PalmPay SWIFT Code: Does the Fintech have a Swift Code

First, you have to understand that Mobile Money Operators (MMOs) like PalmPay and OPAY are not allowed to offer International Money Transfer (IMT). Hence, they don’t have a swift code or BIC code.

In Nigeria, only commercial banks and fintechs licenced as a IMF are allowed to receive money from abroad with their Swift Code or IBAN Number. Kuda Bank is another mobile-only bank in Nigeria; the bank once possessed a Swift Code which allows it customers to receive money from Payoneer directly to the Kuda Accounts. However, as time goes on, Kuda disabled the services and the Swift code was no longer in use.

So, what I’m saying in essence is that if your bank or fintech app is not offering a cross-border remittance services, it cannot possess a SWIFT Code. In addition, only licensed IMF and commercial banks are liable to offer an international money transfer or Domiciliary Account that have Swift Code.

Looking for PalmPay Swift Code raises questions; why are you searching for Swift Code for PalmPay, does PalmPay have a Swift Code and are you looking for ways to receive money from abroad?

Well, it’s important to let you know that PalmPay doesn’t have a Swift Code and the fintech cannot receive dollar (USD), euro (EUR) or pounds (GBP) from abroad. However, if you’re looking to receive money from abroad to your PalmPay Account, you will need an IMT partners (like Western Union, MoneyGram and TransferWife who will stand as an intermediary between you and your sender.

In a nutshell, PalmPay doesn’t have a Swift Code or IBAN Number or BIC code to receive any International Money Transfer from abroad. To receive money from abroad, you can use other alternate options like Dom Account, Payoneer, Grey, e.t.c.