Here are the steps on How to Open Bank Account in Nigeria Fast: Savings, Currents, Corporate and Fixed Deposit Accounts. Over the years, the ways Nigerians save money have continuously evolved.
From hiding huge sums under mattresses to making a wooden save which can only be opened on a stipulated date, now banks appear to be the in-thing as a sure way of managing Nigerians’ finances.
Hence, the need to know how to open bank account in Nigeria. Nowadays to open bank account in Nigeria has been further simplified by the use of technology – yes, accounts can even be opened over the Internet.
It is safe to state therefore that the procedures for account opening depend broadly on two major factors – type of account and the bank of choice, but the procedures are largely the same for all the banks in Nigeria.
The requirements include valid ID card (Driver’s License, Nigeria National ID card and International passport), utility bills (electricity bill, water consumption bill, etc), passport photographs, references, and so many others.
These are by far the most common and the easiest to open. Just like we already know, the requirements for opening savings account in Nigeria vary from bank to bank. Customers are expected to:
Traditionally, some services are not available to savings account like owning a cheque booklet but banking is really changing and new forms of savings account now allow customers to own cheque booklets, like DiamondXtra Savings account, and transfer to a third party. Also, new accounts automatically come with ATM cards like at First Bank and GTBank while Diamond Bank charge customers for these cards
This is another type of account common in Nigeria. Current account can come as individual or corporate accounts. In individual current account customers are expected to provide referees.
Referees are individuals who can testify to a customer’s character and they could be internal or external referees, depending on the bank and must be holders of current account either in that bank or other banks in Nigeria.
Current accounts take longer time to open especially if referees are from other banks but less time if all referees provided are from the same bank where the customer wants to open an account.
All referees must be confirmed to be genuine current account holders before the account is opened.
Also, current account holders can make withdrawals through ATM and cheque. Banks must encourage individuals to open bank account in Nigeria as regards current accounts because of its maturity look.
This is a type of investment account which exists based on the terms between the bank and the customer. Based on customer’s instructions to the bank, at the end of the tenor, the account can either be renewed or liquidated.
Requirements for opening fixed deposit accounts (for customers without accounts):
Fixed deposits are liquidated in one month but can also be extended to one year after which it can be renewed or money given back to customer.
In conclusion to open bank account in Nigeria is something everyone should do because banks provide much safer ways of handling and managing money, giving individuals accrued interests on their deposits (money), and in the long run, they lend to creditworthy customers who have accounts with them so that these people can financially support their businesses and projects – thus, making all Nigerians financially stable and helping Nigerian government build a prosperous economy.