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PROCEDURE FOR OBTAINING MONEY LENDING LICENSE IN NIGERIA
Yes, a foreigner can open a bank account in Nigeria, but upon fulfilling conditions to operate a bank account in Nigeria in accordance with the extant laws and the Central Bank of Nigerian’s regulations.
There two major requirements any foreigner seeking to open a bank in Nigeria must fufil, which are state as follows:
- The number one condition that anyone seeking to open a bank in Nigeria must fulfil is to be Nigerian-resident. This implies such person must have obtained the Nigeria resident permit, also known as CERPAC or is in the process of doing so. The CERPAC- meaning the Combined Expatriate Residence Permit and Aliens Card can only be processed by a foreigner if such foreigner has been employed by a Nigerian company through an expatriate quota. A foreigner seeking to establish a business in Nigeria must firstly register a company and process both the business permit and expatriate quota together before such a person can be eligible to apply for CERPAC.
- The second major requirement is the Biometric Verification Number(BVN). Subject to the CBN’s Regulations, every account holder in Nigeria must have BVN. The BVN can usually be obtained by visiting the banking premises and enrol for it.
In opening a bank account in Nigeria, the Nigerian nationals living abroad are not categorized as foreigners. The Nigerian citizens abroad have unfettered right to open any bank in Nigeria, provided they have acquired BVN.
By Corporate & Commercial Law Department at Resolution Law Firm