Consider the benefits and decide what you are looking for.

Besides keeping your cash safe, a bank account provides the following benefits:

  • Allows you to automatically pay your monthly bills, so you will not default.
  • Makes it easier for you to receive your salary and other payments.
  • Helps you track your monthly spending, as you will be sent a monthly statement at the end of each month.
  • It helps you shop online and at POS terminals through your ATM card.
  • It provides proof of your financial worth whenever that is needed for purposes such as applying for a loan.

It's actually very easy to open a Bank Account. Everybody can do it. Here TopCheck provides you with a quick guide.

1 Visit the Bank.

Just walk into the nearest branch of any bank you like and head for the customer service desk. Inform the staff that you would like to open an account. You will be asked what type of bank accounts you want to create - whether it is a savings account or a current account - and you will be told the requirements for each.

2 Savings Account or Current Spending Account?

A savings account is meant to encourage saving, and that is why monthly interests are paid on the money saved in the account. A current account, on the other hand is a multipurpose account that is used for many transactions, and it therefore comes with the added advantage of allowing the holder to issue cheques. In addition, a savings account generally allows little or zero minimum balance, but a current account has a higher minimum balance. While savings accounts are ideal for salary earners, current accounts are ideal for business owners.

3 Debit Card, Credit Card and Online Banking?

Having a bank account provides you with great tools that can make your life much more convenient in the future. As an account holder you are entitled to apply for a credit card and a debit card, which are the first steps into a cash-free life. Although it's not very popular in Nigeria, yet, online banking (TopCheck guide of how to use it) allows you to check your financials and manage your payments anytime anywhere in the world.

4 Provide required documents.

Once you have decided on your preferred account type and are able to provide the requirements, you will be given with an account opening form, which you need to fill-out and submit alongside the following:

  • A proof of address. This is usually a utility bill that bears the same address you will use as your contact address. It could be your PHCN bill or Water Corporation bill.
  • Two or three passport photographs.
  • A government-issued ID card. Such as your National ID card, Driver's license, International Passport, or Permanent Voter's Card (PVC).
  • An initial deposit amount. Not all banks require this.

5 Congratulations! You have opened a Bank Account.

After submitting your completed form and required documents to the customer support staff of the bank, you will have completed the account opening process. As a next step you will be sent an account activation notification alongside your account details by SMS within one to two weeks. After receiving the message, you can start using your account for receiving payments and completing other transactions.