What ISO 20022 changes
ISO 20022 replaces older, free-text messaging with rich, structured data. Parties to a payment or instruction can be identified precisely — and the standard favours the LEI for that.
Where the LEI fits in Nigeria
As Nigerian payment infrastructure and banks adopt ISO 20022, the LEI travels inside the organisation-identification element, linking each message to a verified legal entity and speeding screening.
What firms should do
Map your BIC to your LEI, keep the LEI current, and ensure your payment and reporting systems can carry it in ISO 20022 fields.
Key takeaways
• ISO 20022 favours the LEI for entity identification.
• The LEI sits in the organisation-identification field.
• Map your BIC to your LEI now.
• A current LEI speeds message screening.
