How to open a student bank account in Nigeria

How to open a student bank account in Nigeria

If you’re a student looking for “How to open a student bank account in Nigeria“, then this is the guide for you as you will be shown the easiest ways to open a bank account, the advantages of a student bank account, and the major requirements needed to open a student bank account in Nigeria.

Having a bank account is important in this modern age, not having one can make transaction life difficult for you. Your parents or guardians might want to send you school fees, provisions fees, and so on.

If you have a bank account, they just have to transfer to you while in school instead of coming to give you cash and leaving you stranded for a while.

As an undergraduate, junior/secondary school student, or an O’level degree holder aged between 16 to 25 years, you’re eligible to open a student bank account with just a student ID card, National ID card, or an Admission letter.

You will be able to perform all banking transactions such as inter-bank and intra-bank transfers, pay bills, buy airtime, withdraw money from ATMs, buy WAEC results pins and so many other services.

Before diving deep, let’s quickly take a look at the requirements needed to open a student bank account in Nigeria.

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The requirements needed to open a student bank account in Nigeria

The requirements you will need are not as many as opening a non-student bank account. The bank knows you’re a student and most of the documents they usually require will not be collected from you.

But still, there are some major ones that you need to provide so your account can be set up.

  • Passport Photograph: You will be asked to provide two clean passports showing your head to shoulder. Most banks prefer the passport to have a red background while some don’t have a preferred background color.
  • A valid form of identity: You will need to provide any valid form of identity to show you’re truly a student. Student ID, NYSC identity card, School admission letter are all valid forms of student identity that can be provided.
  • BVN: You must have a BVN (Bank Verification Number), the bank can help you to get your unique 11-digits BVN if you don’t have one already.

The benefits of opening a student bank account

After getting your requirements ready, you might be over the fence as to why you can’t just open a standard account. Well, a student bank account has many great advantages over a standard account and can also help your academic journey in the future.

Below are some of the great advantages you get to enjoy as a student bank account owner:

  • No transaction charges and SMS charges
  • Zero accounts opening fee and minimum unlike a standard bank account
  • Automatic eligibility to get an academic journey support grant
  • You will get interest-free overdrafts and no monthly or ATM maintenance fees
  • A free debit card will be issued for all inline and offline transactions
  • Earn an interest rate of 1.15% per annum on your savings

You will get to enjoy all the above-listed benefits and more.

How to open a student bank account in Nigeria

Opening a student bank account is quite easy, just walk into any of your preferred bank branches and meet with the customer representatives.

Let them know your motives, present all the requirements that were listed above and you will be given an account opening form to fill. Make sure to fill this document without errors.

As stated earlier, the bank will also enroll you for a BVN if you don’t have it. Submit the form after completing it.

And Voila! The account opening process is successful, you will receive an SMS containing important details about your bank account such as the account number, ATM pin, and so on.

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Conclusion

As a student, it’s somewhat compulsory to have a bank account to make your academic life a little easier. Hope this guide on “How to open a student bank account in Nigeria” will be helpful to you.

If you have any questions, kindly comment down below or visit any bank branch to seek technical help.

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