FBN is among the prominent commercial banks in Nigeria with a large number of customers. If as a customer, you have been looking for the swift code of first bank, look no more because that is exactly what this article is all about.
What is First Bank Swift Code?
The Swift code of First Bank of Nigeria PLC is “FBNINGLAG”, it is a simple 9 characters long code and very easy to remember especially if you know how it is gotten. Let’s look at the parts; FBNI-NG-LA.
- FBNI is First Bank’s Bank code which is for First Bank of Nigeria PLC
- NG is the country code where the bank is located which is Nigeria as we are talking about First Bank of Nigeria PLC
- LA is the Bank’s location or city code which stands for Lagos because First Bank head office is at Samuel Asabia House 35 Marina, Lagos, Nigeria.
Introduction to Swift Code
Most of us have in one way or the other came across this term before but some still do not know what it is or what it is used for which always led to the above question.
Swift in the dictionary means “Moving fast”, one may be wondering how that relates to a bank; Well, you should know that the Swift is actually an acronym and not a word (at least in this context). It stands for Society for Worldwide Inter-bank Financial Telecommunications.
A swift code is simply a unique code that is used to identify a particular bank, it is also known as Bank Identifier code.
Every commercial bank has its swift code, unique to it alone. Swift codes can be 8 – 11 characters but are mostly 8 digits with the 8 digits divided into 3 parts; 4-2-2.
First 4 is the Bank code; The Next 2 is the Bank country code; Last 2 characters represent the bank’s location or city code. These 3 codes added together to form a unique code for every bank called swift. Now that you know what a swift code is, the next question is; What is it used for?
Swift Code’s Use & Function
The main use of a bank swift code is for money transfer, principally international money transfer. It’ll be difficult and sometimes impossible to send or receive money from overseas without the recipient’s bank swift code.
With the swift code, the transfer will be much simpler and faster as the recipient’s bank can be easily identified through the code.
Swift codes are not used for transferring money alone, they are used for communication between banks – interbank communication; An overseas bank can send a message to a particular Nigerian bank by using the bank’s swift code.
I hope this article has done justice to your question about the swift code of First Bank.
When asked for the First Bank Nigeria Swift code, you can simply provide the code “FBNINGLA”, no matter your bank branch or if you are outside Lagos. This is because the code covers all First Bank Branches across Nigeria as every branch can be accessed from the head office.