Finance

How to Open Bank Account in Nigeria Fast: Savings, Currents, Corporate and Fixed Deposit Accounts

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.

How to Open Bank Account in Nigeria Fast: Savings, Currents, Corporate and Fixed Deposit Accounts

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.

Read Also: Top 20 Banks In Nigeria you Can Bank with Without Problems

Savings accounts

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:

  • submit a maximum of two passport photographs
  • utility bills (in some cases)
  • fill out know-your-customer forms containing customer’s biographical data
  • Provide a valid ID card or company ID card for savings salary account
  • Non-Nigerians are usually asked to provide work/residence permit
  • Some banks like Diamond and First banks demand that customers open this account with a minimum of one thousand naira only which is forfeited during withdrawals unless a customer wants to close the account. Furthermore, some banks operate a zero-account which means customers are allowed to open savings account with or without money.
  • A specimen signature

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

Related: How to Access Bank Account of Deceased Person In Nigeria even if You are the Next of Kin or Not

Current account

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.

Requirements for individual current accounts include:

  • 2 referees
  • Specimen signature
  • fill out know-your-customer forms containing customer’s biographical data
  • Stipulated amount of money ranging from five thousand to fifty thousand
  • 2 passport photographs
  • Non-Nigerians are usually asked to provide work/residence permit
  • Utility bill
  • Valid ID card

Requirements for opening corporate current accounts include:

  • Passport photographs and specimen signature of signatories
  • Valid ID cards of signatories
  • Non-Nigerians are asked to provide work/residence permit
  • Certificate of incorporation from CAC(Corporate Affairs Commission)
  • Copies of Memorandum of Association from CAC(Corporate Affairs Commission)
  • Board Resolution (if any). This is a document showing that a board in the company approved that the bank be selected as preferred bank
  • Utility bill of business
  • Letter of indemnity or authority (where applicable). This a letter showing that certain obligations must be met before some transactions can take place on the account
  • 2 Reference letters completed by corporate account holders
  • Initial deposit ranging from five thousand naira to one hundred thousand naira depending on the bank
  • Tax clearance receipt and/or Tax Identification Number from Federal Inland Revenue Service (FIRS)

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.

The fixed deposit account

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):

  • 2 passport photographs
  • A completed mandate form
  • 2 completed reference letters
  • Initial deposit of one hundred thousand naira only (for example First Bank of Nigeria plc)

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.

Conclusion

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.

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Ifiokobong Ibanga

Ifiokobong Ibanga is the founder of InfoGuideNIgeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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