As a wema bank customer, there some financial transactions you will do that require you to enter / fill your swift code. That’s exactly what this article will tackle.
Wema Bank is one of the leading commercial banks in Nigeria. The bank has been operating in the country for over 70 years having being founded in 1945. So many Nigerians bank with Wema Bank and there is over 140 Wema Bank Branches in Nigeria.
This article will be looking at the SWIFT code of Wema Bank for the interest of Wema Bank customers who are searching for it. Wema Bank has this code just like every other commercial bank in Nigeria does. It is important to know what it is as a customer of the bank as you would need it in several cases.
Wema Bank Swift Code 2020
Wema Bank has an 8 character SWIFT code which is WEMANGLA. It is a unique code for Wema Bank alone, no other commercial bank in Nigeria can make use of it.
This code can be used by all Wema Bank customers who have been asked to provide their SWIFT code or BIC. It covers all Wema Bank branches in various locations across Nigeria.
It was formed by combining different individual codes in the SWIFT format. Knowing these individual codes and how they are combined will help you recall the SWIFT code easily. In that view, let’s look at how the code was formed.
How was it Formed?
SWIFT code of wema bank is WEMANGLA, and we learned that it is a combination of separate codes. Those codes are WEMA, NG, and LA; 3 separate codes in all.
The SWIFT format follows that the Bank code comes first, then the bank country code and the bank location code, lastly the bank branch code. Let’s look at them individually;
WEMA: WEMA is the first 4 letters of the Swift code. It is easy to understand as it is the bank code of Wema Bank Plc; WEMA is the name of the bank.
NG: NG comes after the bank code and following the SWIFT format, this is the bank country code. NG represents Nigeria; it is the recognized country code for Nigeria worldwide and we know Wema Bank Plc is in Nigeria.
LA: LA is the last 2 letters of the Swift code and it is the bank location code. The letters LA represent Lagos, it is the location code of Lagos. Lagos is used as the bank location here because it is the city where Wema Bank headquarters is located. Wema Bank headquarters covers all Wema Bank branches in Nigeria.
From the SWIFT format, it is stated that the bank branch code comes last but, this is optional. Since Wema Bank headquarters in Lagos covers all bank branches, you do not need to include your bank branch code again.
However, there will be a need for you to include it if it is specifically demanded. Every Wema Bank branch in Nigeria has unique branch code, you can contact your bank to get yours (the branch where you opened your bank account).
That is how to formulate the code and it would help you recall the code easily. Read on if you would love to know more about the Swift codes in general.
What is a Swift Code?
When talking about Swift codes, we are talking about the Society for Worldwide Inter bank Financial Telecommunication codes. They are standard codes approved by the SWIFT association and they identify banks; they are also known as Bank Identifier Codes (BIC). Commercial banks in different countries have unique Swift codes for identification.
These codes follow a specified format for arrangement which is AAAA-BB-CC-DDD. A standard Swift code should be 11 digits in number and following the format, this is how it is arranged;
AAAA – the bank code will make up the first four letters
BB – The country code will make up the next 2 letters
CC – The bank location code will make up the next 2 letters
DDD – The bank branch code should make up the last 3 letters
When these four separate codes are combined, they form an 11-digit SWIFT code. The bank branch code is not always needed in a SWIFT code, it is usually termed optional. When it is removed, the SWIFT code becomes just 8 digits and these are very common.
What are They Used for?
The major use of SWIFT codes is to process international money transfer between two banks. These codes work as identifiers and they direct the money transferred such that it gets to the right into the right account.
Without the use of SWIFT codes, international money transfer will be difficult and money might not get to the right account. You can understand why you are asked to provide your SWIFT code when you want to send or receive money overseas.
Another use of SWIFT codes is for messaging, they enable banks to send messages across to one another. The importance of SWIFT code is that it makes these bank transactions accurate and reduces the possibility of wrong transactions.
SWIFT code is important in banking; not just in Nigeria but across the globe. If you are a Wema Bank customer, the SWIFT code for your bank has been provided in this article for your interest.