Nigeria · Business Banking
Opening business and personal bank accounts, remote options, required documents, and fees.
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Banks are licensed and supervised by the Central Bank of Nigeria, and deposits in deposit money banks are insured by the Nigeria Deposit Insurance Corporation up to ₦5,000,000 per depositor per bank. Opening an account requires a Bank Verification Number (BVN), the biometric identifier issued through the banks, and banks increasingly ask for the National Identification Number (NIN) as well. Mobile money and instant interbank transfers are widely used, and imports paid in foreign currency go through the banks under Central Bank rules.
- Deposits are insured up to ₦5,000,000 per depositor per deposit money bank.
- A Bank Verification Number (BVN) is needed to open an account.
- Mobile money and instant interbank transfers are widely used.
- Central Bank of Nigeria (CBN)
Central Bank of Nigeria: licensing and supervision of banks.
- Nigeria Deposit Insurance Corporation (NDIC)
Deposit insurance: up to ₦5,000,000 per depositor per deposit money bank.
Government portals
- Corporate Affairs Commission (CAC) — Company registration, annual returns and company searches.
- Nigeria Revenue Service (NRS) — Federal taxes, including company income tax, VAT and the development levy.
- Nigeria Immigration Service eVisa — Online short-visit visa applications, which replaced visas on arrival in 2025.
- Nigeria Data Protection Commission (NDPC) — Data protection registration, guidance and breach notification.