Banking

student banking advice

opening a bank account

If you do not already have an account, it might be a good idea to open an account before heading to your college or university. You can use it to pay bills, send or receive money, save, make purchase, cash withdrawals, buy airtime, invest and many more. If you already have an account, you might also want to look into opening a second account preferably one with a branch in close proximity to your college/university for easy access.

Opening a bank account is relatively easy, simply walk into a bank of your choice or visit their website, most banks allow you to start the registration process or download the account opening form online, you will need the following (Savings/Student accounts);

Valid Means of Identification (Driver's licence/International passport/National ID card/Permanent voters card), any is acceptable. Some banks also accept valid student ID cards.
Recent Utility Bill with your residential address (for address verification)
Passport Photographs (between 1 - 3 depending on the bank)
Bank Verification Number (If you do not already have one, you will be given a form to fill for enrolment, ideally it should take 24hours to get one, however, this varies with banks as your address has to be verified, so allow at least a week.)
You may be required to make a deposit to activate the account

For other accounts, the requirements vary slightly but usually include the same requirements for savings accounts with some additional documentation; for instance for current accounts, you need the same requirements for saving accounts as well as two referees that operate current accounts with the same bank.

types of accounts

1. Savings Account

It is virtually opened by individuals and the most common account type in Nigeria. Little interest rate is accrued on your deposit. This is an interest bearing deposit account set up easily at the bank, although it is restricted to certain transactions.

2. Current Account

This kind of Nigerian bank account is also referred to as a Checking account. This is because you would be given a check book where you can carry unlimited transactions unlike the savings account that is limited.

3. Domiciliary Account

This account enables you to make transactions in an to foreign currencies from Nigeria. You can receive foreign denominations like Dollars, Pounds with this kind of account to facilitate international transaction. Read on how to open a dormiciliary account in Nigeria here

4. Fixed Deposit Account

This type of Nigerian account is fixed for a particular duration with a high return of interest after investment with a minimum duration of 30 days and a maximum duration of 180 days.

5. Non Resident Nigerian Account (NRN)

A special accounting service that is set up to meet the needs of non resident Nigerians living overseas or in diaspora.

6. Corporate Account

This is an account designed for large corporations and multinational organizations with high turnover or profit.

7. Joint Account

This is type of account is setup with the name of two or more individuals who are jointly signatory to the account. Joint account holders are regarded according to law as together making up the ‘owner’. Any action made on the account is made jointly not individually. Joint accounts in Nigeria are of two types:

Joint-tenancy (normally owned by married couples)

Tenants-in-common (normally owned by business partners or directors)

You can visit any of the registered banks in Nigeria and inquire from them any type of these accounts and their interest rates if you are interested in opening an account here in Nigeria.