
The files use a standard format called ISO 20022, which ensures the payment details are structured and can be read accurately.
Some key requirements for a company to use FileAct:
- They must register with SWIFT, the network that securely transfers the files.
- Join an organisation called SCORE that sets standards for payment file formats.
- Sign an agreement with Zenith Bank to use the service.
Once set up, the company can send their payment file over the SWIFT network to Zenith Bank. Zenith Bank will validate the file contents and either accept or reject the payments. They will then process the accepted payments and send a response file back.
Zenith Bank provides the company with an account statement (MT940 file) via SWIFT at the end of each month or period. This allows their ERP system to reconcile and match the payments made against the statement automatically.
The FIN service allows the secure exchange of individual payment messages between banks and their corporate customers over SWIFT.
Zenith Bank supports using MT101 messages for international wire transfers through this service. MT101 is a standardised SWIFT message format that provides the details of a single cross-border payment instruction.
Some key requirements for a corporation to use the FIN service
- Register with SWIFT to get a unique identification code
- Join the SCORE organisation for standard message formats
- Sign an agreement with Zenith Bank for FIN message exchange
- Set up an encryption key (RMA) with Zenith Bank for secure transmissions
Once set up, the corporation can generate MT101 messages from their accounting software for individual payments to beneficiaries abroad. The MT101 messages are sent over the secure SWIFT network. SWIFT validates the message format before delivering it to Zenith Bank.
Zenith Bank then processes the payment instructions and makes the payment. At the end of each period, Zenith Bank provides the corporation with an account statement (MT940 format) of all payments via SWIFT. The corporation can use this electronic statement file to reconcile payments automatically in its accounting system.
What is Zenith Bank Sort Code?
Every bank branch in Nigeria has a unique 9-digit number called a sort code. This code helps identify which specific Zenith Bank location your account is with.
The first 3 digits of a Zenith Bank sort code will always be 057. This 057 prefix is the same for every Zenith Bank branch throughout Nigeria.
The last 6 digits identify the particular branch your account is registered to. These location digits vary between branches since they represent the unique code for each individual Zenith Bank office address.
For example, if your Zenith Bank account sort code is 0570020005, it means:
- The first 3 digits (057) shows it is a Zenith Bank account
- The last 6 digits (0020005) identify the branch location where your account was opened.
Zenith Bank Branch Sort Code For Abuja
Here is a full table of Zenith Bank sort code for Abuja state:
|CENTRAL BUS. DISTRICT
Zenith Bank Branch Sort Code For Lagos
For those who stay in Lagos, these are the sort codes for Lagos state:
|LEKKI PHASE 1
|KUDIRAT ABIOLA WAY
|AGEGE MOTOR RD
For inquiries, corporate customers can contact Zenith Bank through the following:
Email: [email protected]
Telephone: +234 1 278 7000, +234 1 292 7000
Swift codes and sort codes are necessary identification codes used by Zenith Bank and other financial institutions for international money transfers and transactions. The swift code uniquely identifies the bank, location and branch, while the sort code further specifies the individual branch location. Understanding these codes makes transferring funds to and from Zenith Bank seamless. Corporate customers can also use Zenith Bank’s SWIFTNet services, like FileAct and FIN, to send payment files and individual messages securely for bulk and single payments.
Being familiar with Zenith Bank’s codes and payment options provides confidence when conducting financial dealings with one of Nigeria’s largest commercial banks. It allows seamless transfer of funds both within and outside of the country.