IFSC code for OPay: What is it and how it works

IFSC

Indian Financial System Code (IFSC) is an 11-digits alphanumeric unique identification code that facilitates inter-bank transactions between banks in India.

The IFSC works exactly like Nigeria Inter-Bank Settlement System (NIBSS), Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), and Immediate Payment Service (IMPS) to facilitates electronic payment applications in India.

Example of IFSCSBIN0005943: SBIN—which is the first 4 characters represent the bank code (in this case, State Bank of India), 0 is the fifth character and it is always a zero which is reserved for future use, and 005943—which is the last 6 characters indicate the specific branch code.

The primary function and usage of an IFSC is that it is used for identifying a particular bank branch during electronic fund transfers like NEFT, RTGS, or IMPS in India.

Does OPay have IFSC?

No, OPAY—a licensed mobile money operator in Nigeria, does not have an Indian Financial System Code (IFSC). Instead, the fintech company uses NIBSS code (otherwise known as sort code) to facilitate inter-bank transfers between Nigerian banks.

However, the similarity between OPay sort code and IFSC is that sort code is primarily used in Nigerian banks while IFSC is used between Indian bank but both are used to facilitate electronic transfers between banks in their various countries.

So, if you’ve encountered OPay’s IFSC code somewhere, it might be that the person is qualifying OPay sort code with the Indian Financial System Code (IFSC).

In a nutshell, sort code replaces IFSC in Nigeria. No bank use IFSC in Nigeria. It is only applicable to banks situated in India. Did you find value from this article? Please share to your social media pages.