Nigeria (NG)
Nigeria is Africa's most populous nation and its largest economy — a vibrant, dynamic, and entrepreneurial country of over 220 million people spanning 36 states and 250+ ethnic groups.
Banking in Nigeria
Recommended banks, payment culture and credit score basics.
Nigerian banking is sophisticated but KYC is thorough and foreigners face specific requirements. The most critical document is the CERPAC (Combined Expatriate Residence Permit and Aliens Card), which most commercial banks require before opening an account for non-citizens. A BVN (Bank Verification Number) is mandatory for all Nigerian bank accounts — as a foreigner you will need to enrol at a bank branch using your biometrics and CERPAC. You will also need a valid work permit or resident permit, employer appointment letter, proof of Lagos/Abuja/local address, and a TIN (Tax Identification Number) from FIRS for salary receipt. Open a primary account early: virtually all salary payments, rent transfers, and bill payments flow through the NIBSS interbank transfer network.
Recommended banks
GTBank (Guaranty Trust Bank)
EnglishMonthly fee: Account maintenance charge: NGN 50–100/month on savings; current accounts subject to CBN-capped charges; SMS alert fees NGN 4–6 per message
Requirements: CERPAC or valid residence permit, passport, BVN enrolment (biometrics at branch), employer appointment letter, proof of Lagos/Abuja address, 1–2 passport photos, TIN where required. Branch visit mandatory for BVN enrolment and account opening.
- + One of Nigeria's most recognised banks — extensive branches in Lagos, Abuja, and major cities
- + GTWorld mobile app is among the best digital experiences of Nigerian banks
- + USSD banking (*737#) for transfers and airtime without data connection
- + Strong employer payroll relationships with multinationals, oil/gas companies, NGOs
- + International Mastercard Debit available for online and foreign purchases
- - CERPAC and BVN enrolment required — cannot open account on tourist status
- - Branch queues in Lagos can be significant; early morning visits recommended
- - FX transfers and foreign-currency transactions require additional CBN documentation
Zenith Bank
EnglishMonthly fee: Account maintenance: NGN 50–200/month depending on account type; SMS alert NGN 4/message; current account COT capped per CBN guidelines
Requirements: CERPAC or valid residence permit, passport, BVN, employer letter, proof of address, passport photos, TIN. Zenith Bank is particularly strong for corporate and oil-and-gas sector expats.
- + Strong FX and international trade finance services — preferred by oil/gas and corporate expats
- + Wide branch and ATM network in Lagos and Abuja
- + Zenith Mobile banking app for transfers and account management
- + USSD banking (*966#) available
- + Multi-currency account options for dollar-denominated salary holders
- - Branch processes can be slow at peak times
- - Dollar accounts require additional CBN-compliant documentation for opening
- - International SWIFT transfers require purpose documentation
Access Bank
EnglishMonthly fee: Account maintenance: NGN 50–100/month; SMS alerts NGN 4–6/message; Closa account has reduced charges
Requirements: CERPAC, passport, BVN, employer letter, proof of address, photos. Access Bank is Nigeria's largest bank by total assets after its merger with Diamond Bank.
- + Largest Nigerian bank by assets — extensive branch network across all states
- + AccessMore app for mobile banking and NIP transfers
- + USSD banking (*901#) widely supported
- + Good for expats in multiple cities or working across Nigeria
- + AccessAfrica service for cross-border transfers within Africa
- - Size means variable branch service quality
- - Documentation requirements as strict as other Tier 1 banks
Stanbic IBTC
EnglishMonthly fee: Varies by product; Premium banking: no fee with NGN 2M+ average balance; standard accounts NGN 50–150/month maintenance
Requirements: CERPAC, passport, BVN, employer letter, proof of address, income evidence, source-of-funds for premium accounts. Stanbic IBTC is a subsidiary of Standard Bank Group (South Africa).
- + Best for expats requiring investment, pension (Stanbic IBTC Pension), and wealth management alongside banking
- + Strong Africa-wide Standard Bank Group network — useful for expats also operating in other African markets
- + Premium banking relationship manager available at qualifying balance thresholds
- + Experienced compliance team familiar with foreign national documentation
- - Smaller branch footprint than GTBank, Zenith, or Access
- - Higher balance expectations for premium service tiers
Kuda Bank
EnglishMonthly fee: NGN 0 (no monthly fee, no minimum balance)
Requirements: BVN mandatory; valid Nigerian SIM card. Foreigners with CERPAC and BVN can register. Fully app-based — no branch visit for account setup after BVN is already enrolled.
- + No maintenance fees or SMS charges — one of the cheapest Nigerian accounts for basic transactions
- + Instant NIP transfers between Nigerian banks
- + Clean app interface in English
- + Useful as a secondary account for everyday spending after primary salary account is opened at a Tier 1 bank
- + 25 free transfers per month included
- - BVN required — cannot be the first account opened without prior BVN enrolment at a Tier 1 bank
- - No cash deposit or branch network
- - International card acceptance less reliable than Tier 1 bank Mastercards for overseas purchases
- - Regulatory limits may apply to account size for foreigners
Payment culture
NIBSS Instant Payments (NIP) — the interbank transfer system — is the backbone of Nigerian transactions. Virtually all rent, salary, service payments, and business transactions are settled by bank transfer using 10-digit account numbers. Transfers happen in seconds between all Nigerian banks. POS (Point of Sale) terminals are ubiquitous — in shops, markets, fuel stations, and even on the street. USSD codes (*737# for GTBank, *901# for Access, *966# for Zenith) allow banking without data. Mobile money and fintech wallets (OPay, PalmPay, Moniepoint) are used for small merchant payments. Cash (Nigerian Naira, NGN) is still essential for local markets, tips, minor transport, and areas without POS coverage — carry small-denomination notes (NGN 200, 500, 1,000).
Cash access
ATMs (branded by each bank) are widely available in Lagos, Abuja, Port Harcourt, and major cities, but machines can run out of cash — especially before public holidays and weekends. GTBank, Zenith, and Access Bank ATMs are the most reliable for international Visa and Mastercard withdrawals. Foreign-card fees are typically NGN 2,000–3,500 per withdrawal plus your home bank's charge. POS terminals in shops often have a NGN 100–200 service charge for card payments, especially for small amounts — negotiate or use a Naira account card instead. Carry some cash as backup: network failures and ATM downtime do occur.
CRC Credit Bureau / FirstCentral Credit Bureau / CreditRegistry
Nigeria has three licensed credit bureaus: CRC Credit Bureau (crc-nigeria.com), FirstCentral Credit Bureau (firstcentralcreditbureau.com), and CreditRegistry (creditregistry.ng). Each offers individual credit checks for a fee of approximately NGN 2,000–5,000. The Credit Bureau Association of Nigeria (CBAN) is the umbrella body.
Most foreign expats have no Nigerian credit history. Banks assess creditworthiness for foreigners through salary, employer name, account activity, and collateral rather than credit score. Unsecured personal loans are generally not available to foreigners without a substantial banking relationship.
International transfers
Outward remittances (sending money from Nigeria abroad) are subject to Central Bank of Nigeria (CBN) guidelines and require documentation of purpose: employment income evidence, tax clearance certificate, invoice or contract for business payments, and completion of CBN Form A at the bank. Forex availability and exchange rate fluctuations are real operational considerations in Nigeria — consult with your bank's FX desk before large transfers. Wise and Revolut cannot receive or send NGN directly; use a licensed Nigerian bank for outward SWIFT transfers and compare rates between banks. Incoming SWIFT transfers must be routed through your Nigerian bank account with remittance purpose declared.