Payment Schemes

A payment scheme is a set of rules that Payment Service Providers(PSP) have agreed upon to execute transactions through a specific payment instrument (such as credit transfer, direct debit, card, etc).

Please see the below table for payment schemes supported on Fincra.

Payment SchemeCurrencyAPI ValueSettlement Time
SWIFTMCYswift1-2 business days
FPSGBPfpsWithin an hour
CHAPSGBPchapsWithin an hour
SEPAEURsepaWithin 1 day
SEPA INSTANTEURsepa_inst20 seconds

Please Note
CHAPS payments can be sent between 08:00 – 17:00 Monday to Friday (excluding UK public holidays).

Currency: This refers to the destination currency.

Payment Scheme: This is the valid payment scheme used in the beneficiary region.

API Value: The accepted value of the payment scheme that is to be sent in the API request.

When do you need a payment scheme? When making payments to bank accounts in the currencies specified in the table, you will need a payment scheme

Nigerian Bank Codes

Please Note that this section applies to NGN payouts and not FCY payouts

Bank Codes are a required field when making NGN payouts or Transfers.

Bank CodeBank Name
044Access Bank Nigeria Plc
063Diamond Bank Plc
050Ecobank Nigeria
084Enterprise Bank Plc
070Fidelity Bank Plc
011First Bank of Nigeria Plc
214First City Monument Bank
058Guaranty Trust Bank Plc
030Heritage Banking Company Ltd
301Jaiz Bank
082Keystone Bank Ltd
014Mainstreet Bank Plc
076Skye Bank Plc
039Stanbic IBTC Plc
232Sterling Bank Plc
032Union Bank Nigeria Plc
033United Bank for Africa Plc
215Unity Bank Plc
035Wema Bank Plc
057Zenith Bank International