Instant Bank account opening now possible in Nigeria


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Posted by on Wednesday October 8, 2014 at 11:43:21:

In the past, it was not so easy to open a basic savings bank account in Nigeria but things are changing for the better now as banking laws by the CBN have been modified to accommodate a lot of people in the banking industry.

In those days, it was not easy to open a bank account without having an id card and proof of address but nowadays, it's possible as Nigerians banks have gradually introduced banking products that allow people to open bank accounts with little or no documents.

I refer to them as Instant Savings bank accounts and all a person would need to provide is at least a passport photograph and a filled application form. It allows a lot of people in Nigeria to open and operate banks accounts without having to face a lot of hurdles. Yes, it allows one to open an account almost immediately.

I've visited a lot of banks in the past and know that a lot of people tend to have problems when opening an account for the first time. Most people complain about not having an identity card like driver's license, National ID or International passport. Others worry that they don't have a proof of address like Waste bill, NEPA Bill, Water bill and so on. For most Nigerians, it can be hard and torturous to open a basic savings account and that's why banking laws have improved to allow a lot more people have access to banking products.

Opening an Instant bank account is the easiest and fastest way to open a bank account now in Nigeria because it requires little or no documentation before one can open one. It does come with some conditions and features that I will list below but in all, I think it will draw a lot more people to save money in the bank rather than still making use of cash.

I like the fact that it also allows account holders have access to an ATM debit card with which they would be able to make POS payments as well as withdraw or transfer money using an ATM. Nowadays, many Nigerians are getting used to ATMs unlike in the past and just like the GSM revolution is making them a bit techie, so also is the ATM technology. A good number of Nigerians are open to learning new things, even the older generation.

I recently tried opening an account from a bank online and it was successful. I got an email later on and when my account was confirmed, I also got my account number. I was also able to deposit money into the account and request an ATM card from the bank. I did all that without ever visiting the bank for the first time.

Instant bank accounts in Nigeria re making it easy for more Nigerians to go cashless by saving their money with banks. In the past, people used to complain that banks used to waste a lot of time and ask a lot of questions before one can open a bank account but today, that is no longer the case.

Different Nigerian banks tend to have different banking products related to Instant bank accounts but some of the ones I've seen are really more innovative and make the job easier.

This may even make it easier for foreigners to open and operate bank accounts in Nigeria and in this way be able to visit Nigeria any time they want with hope that they have some money in the bank.

An Instant Savings bank account can also be converted to a Normal basic savings account when the customer provides more documents that would better validate his account. That would allow him to save more money and be able to make larger deposits.

Ways to open an Instant Bank account
- Internet: You can open one on the internet and without the need to visit the bank> Just upload a good passport photo and also fill and submit the form, including your email address and phone number.

- Physically: You may also visit the bank and open one with your passport and by filling the form.

- Passport photograph
- Completed application form
- Account holder must be at least 18 years

Features of an Instant Bank account
- No need for an identity card
- No need for a proof of address
- No need for an initial deposit
- Maximum savings of N200,000 per account
- Maximum deposit of N20,000 per deposit
- Access to ATM card
- Ability to earn a periodic interest on savings

Re: Instant Bank account opening now possible in Nigeria Reply by Mr George on Friday November 21, 2014 at 8:56:27:

Which banks operates an instant savings account, and could you please post links to these application pages. Mr Felix, You are doing a fantasic job. I think this blog should have a Facebook page!!

Re: Instant Bank account opening now possible in Nigeria Reply by Felix Okoli on Friday November 21, 2014 at 8:56:27:

Many banks offer the service and the ones I know of personally are FCMB, UBA and GTBank

Re: Instant Bank account opening now possible in Nigeria Reply by Ahmad on Saturday December 27, 2014 at 7:44:56:

I went to open account

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