POLARIS BANK LIMITED

Polaris Bank Limited is a commercial bank based in Nigeria. It is licensed by the Central Bank of Nigeria, the country's banking regulator.[3][4] In October 2022, the bank was acquired by Strategic Capital Investment Limited.[5]

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POLARIS BANK LIMITED SWIFT Code

Country

City

Bank or Institution

SWIFT Code

Nigeria

LAGOS

PRDTNGLA

Nigeria

LAGOS

PRDTNGLAXXX

Total: 2
1

About POLARIS BANK LIMITED

Company type
Privately Owned Commercial Bank
Industry
Financial services
Founded
September 24, 2018 ; 6 years ago ( 2018-09-24 ) [ 1 ]
Headquarters
3 Akin Adesola Street Victoria Island, Lagos , Lagos State , Nigeria
Key people
Kassim Gidado chairman Kayode Lawal chief executive officer [ 2 ]
Products
Banking Financial services
Website
polarisbanklimited .com

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What is a SWIFT code?

A SWIFT code is an 8 or 11 character code used in banking to facilitate transactions and identify the bank.

What is the purpose of a SWIFT code in international transactions?

SWIFT codes are used to route international financial transactions to the correct bank and branch. It facilitates the smooth and accurate transfer of funds between different banks and countries, ensuring that the transactions are processed correctly and securely.

How do I find my bank's SWIFT code?

You can find your bank's SWIFT/BIC code in the statements of your bank account. You can also use our SWIFT/BIC finder to get the right code for your transfer.

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Frequently Asked Questions

1. Why does POLARIS BANK LIMITED have different SWIFT Codes?

POLARIS BANK LIMITED operates differently across various countries, regions, and branches, with variations in business operations and clearing paths. To accurately identify and process POLARIS BANK LIMITED's cross-border payments and other transactions, different SWIFT Codes are used for distinction. Many large multinational banks have unique SWIFT Codes to their headquarters, regional branches, and overseas subsidiaries to ensure precise and secure fund transactions.

2. How do I know which SWIFT Code of POLARIS BANK LIMITED to use in a transfer?

It depends on the specific business scenario. For cross-border remittance to a branch of POLARIS BANK LIMITED, you can log on to the official website of POLARIS BANK LIMITED, or search the current page of XTransfer, or call POLARIS BANK LIMITED to inquire about the SWIFT Code of the branch. For international business, you should first coordinate with the relevant branch in the target country and confirm the correct SWIFT Code based on the exact information provided by your business partner.

3. Is there any pattern in the composition of different SWIFT Codes for a multinational bank like POLARIS BANK LIMITED?

Usually, SWIFT Code consists of 8 or 11 characters. For POLARIS BANK LIMITED, the first 4 digits represent the bank code, which is the same for POLARIS BANK LIMITED worldwide; the 5th and 6th digits are the country code; and the 7th and 8th digits are the region code, which will be different for branches in various regions. If the code includes 11 digits, the last 3 digits represent the branch code, which is used to distinguish different branches within the same region.

4. Will the SWIFT Code for POLARIS BANK LIMITED be updated or changed?

Yes. When POLARIS BANK LIMITED undergoes an organizational restructuring, such as a branch relocation, merger or split, or when there is a significant change in the financial system of the region where POLARIS BANK LIMITED is located, its SWIFT Code may be updated and changed. POLARIS BANK LIMITED will announce the changes in advance through its official website, mobile banking APP and other channels. Therefore, when handling cross-border business, customers should pay attention to the announcement of POLARIS BANK LIMITED in time to confirm the latest SWIFT Code information, so as to avoid affecting the business.

5. Do different SWIFT Codes of POLARIS BANK LIMITED support the same scope of business?

The scope of business is different. While the same bank can operate with different SWIFT Codes for the same basic types of business, there are differences for some specialized businesses or for businesses in specific regions. For example, the SWIFT Code of some branches may be specialized to support trade finance business, while the SWIFT Code of other branches is more convenient for cross-border e-commerce collection. In addition, for some emerging markets or country-specific business, only the SWIFT Code of a particular branch may have the authority to process it. When conducting international business, it is important to check whether the SWIFT Code of POLARIS BANK LIMITED supports the corresponding business.