Friend, are you looking to open a bank account in Nigeria? Opening a bank account in Nigeria can be a daunting task, but it doesn’t have to be.

In this article, we’ll provide you with the necessary steps and requirements for opening a bank account in Nigeria. You’ll also find out the key differences between domestic and international banks so that you can make an informed decision about which one is right for you.

We’ll cover everything from the documents needed for opening an account to the best banks in Nigeria and the types of accounts available. We’ll also provide links to helpful resources so that you can find all the information you need to make your banking experience easier.

With our guidance, opening a bank account in Nigeria will no longer feel like such a daunting task!

List Of Top Commercial Banks In Nigeria

Nigeria has a wide range of commercial banks available, offering various services to their customers. Here is a list of the major commercial banks in Nigeria:

  • Access Bank: Access Bank provides a range of products both for personal and business banking customers.
  • United Bank for Africa (UBA): UBA offers banking services such as savings, current and investment accounts, as well as international money transfer services.
  • GTBank: GTBank offers a full suite of retail banking services such as savings accounts, current accounts, and online banking.
  • Fidelity Bank: Fidelity Bank provides a range of banking products and services including debit cards, internet banking, and mobile banking.
  • Zenith Bank: Zenith Bank provides Internet banking, mobile banking, loan facilities, and money transfer services.
  • First Bank of Nigeria: FirstBank offers retail banking services such as current accounts, savings accounts, and international money transfers.
  • Union Bank: Union Bank provides retail customers with products such as debit cards, loans, and internet & mobile banking services.
  • Sterling Bank: Sterling Bank provides retail customers with various products such as current accounts and debit cards.
  • Polaris Bank: Polaris Bank offers an array of financial services including savings accounts, current accounts, and loan facilities.

By understanding the key features available from leading banks in Nigeria you can make an informed decision about which provider best meets your needs when opening a bank account in the country.

Choosing the Right Bank

Opening a bank account in Nigeria can be a daunting task. The first step to take is deciding which bank is the right fit for you. There are numerous options available, from traditional banks to digital-only alternatives.

It’s important to do some research when selecting a bank; each institution offers different features and services, such as ATM access, online banking, mobile apps, and savings accounts. Before you make a final decision, consider:

  • The location of the bank’s branches or ATMs
  • The fees associated with opening the account
  • Any minimum balance requirements or penalties for not maintaining your account
  • The customer service available at that particular branch

With so many options on offer, it can be difficult to choose just one. However, if you take the time to compare what each institution offers against your individual needs, you will be able to narrow down your choices and arrive at the perfect bank for your needs.

Requirements for Account Opening

Opening a bank account in Nigeria requires you to meet certain requirements. What are these requirements? Here is a list of the most important items you will need:

  • A valid form of identification: You can use your driver’s license, national identity card (NIN), passport, or voter’s identification card.
  • Proof of address: This can be a utility bill, bank statement, or personal letter from an employer or government office.
  • At least two personal references: These must be Nigerian citizens who already have an existing bank account and are willing to vouch for you.
  • An acceptable means of opening funds: This can include cash deposits, transfers from another account, or payments from third parties.

These requirements may vary slightly depending on the Nigerian bank you choose to open your account with; however, they generally tend to remain similar throughout the country. So when it comes time to set up a new bank account in Nigeria, make sure you have everything prepared in advance – it could make all the difference in getting your application approved quickly!

Documentation Needed to Open a Bank Account in Nigeria

Opening a bank account in Nigeria is not a daunting task, as long as you have all the necessary documents on hand. Before you even head to the bank, make sure you have all of the following:

Valid Identification

The most common form of identification accepted by Nigerian banks is a valid national ID card. However, international passports and driver’s licenses are also accepted. You will need to present an original copy of one of these documents plus a photocopy.

Passport Photos

In most cases, you will also need to bring in two passport-sized photos that include your name and signature on the back.

Proof of Address

To prove that you are a resident of Nigeria, banks usually require some sort of official document indicating your address (e.g., a utility bill). This must be an original copy with your name, current address, and date clearly printed on it. If you do not have any such document, some banks may accept two forms of identification from two different individuals who can vouch for you.

Proof of Income

Proof of income is another requirement for some banks in Nigeria. Depending on the type of account you are opening (e.g., savings vs current account), the bank may ask for pay slips or other documents that demonstrate your level of income and financial capacity.

Steps for Completing Bank Account Application in Nigeria

If you live in Nigeria and are looking to open a bank account, there are several steps you’ll need to take. Here’s a brief overview of what you’ll need to do:


In order to open an account at any Nigerian bank, you must provide valid identification. This includes two valid forms of identification with either your name or photo on the document. Common forms of ID accepted are a driver’s license, international passport, or national ID card, BVN if you already have one, and NIN number.


You will also need to provide proof of address, such as a recent utility bill, a letter from your employer, or your rental agreement. This document must have been issued to you within the last three months and prove that you live in Nigeria.

Initial Deposit

Most banks also require an initial deposit before opening your account; this amount can vary depending on the bank and type of account you’re opening. However, this is usually not more than NGN 5,000.

By following these steps and providing all the necessary documents and information, opening a bank account in Nigeria is straightforward and achievable.

Know Your Rights as a Customer

As a bank customer in Nigeria, you have several rights that should be respected when opening a bank account. Having an understanding of these rights can help you avoid potential issues and ensure that your banking experience is as smooth as possible.

Take a moment to familiarize yourself with the following rights:

  1. Confidentiality- Your information should only be shared with other banks and financial institutions in accordance with Nigerian law.
  2. Accessibility- You have the right to access your funds without unnecessary delays or restrictions.
  3. Protection- Nigerian law protects you from fraudulent activities, such as unauthorized withdrawals from your account or improper use of your information by bank employees.
  4. Fair Treatment- Banks must treat all customers equally and cannot discriminate based on gender, race, religion, or any other personal trait or characteristic.
  5. Responsiveness- Banks must respond to customer inquiries promptly and address any errors or mistakes in an efficient manner.

By understanding these customer rights, you can be sure that your bank is operating within legal boundaries and providing you with the best possible service at all times.

Benefits of Banks Accounts in Nigeria

Banking in Nigeria is more than just a way to store and earn money; there are a number of benefits that come with opening up a bank account. Some of these include:


Bank accounts provide a safe, reliable way to access and store your money, reducing the chances of theft or fraud. Furthermore, Nigerian banks offer a variety of security measures such as two-step authentication and encrypted transfers to ensure your finances remain secure.

Earn Interest

Opening up an account with a Nigerian bank can help you to earn interest on the capital you save. Most Nigerian banks offer between 2-5% Annual Percentage Yield ( APY). This means that if you start off with N10,000 in the first year, you could potentially earn an additional N205.

Easy Accessibility

Most banks offer online banking services, meaning you have access to your account from anywhere in the world. With Internet Banking and Mobile Banking apps, it’s easy for customers to check their balance, transfer funds, and pay bills on their device of choice.


Opening a bank account in Nigeria is an important step to securing your financial future, and it’s easier than you think. With the right documents and the right bank, you can get started in no time. Be sure to research the best banks and account types, as this will ensure that you get the best features and benefits, as well as competitive fees and services. Finally, make sure you’re aware of the regulations and requirements surrounding banking and investment in Nigeria, as this will help keep your finances and investments safe. With all of these steps in mind, you’re sure to have a smooth and successful bank account opening experience.