Can a Foreigner Open a Bank Account in Nigeria?
A foreign individual can open an account with any bank in Nigeria. However, the individual must meet the requirement to open a bank account in Nigeria under the laws and regulations of CBN.
A bank account is a financial account that allows individuals to send, receive, pay bills, save, and store transaction records.
In this article, we will discuss the requirement for a foreigner to open a bank account in Nigeria and the Benefit of opening a bank account.
Read my post on how to open an access bank account
Requirement: for a foreigner to Open a Bank Account
There are two critical requirements the foreigner must register first before they can create an account with any Nigerian bank.
Combined Expatriate Residence Permit and Allen Card (CERPAC):
The first condition that any foreign individual seeking to create an account in Nigeria must fulfill is to obtain a Nigerian resident permit (CERPAC).
CERPAC gives a foreigner permission to live and work in Nigeria for up to 2 yrs, but it can also be renewed when it expires. However, the Nigeria Immigration Service is in charge of issuing and renewing CERPAC in Nigeria.
There are two types of CERPAC issued by the Nigeria immigration service which are:
- The CERPAC Green Card
This card is a legal document that permits foreign individuals to live and work in Nigeria.
- The CERPAC Brown Card
The brow card is a legal document allowing foreigners visiting Nigeria to move around the country for a short time (less than 2 months).
Requirement for CERPAC
- Fill out the CERPAC statutory form.
- Expatriate quota approval is needed.
- An international passport with an STR visa endorsement is required.
- An STR document is required.
- An application letter requesting regularization to stay from the employer is required
- A letter of employment is required
- Proof of payment of prescribed fees
Biometric Bank Verification Number (BVN)
The second condition that any foreign individual seeking to create an account in Nigeria must fulfill is to obtain BVN.
BVN is a biometric identification system designed by the Central Bank of Nigeria (CBN) to reduce and track fraudulent transactions in Nigeria.
Every local and foreign individual in Nigeria who wants to open a bank account must enroll for BVN. Also, BVN gives you a unique identification number that can be used to link several different bank accounts together.
The Requirement to Enroll for BVN
- Fill out the BVN form at any bank branch
- Submit yourself for Biometrics in the bank
How to Link your BVN to your Account
Read my post on how to check BVN on UBA
There are different ways to link your BVN to your account without visiting the bank, either via internet banking or ATM.
Steps to link your BVN via ATM
- Insert your card to the ATM.
- Click on the BVN link on the transaction menu screen.
- Input your 11-digit BVN
- Confirm your BVN details and click on submit.
Steps to link your BVN via internet banking
- Log in to your mobile banking app or internet banking
- Click on BVN Link section
- Insert your BVN number
- Click on submit.
Benefits of Opening a Bank Account
- It helps boost your chances of getting a loan from the bank
- It helps in paying bills online
- It helps to save your fund and reduce unnecessary spending
- It is safe, and you earn interest on your funds monthly.
Can I receive a dollar in my Naira account?
You can only receive and withdraw your dollar in cash if you have a domiciliary account.
How can I open a bank account without proof of address in Nigeria?
Most commercial bank in Nigeria offers an instant account. This account does not require proof of address or other documentation, but there is a limitation on this type of account.
Can I open a bank account with only my passport in Nigeria?
No, you can’t; there are other requirements you need to open an account.
Which bank allows foreigners to open accounts in Nigeria?
Most banks in Nigeria allow a foreign individual to open an account.
Conclusion: Can a Foreigner Open a Bank Account in Nigeria
Although it is possible for a foreign individual to open a bank account in Nigeria, they must provide the essential requirement listed above; otherwise, they would not be able to open an account.
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