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

The Indian Financial System Code (IFSC) is an 11-digit alphanumeric unique identification code that facilitates interbank transactions between banks in India. The IFSC works exactly like the Nigeria Inter-Bank Settlement System (NIBSS), Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), and Immediate Payment Service (IMPS) to facilitate electronic payment applications in India. Example of IFSC SBIN0005943: 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,…