ACCOUNT OPENING DOCUMENTATION FOR TIER ONE KYC

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Early 2013 the Central Bank of Nigeria (CBN) harmonized the KYC requirements for account opening across all banks in Nigeria. With this development all bank accounts in Nigeria has been categorized into tier one, two and three with the documentations for each class clearly established by the policy.

In this article am going to outline the requirements and the accounts that fall into the tier one account.

DOCUMENTATION AND REQUIREMENTS

Basically the tier one account is made for individual customers that do not have any of the primary identity cards like national ID, driver’s license, Int’l passport, and permanent voters’ card. So customers can present any identity card for tier one account. The following requirements will be needed for opening tier one account:

  1. Any form of ID card
  2. Means of address verification (utility bill, etc)
  3. One passport photograph
  4. No Initial deposit needed

ACCOUNT TURNOVER LIMIT

As a result of the tier one nature of the KYC of this account, the turnover of this account is limited to a cumulative balance of N200,000, this means that the balance in this account cannot exceed N200,000 and it is also limited to a maximum single deposit of N20,000.

Whenever the customer exceeds the thresh hold, the account is restricted from debit transactions until the customer upgrades to tier two or three. This class of account works better for customers who does not do high volume transactions.

Below is the full details of the tier one account as issued by CBN.

[embeddoc url=”http://www.financialwatchngr.com/wp-content/uploads/2015/11/TIER-ONE-ACCOUNTS1.docx” viewer=”microsoft”]

 

 




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About Haruna Magaji 2522 Articles
Haruna Magaji is a journalist, foreign policy expert and closet musician. He is a graduate of ABU Zaria and a member of the Nigerian union of journalists. JSA, as he is fondly called, resides in Suleja, Abuja. email him at - [email protected]

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