How To Open Children Account In Nigerian Banks – The children account is a type of account operated by a parent(s) or guardian on behalf of their children or wards. The child can be between the ages of 0-18 years old. This means that an unborn child can have a bank account and all banks in Nigeria have a product for children account but the differences lies only in nomenclature.
This account is suitable for saving funds that will be used in the upkeep of the child from birth through early childhood and education. Operating a kid account is a perfect way to plan ahead for the future of your child or ward.
The mandate of the account usually state the child as the “sole owner” of the account while the parent(s) or guardian is the account signatory until the child becomes 18years old. As soon as the child or ward is 18, the control of the account will be transferred.
Requirement For Opening Children Account
- Duly completed Account Opening Form
- Birth Certificate of Child or International Passport
- Valid means of Identification for Parent /Guardian
- Two Passport Photographs of Both Child and Parent/ Guardian
- Bio Data form: Know Your Customer Requirement
- Resident Permit(For Non-Nigerians)
- Valid Utility Bill of Parent/Guardian-Not exceeding 3 months (PHCN, LAWMA, Water Corporation, tenancy agreement, tenement rate)