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Transfers Guide

This guide covers everything you need to know about initiating and managing money transfers in your Open Banking application, from internal transfers to external payments.

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Overview

Transfer functionality is a fundamental component of any banking application. Our API supports comprehensive transfer operations that allow you to move money between accounts, make payments to external beneficiaries, and manage recurring transfers. This functionality enables you to provide complete money movement capabilities within your application.

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Key Transfer Operations

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1. Transfer Enquiry and Beneficiary Verification

Before initiating any transfer, customers are required to perform a Transfer Enquiry to verify the beneficiary account number and name. This critical step ensures accuracy and prevents transfer errors. The Transfer Enquiry API allows you to validate beneficiary account details including account number, bank code, and account holder name. This verification process helps confirm that the beneficiary information is correct before proceeding with the actual transfer. Always perform beneficiary verification before initiating transfers to ensure successful transaction processing and avoid potential issues with incorrect account details. 
curl -X GET ${API_BASE_URL}/transactions/enquiry \
  -H "Authorization: Bearer ${YOUR_ACCESS_TOKEN}" \
  -H "idempotency_key: ${IDEMPOTENCY_KEY}" \
  -H "signature: ${SIGNATURE}"

{
  "status": "success",
  "message": "Operation successful",
  "data": {
      "name_on_account": "Elo Mena"
  }
}
Make sure you send the scope transfers.transactions.enquiry while requesting for a token, failure to send the scope will lead to the issued access token not able to access this API.

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2. Batch Transfer Processing

Transfers are processed in batches, with each batch containing multiple transactions that can be either inter-bank or intra-bank transfers. A unique batch ID is automatically generated for each batch of transfers submitted. When initiating transfers, you can include multiple transactions in a single batch request. Each batch can contain transfers to different beneficiaries, different amounts, and different banks. The system will process all transactions within the batch and provide a single batch ID for tracking. Batch processing helps streamline transfer operations and provides efficient handling of multiple transfers in a single API call. 
curl -X GET ${API_BASE_URL}/transactions \
  -H "Authorization: Bearer ${YOUR_ACCESS_TOKEN}" \
  -H "idempotency_key: ${IDEMPOTENCY_KEY}" \
  -H "signature: ${SIGNATURE}"
  -d '{
      "transactions": [
          {
              "reference" : "${reference}",
              "amount" : "10000",
              "currency": "NGN",
              "source_account_number": "1000000185",
              "destination_bank_code": "000013",
              "destination_account": "0016819451",
              "destination_account_name": "Edomwande Ikponmwosa George",            
              "narration": "Transfer to Edomwande Ikponmwosa George",
              "callback_url" : "https://webhook.site/1b4e9527-0f04-4722-b682-1350c31a531d"
          }
      ],
      "batch": {
          "total_amount": 10000,
          "total_transactions": 1,
          "batch_reference": "ABCD1234567890123456789"
      },
      "custom_properties": [
          {
              "id": "1234567890",
              "description": "Some random text",
              "type": "name_enquiry_reference",
              "value": "090325250615150642535233804838"
          }
      ]
  }'

{
  "status": "success",
  "message": "Operation successful",
  "data": {
      "batch": {
          "batch_reference": "ABCD1234567890123456789",
          "total_processed_amount": 10000,
          "total_processed_count": 1
      }
  }
}
Bank NameCode
9 payment service Bank120001
AB MICROFINANCE BANK090270
ABBEY MORTGAGE BANK070010
ABOVE ONLY MICROFINANCE BANK090260
ABU MICROFINANCE BANK090197
ACCESS BANK000014
ACCESSMONEY100013
ACCION MFB090134
ADDOSSER MFBB090160
ADEYEMI COLLEGE STAFF MICROFINANCE BANK090268
ADVANS LA FAYETTE MFB090155
AG MORTGAGE BANK PLC100028
AGOSASA MICROFINANCE BANK090371
AL-BARKAH MFB090133
ALEKUN MICROFINANCE BANK090259
ALERT MFB090297
ALHAYAT MFB090277
ALLWORKERS MFB090131
ALPHAKAPITAL MFB090169
AMJU MFB090180
AMML MFB090116
APEKS MICROFINANCE BANK090143
APPLE MICROFINANCE BANK090376
ARISE MFB090282
ASOSAVINGS090001
ASSETS Microfinance Bank090473
ASTRAPOLARIS MFB090172
ATBU Microfinance Bank090451
AUCHI MICROFINANCE BANK090264
Abucoop Microfinance Bank090424
Ada MFB090483
Afekhafe MFB090292
Afemai Microfinance Bank090518
Alvana Microfinance Bank090489
Amac Microfinance Bank090394
Ampersand Microfinance bank090529
Anchorage MFB090476
Aniocha MFB090469
Arca Payments110011
Assets Matrix MFB090287
Avuenegbe MFB090478
BAINES CREDIT MFB090188
BALOGUN GAMBARI MFB090326
BAYERO MICROFINANCE BANK090316
BC KASH MFB090127
BETA-ACCESS YELLO100052
BIPC MICROFINANCE BANK090336
BOCTRUST MICROFINANCE BANK090117
BOI MF Bank090444
BOSAK MFB090176
BOWEN MFB090148
BRENT MORTGAGE BANK070015
BRETHREN MICROFINANCE BANK090293
BRIGHTWAY MFB090308
BUBAYERO Microfinance Bank090512
Balogun Fulani Microfinance Bank090181
Banex Microfinance Bank090425
Benysta Microfinance Bank090413
Bluewhales Microfinance Bank090431
Boji Boji Microfinance Bank090494
Bonghe Microfinance Bank090319
Borgu MFB090395
Borno Renaissance Microfinance bank090508
Boromu Microfinance bank090501
Borstal Microfinance Bank090454
Bridgeway Microfinance Bank090393
Business Support Microfinance Bank090406
CAPITALMETRIQ SWIFT MICROFINANCE BANK090509
CARBON100026
CARETAKER Microfinance Bank090472
CASHCONNECT MICROFINANCE BANK090360
CELLULANT100005
CEMCS MFB090154
CHIKUM MICROFINANCE BANK090141
CIT MICROFINANCE BANK090144
CITI BANK000009
COASTLINE MICROFINANCE BANK090374
CONSUMER MFB090130
CONTEC GLOBAL100032
COOP Mortgage Bank070021
CORONATION060001
COVENANT MFB070006
CREDIT AFRIQUE MFB090159
CROWDFORCE110017
Calabar Microfinance Bank090415
Capricorn Digital110023
Capstone MF Bank090445
Catland Microfinance Bank090498
Chanelle Bank090397
Changan RTS Microfinance Bank090470
Chase Microfinance bank090523
Cherish Microfinance Bank090440
Chibueze Microfinance Bank090416
Chukwunenye Microfinance Bank090490
Cintrust MFB090480
Citizen Trust Microfinance Bank Ltd090343
Cloverleaf MFB090511
CoalCamp Microfinance Bank090254
Corestep MICROFINANCE BANK090365
Crescent Microfinance bank090526
CrossRiver Microfinance Bank090429
Crutech Microfinance Bank090414
DAYLIGHT MICROFINANCE BANK090167
DIAMOND BANK000005
Davodani Microfinance Bank090391
Delta Trust Mortgage bank070023
E-BARCS MFB090156
EAGLE FLIGHT MFB090294
EBSU MICROFINANCE Bank090427
ECOBANK BANK000010
ECOBANK XPRESS ACCOUNT100008
EDFIN MFB090310
EK-Reliable Microfinance Bank090389
EKONDO MFB090097
EMERALDS MFB090273
EMPIRETRUST MICROFINANCE BANK090114
ESAN MFB090189
ESO-E MICROFINANCE BANK090166
ETRANZACT100006
EVANGEL MFB090304
EVERGREEN MICROFINANCE BANK090332
EYOWO MICROFINANCE BANK090328
FAIRMONEY090551
FAME Microfinance Bank090330
FAST Microfinance Bank090179
FBNQUEST MERCHANT BANK060002
FCMB000003
FCMB EASY ACCOUNT100031
FCMB MFB090409
FCT MFB090290
FEDERAL UNIVERSITY DUTSE MICROFINANCE BANK090318
FEDERALPOLY NASARAWAMFB090298
FETS100001
FFS MICROFINANCE BANK090153
FIDELITY BANK000007
FIDELITY MOBILE100019
FIDFUND MFB090126
FIMS MFB090507
FINATRUST MICROFINANCE BANK090111
FINEX MFB090281
FIRST BANK OF NIGERIA000016
FIRST GENERATION MORTGAGE BANK070014
FIRST MULTIPLE MFB090163
FIRST OPTION MFB090285
FIRST ROYAL MICROFINANCE BANK090164
FIRSTMONIE WALLET100014
FIRSTTRUST MORGAGES LIMITED090107
FORTISMOBILE100016
FSDH400001
FULL RANGE MFB090145
FUTO MFB090158
Federal Polytechnic Nekede Microfinance Bank090398
Fedeth MFB090482
Finca Microfinance Bank090400
Firmus MICROFINANCE BANK090366
First Heritage MFB090479
Foresight Microfinance bank090521
Fortress Microfinance Bank090486
Futminna Microfinance Bank090438
GASHUA MICROFINANCE BANK090168
GATEWAY MORTGAGE BANK070009
GLOBUS BANK000027
GLORY MFB090278
GMB Microfinance Bank090408
GOMONEY100022
GOWANS MFB090122
GREENBANK MFB090178
GREENVILLE MICROFINANCE BANK090269
GROOMING MICROFINANCE BANK090195
GTBANK PLC000013
GTI Microfinance Bank090385
Garki MFB090484
GiGinya Microfinance Bank090411
Giant Stride MFB090475
Girei MFB090186
Giwa Microfinance Bank090441
Good Neighbours Microfinance Bank090467
Goodnews Microfinance Bank090495
Grant Microfinance Bank090335
Greenwich Merchant Bank060004
Gwong Microfinance bank090500
HACKMAN MICROFINANCE BANK090147
HAGGAI MORTGAGE BANK070017
HALA MFB090291
HASAL MFB090121
HERITAGE000020
Headway MFB090363
Highland Microfinance Bank090418
HomeBase Mortgage070024
HopePSB120002
IBETO Microfinance Bank090439
IBILE MICROFINANCE BANK090118
IC GLOBALMicrofinance bank090520
IKENNE MFB090324
IKIRE MFB090279
ILASAN MICROFINANCE BANK090370
IMO MICROFINANCE BANK090258
IMPERIAL HOMES MORTGAGE BANK100024
INFINITY MFB090157
INFINITY TRUST MORTGAGE BANK070016
INTELLIFIN100027
IRL MICROFINANCE BANK090149
ISALEOYO MICROFINANCE BANK090377
Ibom fadama Microfinance Bank090519
Illorin Microfinance Bank090350
Ilora Microfinance Bank090430
Imowo Microfinance Bank090417
Insight Microfinance Bank090434
Interland MFB090386
Iperu Microfinance Bank090493
Ishie Microfinance Bank090428
Isuofia MFB090353
Izon Microfinance Bank090421
JAIZ BANK000006
JUBILEELIFE090003
Jessefield Microfinance Bank090352
KADPOLY MICROFINANCE BANK090320
KCMB MFB090191
KEGOW(CHAMSMOBILE)100036
KEYSTONE BANK000002
KONGAPAY100025
KONTAGORA MFB090299
KREDI MONEY MICROFINANCE BANK090380
KUDA MICROFINANCE BANK090267
Kingdom College Microfinance Bank090487
Koraypay110022
Kwasu MF Bank090450
LAPO MFB090177
LAVENDER MICROFINANCE BANK090271
LBIC MORTGAGE BANK070012
LEGEND MICROFINANCE BANK090372
LETSHEGO MICROFINANCE BANK090420
LIVINGTRUST MORTGAGE BANK PLC070007
LOVONUS MICROFINANCE BANK090265
Landgold Microfinance Bank090422
Light Microfinance Bank090477
Links Microfinance Bank090435
Lotus Bank000029
M36100035
MAINLAND MICROFINANCE BANK090323
MAINSTREET MFB090171
MALACHY MFB090174
MANNY MICROFINANCE BANK090383
MAYFAIR MFB090321
MAYFRESH MORTGAGE BANK070019
MEGAPRAISE MICROFINANCE BANK090280
MERIDIAN MFB090275
MICROCRED MICROFINANCE BANK090136
MICROVIS MICROFINANCE BANK090113
MOLUSI MICROFINANCE BANK090362
MONEYTRUST MFB090129
MONIEPOINT MICROFINANCE BANK090405
MUTUAL BENEFITS MFB090190
MUTUAL TRUST MICROFINANCE BANK090151
Maintrust MFB090465
Maritime Microfinance Bank090410
Mautech Microfinance Bank090423
Memphis Microfinance Bank090432
Microsystems Investment and Development Limited110018
Midland MFB090192
MoMo PSB120003
Monarch Microfinance Bank090462
Money Master PSB120005
Moyofade MF Bank090448
Mozfin Microfinance Bank090392
NARGATA MFB090152
NAVY MICROFINANCE BANK090263
NDIORAH MFB090128
NEPTUNE MICROFINANCE BANK090329
NEW GOLDEN PASTURES MICROFINANCE BANK090378
NEWDAWN MICROFINANCE BANK090205
NIBSSUSSD PAYMENTS110019
NIRSAL NATIONAL MICROFINANCE BANK090194
NNEW WOMEN MFB090283
NOVA MB060003
NPF MICROFINANCE BANK070001
NUTURE MFB090364
Nasarawa Microfinance bank090349
NetApps Technology Limited110025
Nice Microfinance Bank090459
Nigeria PrisonsMicrofinance bank090505
Nomba financial services Limited110028
Nsuk Microfinance Bank090491
Numo Microfinance bank090516
Nwannegadi MFB090399
OCHE MFB090333
OHAFIA MFB090119
OKPOGA MFB090161
OLABISI ONABANJO UNIVERSITY MICROFINANCE BANK090272
OLOFIN OWENA Microfinance Bank090468
OLUCHUKWU Microfinance Bank090471
OLUYOLE MICROFINANCE BANK090460
OMIYE MFB090295
OPAY100004
Oakland Microfinance Bank090437
Ojokoro Mfb090527
Olowolagba Microfinance Bank090404
Oraukwu Microfinance Bank090492
Oscotech MFB090396
Ospoly Microfinance Bank090456
PAGA100002
PAGE FINANCIALS070008
PALMPAY100033
PARKWAY-READYCASH100003
PARRALEX090004
PATRICK GOLD090317
PECAN TRUST MICROFINANCE BANK090137
PENNYWISE MICROFINANCE BANK090196
PERSONAL TRUST MICROFINANCE BANK090135
PETRA MICROFINANCE BANK090165
PILLAR MFB090289
PLATINUM MORTGAGE BANK070013
POLARIS BANK000008
POLYUWANNA MFB090296
PRESTIGE MICROFINANCE BANK090274
PROVIDUS BANK000023
PURPLEMONEY MFB090303
Palmcoast Microfinance bank090497
Parallex Bank000030
Parkway MF Bank090390
Peace Microfinance Bank090402
Preeminent Microfinance Bank090412
Premium Trust bank000031
Prisco Microfinance Bank090481
Pristine Divitis Microfinance Bank090499
Projects Microfinance bank090503
QUICKFUND MICROFINANCE BANK090261
RAHAMA MFB090170
RAND MERCHANT BANK000024
REFUGE MORTGAGE BANK070011
REGENT MFB090125
RELIANCE MFB090173
RENMONEY MICROFINANCE BANK090198
REPHIDIM MICROFINANCE BANK090322
RICHWAY MFB090132
RIGO Microfinance Bank090433
RIMA Microfinance Bank090443
ROYAL EXCHANGE MICROFINANCE BANK090138
Radalpha Microfinance bank090496
Rehoboth Microfinance Bank090463
Resident Fintech Limited110024
Rima Growth pathway Microfinance Bank090515
SAFETRUST090006
SAGAMU MICROFINANCE BANK090140
SEAP Microfinance Bank090513
SEED CAPITAL MICROFINANCE BANK090112
SEEDVEST MICROFINANCE BANK090369
SLS MF Bank090449
SPARKLE MICROFINANCE BANK090325
SPAY business110026
STANBIC IBTC @EASE WALLET100007
STANBICIBTC BANK000012
STANDARDCHARTERED000021
STANFORD MFB090162
STB Mortgage Bank070022
STELLAS MICROFINANCE BANK090262
STERLING BANK000001
SULSAP MFB090305
SUNTRUST BANK000022
SafeHaven Microfinance Bank090286
Safegate Microfinance Bank090485
Shalom Microfinance Bank090502
Shepherd Trust Microfinance Bank090401
SmartCash Payment Service bank120004
Solid Allianze MFB090506
Solidrock Microfinance bank090524
Spectrum Microfinance Bank090436
Standard MFB090182
Stockcorp Microfinance Bank090340
Sunbeam Microfinance Bank090302
Support MF Bank090446
TAGPAY100023
TAJ BANK000026
TCF090115
TEASYMOBILE100010
TF MICROFINANCE BANK090373
TITAN TRUST BANK000025
TITAN-PAYSTACK MICROFINANCE BANK100039
TRIDENT MICROFINANCE BANK090146
TRUST MFB090327
TRUSTBANC J6 MICROFINANCE BANK LIMITED090123
TRUSTBOND090005
TRUSTFUND MICROFINANCE BANK090276
TajWallet080002
Tangerine Money MFB090426
Triple A Microfinance bank090525
U AND C MFB090315
UNAAB MFB090331
UNIBEN MICROFINANCE BANK090266
UNICAL MFB090193
UNIIBADAN Microfinance Bank090461
UNION BANK000018
UNITED BANK FOR AFRICA000004
UNITY BANK000011
UNN MFB090251
Uhuru Microfinance bank090517
Umuchinemere Procredit Microfinance Bank090514
Umunnachi Microfinance Bank090510
UniUyo Microfinance Bank090338
Unilag Microfinance Bank090452
Unimaid Microfinance Bank090464
Uzondu MF Bank090453
VFD MFB090110
VIRTUE MFB090150
VISA MICROFINANCE BANK090139
VTNetwork100012
Vas2nets Limited110015
Verdant Microfinance Bank090474
WEMA BANK000017
WETLAND MFB090120
WinView Bank090419
XSLNCE MICROFINANCE BANK090124
YCT Microfinance Bank090466
YES MFB090142
Yello Digital financial services110027
Yobe MFB090252
ZENITH BANK PLC000015
ZWallet100034
Zikora Microfinance bank090504
unilorin Microfinance Bank090341
Make sure you send the scope transfers.transactions.create while requesting for a token, failure to send the scope will lead to the issued access token not able to access this API.
Each transaction object needs to have a unique transaction reference id. This reference is useful in many ways. If a transfer is inter bank, you will need to send the Name Enquiry reference for the account that can be added in the custom properties as shown in the sample message above, where value is the name enquiry reference, and type is name_enquiry_reference and the id is the transaction reference.

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3. Transfer Status Tracking

Transfer status tracking is accomplished through the Transfer Query API, which allows you to monitor the progress of transfers from initiation to completion. You can check the current status of any transfer using the batch ID or individual transfer reference. The Transfer Query API returns the overall batch status and includes individual transaction statuses in the custom property field. Each transaction is identified by the initiated transfer reference ID, and the status indicates the current state of that specific transfer. Transfer statuses include:
  • APPROVED: Transfer has been successfully processed and funds transferred
  • DECLINED: Transfer was rejected due to insufficient funds, account restrictions, or other validation failures
  • FAILED: Transfer could not be completed due to system errors or technical issues
  • PENDING: Transfer still in progress
Real-time status updates help customers understand when their transfers will be completed and provide transparency throughout the transfer process. 
curl -X GET ${API_BASE_URL}/transactions/${batch_reference} \
  -H "Authorization: Bearer ${YOUR_ACCESS_TOKEN}" \
  -H "idempotency_key: ${IDEMPOTENCY_KEY}" \
  -H "signature: ${SIGNATURE}"

{
  "status": "00",
  "message": "The process was completed successfully",
  "data": {
      "reference": "${reference}",
      "status": "SUCCESSFUL",
      "status_message": "Processed successfully",
      "custom_properties": [
          {
              "id": "1234567890",
              "description": "Transaction status",
              "type": "TRANSACTION_STATUS",
              "value": "PENDING"
          }
      ]
  }
}
Make sure you send the scope transfers.transactions.query while requesting for a token, failure to send the scope will lead to the issued access token not able to access this API.
The status of each transaction is returned in the custom_properties. This unique transaction reference generated in the original transfer request is used as id, and custom_property type is TRANSACTION_STATUS and value is the status of the transaction.

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Use Cases and Applications

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Personal Banking

Transfer APIs are essential for personal banking applications. Customers can transfer money between their own accounts, send money to family and friends, and make payments for goods and services.

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Business Banking

For business customers, transfer APIs provide tools for managing payroll, vendor payments, and business expenses. Batch transfer capabilities streamline payment processes and improve operational efficiency.

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Next Steps

Now that you understand transfer operations, explore these related topics:
Always perform Transfer Enquiry to verify beneficiary information before initiating transfers. Implement robust security measures and compliance monitoring to protect customer funds and maintain regulatory compliance. Use batch processing for multiple transfers and regularly monitor transfer status using the Transfer Query API for successful transfer operations.