Walk into a bank in Lagos and say you want an account, and the first questions back are which kind, and what you have brought. Answer a few questions here and you get the account to ask for, why it fits, and one list of everything to bring - so the first visit is the only one.
Nothing you choose here is sent anywhere; your answers stay on this device.
What to bring
- A SIM in your name, linked to your NIN - the bank sends codes to it
- Your NIN
- Your BVN - most banks capture it for you when you open the account
- A valid ID - an international passport, driver's licence, voter's card or national ID card
- Proof of address - a recent utility bill or a tenancy agreement. Ask the bank what it accepts before you go
- A passport photograph
- A reference, at some banks, for a current account - a signature from an existing customer. Ask first
- A phone number, a photograph and your basic details
- Your passport with a valid visa, and your residence permit or CERPAC - or evidence that it is in progress
- A letter from your employer
Every kind of account, and who it is for
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A full account (Tier 3)
For a salary, rent and bills, and the right answer for anyone setting up a life here.
The highest limits the bank sets. A savings or a current account; a current account is the one some banks want a reference for.
Watch for: Proof of address is where a new arrival gets stuck. A Lagos utility bill is usually a DisCo or a waste bill.
More about this account ➞Bring
- A SIM in your name, linked to your NIN - the bank sends codes to it
- Your NIN
- Your BVN - most banks capture it for you when you open the account
- A valid ID - an international passport, driver's licence, voter's card or national ID card
- Proof of address - a recent utility bill or a tenancy agreement. Ask the bank what it accepts before you go
- A passport photograph
- A reference, at some banks, for a current account - a signature from an existing customer. Ask first
-
A Tier 1 account
Opened in minutes, with very little.
The lowest tier of the Central Bank's three. It holds up to ₦300,000 and moves ₦50,000 a day.
Watch for: Those limits. You cannot receive a year's rent into it; go to Tier 3 as soon as you have the documents.
More about this account ➞Bring
- A SIM in your name, linked to your NIN - the bank sends codes to it
- A phone number, a photograph and your basic details
-
A microfinance bank's app
For everyday spending, transfers and paying at small shops.
The licensed microfinance banks behind apps such as OPay, PalmPay, Moniepoint and Kuda carry a great deal of everyday Lagos money. Many people hold one beside a commercial bank account for salary and rent.
Watch for: The same three tiers apply. Never give your BVN, PIN or a one-time code to anyone who calls or messages, whoever they say they are.
More about this account ➞Bring
- A SIM in your name, linked to your NIN - the bank sends codes to it
- Your NIN
- Your BVN - most banks capture it for you when you open the account
-
A domiciliary account
For holding dollars, pounds or euros.
How most people keep foreign currency savings and pay for things priced in dollars, such as international school fees.
Watch for: Money sent through transfer operators is paid out in naira only, since 1 May 2026, and cannot be credited here in dollars. Withdrawing foreign cash is not always smooth; ask the bank before you rely on it.
More about this account ➞Bring
- A SIM in your name, linked to your NIN - the bank sends codes to it
- Your NIN
- Your BVN - most banks capture it for you when you open the account
- A valid ID - an international passport, driver's licence, voter's card or national ID card
- Proof of address - a recent utility bill or a tenancy agreement. Ask the bank what it accepts before you go
- A passport photograph
Before you sign
Every bank sets its own charges, so none are quoted here. Ask for them in writing: maintenance fees, card and transfer charges, and SMS alerts are small, monthly and permanent.
Two rules that hold at every bank:
- Do things in order: the NIN, then a SIM in your name linked to it, then the BVN and the account.
- Never give your BVN, card PIN or a one-time code to anyone who calls, messages or emails you. A bank will not ask.
How to open a bank account, step by step Cash, POS and transfers