Sunday, March 12, 2017

Steps to Follow to Create a Bank Account in Nigeria

Steps to Follow to Create a Bank Account in Nigeria

This is a very important topic which everyone has to key into. Banking over the few years has become so popular that everybody wants to have a bank account. This may be because of security reasons or whatever reason it may be.

So many individuals now love depositing their money at the bank, which is actually a nice thing to do. Some people do not actually know what it actually takes to create a bank account. There are so many factors and requirements to be considered before you can open a bank account in Nigeria.

 This article is targeted at teaching and letting you know all what it takes and also the requirements to open a bank account in Nigeria. Before we continue with this article, we need to look at some very important terminologies.

Bank

What is a bank? This is a question one will always ask after hearing the world banking and how to open a bank account. Bank is a place you can deposit (keep) your money and also withdraw money from. A bank is a place where monetary legal transactions are carried out. You can also keep some vital documents, jewelries and lots more in the bank.

You see, the world bank has many things it does for the smooth running of individuals and the society at large. Another question that comes to mind is why do we keep our money in the bank? Keeping your money in the bank is a good thing to do, because your money will be save and you can get it whenever you want. This form of safety in Nigeria, results from the policy set by the Central Bank of Nigeria (CBN) for all banks to pay a certain amount in case of liquidation.

Note

You can actually withdraw money from the bank if you have an account with the bank, and your account has some cash in it. You can also withdraw money from the bank when you are given a cheque to cash.

Different Accounts You can Have

Bank accounts vary in Nigeria. This is to say there are different types of bank accounts in Nigeria. We will be discussing some of these accounts and how to open them. They include savings account, current account, joint account, domiciliary account and so on.

Savings Account

This is one of the popular accounts in Nigeria, which has almost all Nigerians operating. Savings account is more easy to open compare to current account. When opening a savings account, you are not required to provide referees. Savings account do not use check book. You can actually save your money in your savings account.

Current account

Current account is a little advanced than savings account, in that in this type of account, the bank will require you to provide referees to attest to your opening of the account. Current account operates with a cheque book. You can actually give a cheque to someone not operating your account to cash money on your behalf. It is the account mainly used by business people. It is a little difficult to open than the savings account. Current account in Nigeria operates in Naira.

Domiciliary Account

This is almost like the current account, but it is a way more advanced than the current account. Some banks in Nigeria will always require you to have a savings account with them first before you can request to open a domiciliary account. A domiciliary account operates in foreign currencies like dollar, pounds, euro, etc. It is not operates with naira. Everything about current and domiciliary accounts are the same. the main different here is based on the local and foreign currency.

Requirements and Steps to Follow to Create a Bank Account in Nigeria

The following are requirements you need and also what the bank will ask of you before you can create a bank account in Nigeria;
  • A valid Identity card (ID) which is a means of identification. It can either be a driver's license, National identity card, international passport, etc.
  • Passport photographs
  • Utility bill (Nepa bill)
  • Bank Verification Number (BVN)
  • Referees (for current and domiciliary accounts)

Steps to open an Account in Nigeria

Walk in to any bank in Nigeria and head directly to the customer care unit, where you will be further directed to the marketing department. It is the marketing department that is in charge of account opening. You will be asked the necessary questions and requirements. Once you meet the requirements, a form will be given to you to fill. 

Fill all the details correctly and submit the form for further endorsement, and wait for your account number either by text message or email after a successful account creation.

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