How to Open a Business Account in Nigeria from the Diaspora

For many Nigerians living abroad, investing back home is more than just sentimental it’s strategic. Whether you’re funding a family business, launching a startup, or buying property, one essential step is often overlooked: opening a Nigerian business account.

A business account is not just a place to store money. It gives your business legitimacy, builds trust with customers and vendors, and helps you manage finances professionally. It’s also necessary for securing loans, paying taxes, applying for grants, and making local transactions smoothly. Fortunately, the process has become more accessibleyou no longer need to be physically present in Nigeria to set one up.

Here's a step-by-step guide tailored for diaspora entrepreneurs.

Step 1: Register Your Business with the Corporate Affairs Commission (CAC)

You can’t open a business account without a legally registered business. The CAC (Corporate Affairs Commission) is Nigeria’s official registry for business names and companies.

How to Register:

Visit www.cac.gov.ng

• Search and reserve your preferred business name

• Choose your business structure: Business Name, Limited Liability Company, or Incorporated Trustee

• Prepare and upload required documents:

• Valid ID (international passport preferred)

• Passport photo

• Details of owners/directors

• Business address and objectives

• Memorandum and Articles of Association (for companies)

Tip: Many diaspora Nigerians use CAC-accredited agents or legal firms in Nigeria who handle everything remotely and provide digital copies of your registration documents.

Step 2: Obtain a Tax Identification Number (TIN)

The TIN is issued by the Federal Inland Revenue Service (FIRS) and is mandatory for any business account.

How to Get It:

• Apply through FIRS (directly or via your CAC agent)

• Submit your CAC certificate and business details

You’ll receive a soft copy of your TIN certificate, which is required by banks

Step 3: Choose a Bank That Supports Diaspora or Remote Onboarding

Several Nigerian banks now cater to diaspora needs and offer remote onboarding.

Top Picks:

• GTBank: GTDiaspora service supports remote business account opening with scanned documents.

• UBA: Offers Diaspora Business Account with online processing.

• Zenith Bank: Provides tailored business solutions and responsive online customer support.

• Access Bank: Known for SME support and digital account services.

Step 4: Submit Required Documents to the Bank

Banks may vary slightly, but most require the following:

• CAC Certificate

• TIN Certificate

• Valid form of ID (preferably international passport)

• Passport photo

• Utility bill (proof of Nigerian business address)

• Board resolution (for companies with multiple directors)

• Completed account opening form (often fillable online or via email)

Note: Some banks will request video verification or require you to sign certain documents in front of a notary or Nigerian embassy official.

Step 5: Fund and Activate the Account

Once your documents are reviewed and approved, your account will be created and shared via email. You'll need to fund it with a minimum opening balance (varies by bank) to activate it.

You can then:

• Set up internet banking

• Access mobile banking apps

• Request ATM or business debit cards

• Enable transaction alerts

Step 6: Manage Your Business Account from Anywhere

Modern Nigerian banks offer full remote access through digital platforms. You can:

• Transfer funds locally and internationally

• Pay vendors and staff

• Monitor transactions in real-time

• Apply for business tools like POS machines or loans

Opening a business account in Nigeria from abroad is no longer complicated. With the right documents and a bit of guidance, you can register your business, secure a TIN, and open a professional account—all without boarding a flight. It’s a critical step that transforms your passion project or side hustle into a legitimate, structured, and scalable business.