A current account is a type of account that allows deposits and withdrawals of money without notice. It is different from savings account in that withdrawals can be made by cheque, as such, third party withdrawal is possible. It is also different from savings account in that a fee known as Commission on Turnover (COT) is charged per withdrawal under current account. Though branding of current may differ from one bank to another in Nigeria but the requirements for opening a current account are the same. Therefore, anybody that want to open current account will need the following items:
1. Passport photograph
Your photograph is your identity therefore, a person that wants to open a current account in Nigeria, you must have two recently taken passport photographs that will be scanned and uploaded in the bank‘s database.
2. Means of identification
The valid means of identification in Nigeria are National Identity Card, International Passport and Driver‘s license. Voter‘s card has recently been made to suffice as a valid means of identification that a prospective current account holder can present in a bid to open
current account. Means of identification is needed because it is the only document that proves you are whom you claim to be, as such, it must be photocopied and attached to other document presented to the bank.
3. Utility bill
Recent utility bill receipts such as NEPA bill, water bill and DStv subscription receipts are needed to open a current account. It acts as a proof that your address exists and that you are currently living there.
4. Two references
Anybody that wants to open a current account must provide two referees to ascertain that the person is whom he/she purports to be and to safe guard the bank from section 3(2) of cheques act of 1934.
5. Execution of account opening form
Current account opening form must be duly filled and relevant information must be provided when filling the form by the customer that wants to open a current account.
This is the most important requirement. It is needed before and after the current account opening. You must have a signature and it must be regular at all times and in all transactions.
7. Opening balance
This is the monetary requirement for opening current account. The amount varies across banks. While some banks require a minimum of NGN5000 to open a current account, some banks require a minimum of NGN 50000 and some require NGN100,000.
8. Board resolution
This requirement applies to corporate bodies. A board resolution which shows that the Directors of the company met and resolved to open and operate a current account is needed in order to open current account in Nigeria.
9. Certificate of Incorporation
The Certificate of Incorporation is a proof that a company is registered with the Corporate Affairs Commission, as such, it is needed to open current account in Nigeria.
10. Particulars of Directors and share allotment
Forms CO2 and CO7 which contain information about the Directors, shareholders and share allotment of a corporate organization is a requirement for current account opening in Nigeria.