African Bank Branch Code and What It is Used For
African Bank only makes use of a universal branch code for Electronic Funds Transfer (EFT) payments and doesn’t have branch codes. Unlike the traditional branch code that is associated with each branch of a bank, the universal branch code is for all branches of African Bank and can be used for any EFT transaction irrespective of the branch where the bank account is being held. The six-digit code is required for transactions carried out on the African Bank online or cellphone banking platforms.
The African Bank universal branch code is 430000. It is a user-friendly six-digit code for clients who make use of the African Bank online or cellphone banking for their transactions to be successful and faster. The code is also referred to as generic branch code. While First National Bank (FNB) and Nedbank use branch codes for EFT payments, African Bank is one of the South African banks that don’t make use of branch codes for electronic funds transfer payments, instead, the bank uses only a universal branch code.
The branch code, which is a unique identifying code for a given branch of a bank, sometimes cannot be remembered by clients who find it difficult to know the exact code for a particular bank branch. Hence, to make things easy and convenient for their clients, African Bank and some other South African Banks only make use of the universal branch code which is more user-friendly. The code can be gotten on the African Bank website or via google search.
African Bank branch code (430000) is used to facilitate transactions carried out on the bank’s online banking platform or the cellphone banking platform across all of its branches. In other words, the user-friendly code is used in all branches of the African Bank, and without it, electronic funds transfer payments cannot be successful. It is one of the codes required for online or cellphone banking transactions.
As some financial institutions in South Africa make it compulsory for their clients to use the universal branch code service for internet transactions, people often wonder about the importance of the code. Besides facilitating electronic funds transfer, other importance of the African Bank universal branch code include:
Also referred to as Bank Identifier Codes (BICs), the Swift code is a unique identifying code associated with each financial institution across the world. The code usually consists of eight to eleven characters and follows a format that identifies a bank and the country where it is located. While the first four letters represent the bank, the next two letters indicate the country where it is located. That said, the African Bank Swift code is AFRCZAJJXXX.
As an international banking code given and authorized by the central bank, the swift code is used for all international transactions. It helps to route payments to the correct bank. Its major significance is tracking international payments in case of fraudulent activities.
Swift Codes
