To open a bank account in Nigeria, you’ll need to have met the requirements for that. Some of the requirements needed to open a bank account in Nigeria include owning a valid means of identification, a recent passport photograph, proof of address, and a Bank Verification Number (BVN). Well, that’s not all you need to know about opening a bank account in Nigeria. In this article, you’ll be reading a complete guide on how to open a bank account in Nigeria.
Requirements To Open A Bank Account In Nigeria
Here are the requirements to meet to successfully open a bank account in Nigeria:
1. A Valid Means Of Identification
A valid means of identification helps the bank ascertain if you are a national of the country. It also shows other details about you that may not be readily available.
In most cases, a valid means of identification showcases your date of birth, other names, and other details. So, a valid means of identification must be needed when you are about to open a bank account.
A valid means of identification can be in the form of a government-issued ID, Driver’s License, Voter’s Card, or even an international passport.
2. Passport Photograph
A recent passport photograph helps the bank have a clear picture of what you look like. This helps in the area of ways of identification.
For most banks, a passport photograph not later than six months should be used. So, ensure that your passport photograph is recent enough to successfully open a bank account in Nigeria.
3. Proof Of Address
A proof of address may be a receipt of payment or an invoice. The point is that it should show the exact address where you live. Most banks exchange the word, “Proof Of Address” with “Utility Bill”. Regardless, they still mean the same thing.
A valid proof of address can be in the form of a light bill, water bill, or Cable TV subscription bill.
4. Bank Verification Number (BVN)
Your Bank Verification Number (BVN) is a sequence of figures that shows your banking records. It gives details of banking history and transactions.
It is important that you register for a Bank Verification Number (BVN) if you don’t have any yet before opening a bank account. Some banks would request that they help you get a Bank Verification Number (BVN). You can allow that if you don’t have a bank verification number yet.
Now that you’ve read about the requirements needed to open a bank account in Nigeria, let’s see the procedure for how to open a bank account in Nigeria.
How To Open Bank Account In Nigeria
The following are step-by-step guides on how to open a bank account in Nigeria;
Step 1. Select A Bank
The first step to opening a bank account is to select a bank of your choice. One way to know the best bank to choose is to select a bank whose customers have given good reviews about it. At this point, you should be keen on reading it and listening to reviews about a bank.
Alternatively, if you have a list of banks in your mind, you could walk to each bank to ask questions about their services. You could ask for their interest rates, types of accounts offered, and other packages they may offer.
Step 2. Have Your Documents Ready
The next thing to do is to have your documents ready. In this article, you’ve already read about the documents you need to have to open a bank in Nigeria. Kindly make sure that those documents that have been earlier outlined are ready.
This is because they would be needed during the application process. In some cases, if these documents are incomplete, you’ll have to spend a lot of money processing them again at the bank. So, it is always recommended that you have those documents ready.
READ THIS:Â See Tips That Can Help You Identify Legitimate Job RecruitersÂ
Step 3. Fill The Application Form
After meeting the requirements, you’ll be asked to fill out an application form. This application would demand that you input simple details about yourself, such as your Full Name, Phone Number, House Address, and many more.
To have a faster application process, it is advised that you submit this application on the same day as you were given. This would increase your chances of opening your account on the same day.
Step 4. Carry Out A Transaction
After it has been confirmed to you that your account has been opened, you’ll be asked to carry out a transaction on the bank account. Many have found it easier to deposit funds in their bank. However, you can make any transaction of your choice.
Conclusion
The truth is without having the documents required to open a bank account, you’ll not find it easy to open a bank account in Nigeria. So, endeavor to have the requirements handy to successfully open a bank account in Nigeria.
Do you have any questions about opening a bank account in Nigeria? Use the comments section below to drop your thoughts.
