African Investment Bank (Kenya) Swift Code. The African Investment Bank (AIB) is one of three financial institutions of the African Union (AU) along with the African Monetary Fund and the African Central Bank. It will be headquartered in Tripoli, Libya
The Lome Summit (2000) adopted the Constitutive Act of the African Union, which specifies the objectives, principles, and organs of the AU. Twenty-seven African countries signed the act, which provided for establishing a wide variety of institutions, including the Pan-African Parliament; Court of Justice; African Central Bank; African Monetary Fund; and African Investment Bank. In 2005, the AU held a meeting of independent experts in Addis Ababa, Ethiopia, to consider concept papers and draft Protocols prepared by the African Union Commission (AUC) regarding the three institutions. The AU also determined seats for the financial institutions, the African Central Bank (Nigeria), the African Investment Bank (Libya), and the African Monetary Fund (Central Africa)
Mandate and Principles Governing Operations
African Investment Bank (Kenya) Swift Code. On 21 November 2006, the AUC held a meeting in Yaounde, Cameroon, to outline the implementation of the three African Financial Institutions as per Article 19 of the Constitutive Act. The AIB’s mandate was envisioned to aid in fostering economic growth and accelerating economic integration in Africa in line with the AU’s Strategic Plan. Article 17 of the Agreement further established that AIB’s method of banking operations will be conducted in accordance with the following governing principles:
- Operations are principally for financing specific projects, including national, sub-regional or regional development schemes for members. May include financing to national development institutions in Africa serving the mandate;
- In selecting projects, evaluate its potential contribution to the mandate, rather than project type;
- AIB will not finance any undertaking in a member’s territory if that member objects;
- In considering loan or guarantee applications, consider the borrower’s ability to obtain financing or facilities elsewhere;
- In making or guaranteeing loans, consider if the borrower & its guarantor can meet obligations; and that the interest rate, other charges & the repayment schedule is appropriate;
- Proceeds can only be used for procurement in member states of goods produced by members, except if the Board of Directors permits non-member procurement, or non-member produced goods, in special circumstances (i.e., non-member provides significant financing to AIB);
- In the case of a direct loan, the borrower can draw funds only for project expenditures as incurred;
- Take measures to ensure that loan proceeds are used only for the purposes which the loan was granted;
- Avoid a disproportionate amount of resources benefiting any member;
- Seek reasonable diversification in equity capital investment; AIB will not assume management of any entity or enterprise in which it has an investment, except where necessary;
- Apply sound banking principles, particularly to investments in equity capital;
- In guaranteeing loans made by other investors, AIB shall receive suitable risk compensation.
A SWIFT code (or BIC code) is a unique code that identifies financial and non-financial institutions and is mainly used for international wire transfers between banks.
AIB’s initial authorized capital stock has yet to be determined. It will be divided into a number shares with a specific par value, which shall be available to members for subscription in accordance with the provisions in the Agreement. The authorized capital stock shall be divided into paid-in shares and callable shares. The BOG will occasionally determine the proportion of authorized capital in paid-in shares and callable shares. The BOG may increase the authorized capital stock, under terms and conditions deemed advisable. The BOG’s decision to increase the authorized capital will be adopted by a vote of at least four-fifths of the Governors, representing not less than three-fourths of the members total voting power. African Investment Bank (Kenya) Swift Code
What is a SWIFT code?
SWIFT codes are used to identify banks and financial institutions worldwide. They are used by the swift network to transmit wire transfers (money transactions) and messages between them. For international wire transfers, swift codes are always required in order to make transactions secure and fast.
In this page you will find detailed information about the swift code “ASHSKEN1XXX” of “AFRIKA INVESTMENT BANK LTD”.
||AFRIKA INVESTMENT BANK LTD
|Postal code / Location
|BIC Code analysis
||8-letter swift code: ASHSKEN1
Branch code: XXX
Institution’s 4-letter code: ASHS
Country code: KE
Location code: N1
Participant status: 1 (passive participant in the SWIFT network)
These codes were initially introduced by the SWIFT organization as “swift codes” but were later standardized by the International Organization for Standardization (ISO) as “BIC” meaning “Business Identifier Codes”. Most people think B.I.C. stands for “Bank Identifier Codes” (“bank” instead of “business”) but that is incorrect since non-financial institutions can also join the swift network.
A “BIC code” can be seen by many different names, like “SWIFT code” (most common), “SWIFT ID”, “SWIFT-BIC”, “SWIFT address”, “BEI” (that comes from “Business Entity Identifier”), or even “ISO 9362”, which is the standard format that has been approved by the ISO organization. The acronym SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication.
In depth analysis of a swift code
Swift codes are broken down into sections, in the same way telephone numbers are broken into sections, and every section reveals some information about the institution that was assigned this code. They consist of eight or eleven characters. Whenever an eight-character code is used, then it is referring to the headquarters (main office) of the institution.Here is how an 11-character code is broken down and what each section of characters represents. Let’s take this imaginary 11-character swift code:
It can be broken down to these sections:
AAAA – BB – CC – DDDSection 1
(the first 4-characters “AAAA
”): This code is used to identify the institution’s global presence (all branches and all divisions around the world). For example, “CHAS” is used for “JPMORGAN CHASE BANK”
Section 2 (5th and 6th characters “BB”): This two-letter code represents the country of this particular institution’s branch and follows the ISO 3166-1 alpha-2 standard for representing country codes. For example, “US” for “UNITED STATES”, “GB” for “UNITED KINGDOM”, CA for “CANADA”, etc.
Section 3 (7th and 8th characters “CC”): These characters represent a location code (e.g. “FF” is the code for “Frankfurt”, “KK” is the code for Copenhagen, etc.) and also the second character (8th in the B.I.C.) sometimes carries this information:
- If it is equal to “0”, then it typically is a BIC assigned for testing purposes (as opposed to a BIC used on the live network).
- If it is equal to “1”, then it denotes a passive participant in the SWIFT network.
- If it is equal to “2”, then it typically denotes a “reverse billing” BIC, meaning that the recipient of the message has to pay for the message.
Section 4 (9th to 11th characters “DDD”): These final three characters form a “branch code” that refers to the particular branch of the institution. If this section is omitted, then we have an 8-character swift code that is assumed to refer to the HEAD OFFICE of the institution. Also, a typical naming convention is that in the case we are referring to the main offices of an institution, this branch code is “XXX”.
Was this article helpful?