See a bank account as a specific type of virtual wallet, designed to receive and store money paid into it. An account is a financial space created and maintained by a financial institution e.g. bank, asset management company, in which all transactions between a financial institution and a customer are recorded. This article will educate its readers on what individual/personal domiciliary bank accounts are, and the documentation required to open a domiciliary bank account in Nigeria or anywhere else in the world.
A domiciliary bank account in Nigeria is a foreign-currency-denominated account i.e account must be denominated in any of these currencies: US Dollar (USD), Great Britain Pounds (GBP), Chinese Yen (YEN), Euros (EUR), and so on.
The individual/personal domiciliary account can be opened as a current or a savings account. A domiciliary bank account in Nigeria is a “NUBAN” 10-digit account created by the bank/Financial Institution in the name of the individual/personal customer, designed to receive and hold their personal proceeds.
Opening a domiciliary account can be quite tasking if one does not pay close attention to all the documents required – probably because the requirements are quite a few. This is why it is important to draw a checklist of required documents.
Documents Required to Open an Individual/Personal Domiciliary Bank Account
Been asking yourself how to open a personal domiciliary ‘dorm’ account? Well, here is a checklist of the documents required to open an individual/personal domiciliary account in Nigeria:
The customer must present his or her government-issued valid ID card and recent utility bill to the bank.The purpose of this is to properly and adequately identify the customer. In Nigeria, a government-issued valid can either be a:
- Voters’ Card
- international Passport
- Driver’s License
- National Identification Number (NIN)
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Bank Verification Number (BVN)
BVN is a unique 11-digit number used by banks/financial institutions in identifying their customers or prospects. The customer must provide his or her BVN, they can also check *565*0# if they are unable to immediately find it.
This is a serious and un-waivable requirement to open a domiciliary /business bank account as proscribed by CBN.
Proof of Address
This is very important in opening a domiciliary bank account in Nigeria. A utility bill is a receipt or invoice issued by a biller, showing the address of the user of the utility. The customer must present his or her utility bill to the bank as proof of address. The utility bill must be recent i.e, 1-3 months old. Here are forms of proofs of address in Nigeria:
- Tenancy agreement
- Telephone bill
- Electricity bill
- Water bill
- Land use charge (for Lagos only)
- Waste bill
The customer must present his passport photo to the bank. The passport photo, preferably, should:
- Be clear
- No eye glasses/sunshades
- No head-ties
- Lighting must be balanced, avoid glare
- Avoid laughing/frowning
- Show the signatory’s ears, neck, opened eyes, and face
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Two (2) References (Optional for some banks)
A bank reference should confirm that banking relationship has been acceptable, without any defaults from your part. This is also very important to open a domiciliary bank account in most banks. Some banks do not request for 2 references if an individual/personal customer wants to open a domiciliary bank account. The forms, to be provided by the bank, must be duly filled and signed both by the signatory of the proposed bank account, and the referee.
Here are some modalities about reference forms:
- The referee account can be from any Nigerian bank
- A corporate/business name can stand as referee for an individual
- A related party e.g., family member, self in another bank, etc. cannot stand as reference
Bankers are largely discouraged from opening zero-balance domiciliary accounts. Therefore, many banks want to see the initial cash which you are willing to deposit into your proposed account immediately, as domiciliary accounts are regarded as serious accounts.
Other Relevant Licenses/Documents
For non-Nigerians, they are required to submit their residence permit. The Nigerian resident/work permit is officially known as the Combined Expatriate Residence Permit and Aliens Card (CERPAC). The CERPAC grants a foreigner license to live and work in Nigeria for up to two years, which is subject to renewal at the end of the expatriate quota.
To open an individual/personal domiciliary salary account, just add your employer’s authorization to open the domiciliary account to the documentation above. Domiciliary account opening requests are usually treated same day.
Once you are able to provide all stated here, most Nigerian banks can your domiciliary account opening request within 24 hours.