Requirements for opening a bank account in Nigeria and a step-by-step guide

Opening a bank account in Nigeria can be a straightforward process as long as you have the necessary documents and information. Some of the key requirements needed are your Bank Verification Number (BVN), a valid identification, and proof of address. Explore the basic requirements for opening a bank account in Nigeria and the step-by-step process.

Key takeaways

• To open a bank account in Nigeria, you need valid identification and proof of address.
• A Tax Identification Number (TIN) is required for certain types of accounts, especially business accounts.
• Different banks may have varying minimum deposit requirements for opening an account.
• To open a Nigerian bank account without a BVN, you will need to visit your local branch to apply with supporting documents.
• To open a bank account, you can either visit the bank in person or apply online.

Requirements for opening a bank account in Nigeria

Opening a bank account in Nigeria is a simple process, but there are some basic requirements you need to meet. Whether you want to save money, receive payments, or carry out transactions, having a bank account is very important. Below are the general key requirements you need to open a bank account in Nigeria.

• Valid Identification: Acceptable forms include a National ID card, an International Passport, a Driving Licence, or a Voter's Card.
• Bank Verification Number (BVN): A unique identifier for all bank account holders in Nigeria. You can enrol for one at any bank branch.
• Proof of address: This can be a recent utility bill, tenancy agreement, or any official document displaying your current residential address.
• Passport-sized photograph: Recent passport-sized photos are needed for identification purposes.
• Tax Identification Number (TIN): Required for accounts that involve tax implications. It may be needed if you are opening an account for a business or certain types of accounts.
• Minimum deposit: Most banks require a minimum deposit to activate your account. The amount varies depending on the bank and account type.
• Account opening form: The bank will provide you with an account opening form to fill out, detailing your personal information

You need to provide these documents along with your personal information, like full name, address, and contact information (email and mobile phone).

How to open a bank account in Nigeria? A step-by-step guide

Opening a bank account in Nigeria is very easy. You could either walk into a bank to start your registration process, or you can register online and generate a bank account on the bank’s platform. Below is an easy step-by-step guide to help you open a bank account in Nigeria.

1. Choose a bank

Before opening a bank account in Nigeria, it is important to carefully choose the type of bank that best matches your financial needs and lifestyle. Some factors to consider include:

• Transaction fees: Various Nigerian banks charge various fees for withdrawals, transfers, and account maintenance, so comparing costs can help minimise unnecessary expenses.
• Accessibility: Look for banks with extensive ATM networks, reliable mobile banking apps, and accessible branches near your location.
• Additional services: Some banks offer additional services, such as investment opportunities, foreign exchange, and business banking solutions to cater to diverse financial needs.
• Customer support: A bank with responsive and efficient customer service ensures smooth problem resolution and a hassle-free banking experience.

2. Choose a bank account

Banks in Nigeria offer three common types of accounts. Each type of account serves a different purpose, and selecting the right one ensures you enjoy the benefits that suit your personal or business goals.

• Savings account: This is the most basic and popular type of account, designed mainly for saving money while earning some interest over time.
• Current account: Current accounts are ideal for people or businesses that handle many transactions, such as deposits, withdrawals, and transfers, on a daily or regular basis.
• Domiciliary account: A domiciliary account is used for holding and transacting in foreign currencies like the US Dollar, British Pound, or Euro.

3. Gather required documents

Collect all necessary documents as listed in the requirements section. Ensure they are up-to-date and valid. Most banks in Nigeria follow a standard requirement list, but it is always essential to check with the specific bank to confirm any additional requirements.

4. Visit the bank or apply online

To open a bank account, you can either visit the bank in person or apply online. If you choose to visit the bank, take your documents with you, request the account opening form, and fill it out. Alternatively, if the bank offers online account opening, go to their official website, follow the provided instructions, and submit your application online.

5. Complete and submit your application

Submit the completed application form along with the required documents. The bank will verify your information and may conduct a face-to-face interview.

6. Make an initial deposit

Deposit the minimum required amount to activate your account. Most banks in Nigeria, such as Union Bank of Nigeria and UBA, require a minimum deposit when you first open the account. This amount varies depending on the type of account.

7. Await verification

Once you submit your application and documents, the bank will verify your information. This process typically takes 24 to 72 hours, depending on the bank and the completeness of your documentation.

8. Receive account details

Once your application is approved and the initial deposit is made, the bank will provide you with a mobile account number, an ATM/debit card, a cheque book (if applicable) and online banking credentials.

8. Activate online and mobile banking

Set up your online and mobile banking profiles to manage your account conveniently. This typically involves creating a username and password, setting up security questions and linking your account to the bank's mobile app.

Can I open a bank account with my NIN only?

You can open a bank account using just your National Identification Number (NIN), but this typically applies to certain types of accounts, like basic or simple savings accounts.

Can I open a bank account online?

You can open a bank account online in Nigeria, especially if you are a Nigerian citizen or resident.

At what age can I open a bank account?

The minimum age to open a bank account in Nigeria is 18, though minors can open custodial accounts with parental or guardian consent.

Opening a bank account in Nigeria is essential in managing personal finances effectively and enjoying various benefits. Having a bank account allows you to securely store your money, access financial services, and make transactions conveniently.

Legit.ng has recently published an article listing all Nigerian banks' sort codes. A sort code is a unique number used by banks and their branches to identify where an account is held and where transactions are processed.

The article also lists the banks' SWIFT codes, which further specify a particular bank or branch. Read on and discover details of the biggest and most popular Nigerian banks, their sort codes and their SWIFT codes.

Source: Legit.ng