What are bank account opening requirements in Nigeria?
May 27, 2022
Bank account opening requirements in Nigeria – Today I’ll walk you through one of the elementary guidelines of traditional banking, as simple as this may be it most times pose challenges for beginners who are looking to make entry into the mainstream financial system.
You should be aware of an ongoing campaign spearheaded by the Central Bank of Nigeria to equalize financial inclusion among Nigerians where the unbanked would be duly inducted into the Nation’s financial mainstream..
While you wish to open a bank account be sure to open the right account that’ll meets your lifestyle and financial requirements.
Some accounts are designed to meet individual needs while others are as good as for business purposes.
Consider if you wish to earn interest on your account by the end of the month, there are specifics where the bank charges for rendering her services.
There’s the charge on turn-over for current account as well as charges on some clasess of accounts should you exceed the monthly or daily withdrawal limit.
In this case do seek a brief advice on the most suitable account that suits your lifestyle, ask questions, the account officer should be able to advise on a choice of account according to your line of interest.
Where a bank does not seems to present a package that meets your individual lifestyle visit other banks and compare a list of options then make your choice.
Types of accounts
Savings account: A savings account is good for holding money and earning small interests.
Current account: Current account is for everyday spending and paying your bills with facility for a third-party withdrawal through cheque.
Though some banks now have savings account enabled with cheque, however, such cheques do not go for clearing as well cannot be received into the account.
The money market account: With the money market account you do some limited spending with interest being paid more than you could earn with a savings account.
Fixed deposit account: If you have some money you don’t intend to spend soon, say six months you have to fix such money with the bank.
Money can be fixed for 30 days, 60 days, 90 days to a maximum of 360 days/one year.
Note: To open a bank account in Nigeria you should be at least 18+
Bank account opening requirements in Nigeria
To open an account with any Nigerian bank you are required to meet even the least possible requirements by each bank.
These documents are required to at least cement a level of relationship and familiarity between you and the bank, though strictly under the provision of the Central Bank of Nigeria.
The major stock in trade in banking is money, any bank that’s ready to inherit your associate risk and liability must ensure to get a hold on certain documents to at least validate her relationship with you.
In the right order every customer is unique and different, hence, there arise a need to identify each customer with a unique identity to protect against theft or impersonation as well as unauthorized access into a customer’s account.
Documents required are in accordance with the class of account you are looking to operate, however, there’s a unique and minimal documentation requirements for the least of these class of accounts across banks.
Primary identity card
The ID card generally is a basic requirement to operate any type of account with any bank in Nigeria.
What the bank requires in this arrangement is a copy of your photo ID with your facial photo conspicuously displayed and identified.
There are basically four primary IDs in Nigeria, these include;
- National Identity card
- International passport
- Voters card and the
- Driver’s license
To use any of the listed IDs, it must be confirmed valid, in this case it passed the verification process on the bank’s portal where such ID is being confirmed for authenticity.
Any other ID apart from the ones listed here is a secondary ID card, in this instance the bank is not under obligation to use such ID except where she acknowledges such.
The utility bill in this case could be your usual electricity bill, water bill, waste management bill, rent receipt, etc.
The utility bill is designed as an address verification tool where the bank can easily lay claims as your designated address at the time of opening such account.
The bank by this move will file a copy as well as any other document of yours for reference purpose.
The bank will need at least a clear copy of your passport photograph. Your passport photograph will support your mandate.
When a the bank wants to pay you across the counter, the teller will have to verify your facial appearance against the passport photograph on your account mandate.
The bank in addition to this will require and make use of your
- Bank Verification Number (BVN)
- Account opening form duly completed by you with necessary information
In the account opening form you are required to provide your
- Date of birth
- Physical address
- Landmark/nearest bus stop
- Your signature
- Next of kin, etc.
current/business account customers
If you are looking to open any account other than the savings account you are required in addition to the above requirements to provide,
- 2 suitable references could be intra or inter bank
- Article of association
- Memorandum of association
- Form CO2, etc..
- TIN (Tax Identification Number)
- Minute of the last meeting
- Board resolution, etc..
The bank will inform you of any requisite document.
FAQs on bank account opening requirements in Nigeria
|Questions on opening a bank account in Nigeria||Answer|
|Requirements for opening a Zenith bank account Requirements for opening Access bank account UBA account opening requirements First bank account opening requirements Zenith bank business account requirements Zenith bank corporate account opening requirement UBA corporate account requirements GTBank business account requirements, etc||The requirements for opening any class of account in Nigeria with any bank are the same as listed in this guide. The savings account have minimum documentation requirements unlike the current/business account. Kindly refer to the guide above, answers to your questions have been proffered.|
Dear reader, opening a bank account with any Nigerian bank does not involve a rocket science, the process is easier than you think.
Follow the recommendations of this guide, visit a preferred bank of choice to commence your account opening at once.
Feel free to drop a question here or inquiry, rest assured to get a satisfied response.
Raphael Orji is a freelance writer, professional blogger and a content marketing consultant. I work with small businesses, startups and entrepreneurs in building their brand image with high quality blogging and content marketing strategy.
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