Eco Bank (The Pan African Bank) is one of the giants we have in the Nigerian banking and commerce industry. The bank does not operate in Nigeria alone but also in 35 other countries in Africa, with such locations covered, one can only but imagine the number of customers the bank has. This post is for those who need and are looking for their swift code.
If that is you, then you have just gotten to the right page.
What is EcoBank Swift Code?
The code is “ECOCNGLA” and it consists of just 8 characters. It is quite a code that can be memorized and remembered easily but, you would find it easier if you know how the swift code was formed.
One would wonder why were those characters chosen. Interestingly, the letters were not just chosen, they are actually individual codes and they form the swift when joined together. They are 3 individual codes which are ECOC-NG-LA. We will have a look at each one of them.
ECOC: These letters stand for Eco Bank Nigeria PLC which is the name of the bank in question. It is the Bank’s code and always come first in all swift codes.
NG: Whenever you see the letters NG, what comes into your mind? Nigeria right, that’s what it is. This is Nigeria’s code and the bank in question (EcoBank Nigeria PLC.) is in Nigeria so it comes right after the Bank’s code.
LA: The last two digits of the code is that of location (The code of the city where the bank is) which in this case is Lagos. Now you may be wondering, what of Eco Bank branches in other cities in Nigeria, why must it be Lagos. Well, the reason is that Eco Bank’s head office can be found at 21, Ahmadu Bello Way, Victoria Island, Lagos State and the head office covers all Eco Bank branches across Nigeria.
With this, you should be able to come up with this swift code yourself if you happen to forget it when you are in need of it. It’s quite simple.
Now, you’ve got what you came for and you should probably head on to give it to whoever requested for it. But, do you know why you were asked to provide it? Or what this thing called swift code really mean? If you do not, you should read below so as to be informed.
Swift Codes Derivation
If you are hearing about Swift codes for the first time, then let it be my pleasure to tell you what they are and why you were asked to provide it.
They are unique combination that identify a particular bank, you can also call it Bank Identifier code. It is the bank’s identity code.
The word Swift is an acronym for Society for Worldwide Inter-bank Financial Telecommunications, so we are talking about Society for Worldwide Inter-bank Financial Telecommunications codes. Commercial banks in Nigeria and other countries have and make use of Swift codes but let’s concentrate on Nigeria now.
Nigerian swift codes are usually 8 – 11 digits in number and is always a combination of 3 different codes.
- The Bank’s code: Always the first 3 or 4 digits
- Bank’s Country code: The next 2 or 3 codes following the Bank’s code.
- The Bank’s Location code: the last digits coming after the Bank’s country code.
Together, they all form a swift code as we saw with that of EcoBank mentioned earlier. Now, what are these codes used for? What they are used for is actually very important.
What are Swift Codes used for?
No one jokes when it comes to money, everyone is always serious because it is something of high value. Banks deal with money, they handle, process money transactions and store money on a daily basis.
Would you like it if someone wants to send money to you from outside the country and it lands into the account of someone else? No, you definitely would not, that is why you need swift codes.
Remember the Swift stands for Society for Worldwide Inter-bank Financial Telecommunications. Two words from the lot “Inter-bank” and “Telecommunications” summarizes what these codes are used for.
They are used for inter-bank transfers (transfers from one bank to another) especially transfers coming from outside the country. With your bank’s swift code, the money being transferred goes directly into your account and nowhere else as it follows a route.
The second major thing swift code is used for is communication between banks. If a bank from overseas is trying to send a message of sort to a bank in Nigeria, they would use the bank’s swift code so the message gets delivered at the right destination.
Quite a long read, but I’m sure you got more than what you came here for. You did not just get the swift code of ecobank but also other informative information. As a reminder, it can be used for all their branches in Nigeria, no matter the city.