Types of Nigerian Diaspora Accounts | Compare Savings, Current & Domiciliary

Nigeria's diaspora community of over 20 million people sent home a record $20.93 billion in remittances in 2024—nearly 37% of Sub-Saharan Africa's total. For Nigerians abroad looking to maintain financial ties with home, opening a Nigerian bank account is essential for investment, family support, and accessing the growing opportunities in Africa's largest economy. 

This comprehensive guide walks you through everything you need to know about opening a Nigerian bank account from abroad, including account types, requirements, and how to choose the best option for your needs. 

Types of Nigerian Diaspora Bank Accounts 

Nigerian banks provide tailored banking solutions for citizens living abroad. These accounts make it easier to save, invest, transfer money, and manage foreign earnings from anywhere in the world.

There are three main types of Nigerian diaspora bank accounts:

1. Diaspora Savings Accounts 

• Purpose: Personal savings and investment

• Features: Higher interest rates, flexible withdrawals, and access to local investment products

• Best for: Nigerians abroad who want to build wealth and earn returns on idle funds while keeping their money connected to the local economy

2. Diaspora Current Accounts 

• Purpose: Day-to-day transactions and business operations

• Features: Unlimited transactions, debit cards, and a checkbook facility

• Best for: Frequent transfers, bill payments, and managing business activities in Nigeria

3. Diaspora Domiciliary Accounts 

• Purpose: Foreign currency management

• Features: Multi-currency options (USD, EUR, GBP), simple repatriation of funds

• Best for: Nigerians earning abroad who want to manage international income and transact across borders

Documentation Requirements 

While requirements differ by bank, diaspora applicants generally need the following:

Special Notes:

• US residents: Must complete FATCA tax forms

• UK residents: May require proof of residence permit

• All regions: Documents must be notarized by a Nigerian embassy or consulate

Step-by-Step Account Opening Process 

Step 1: Choose Your Bank and Account Type 

Compare diaspora account options to match your goals, currency needs, and location.

Step 2: Gather Required Documents 

Ensure documents are up to date and properly notarized by the Nigerian embassy/consulate.

Step 3: Complete Application 

• Visit the bank’s diaspora banking portal/website
• Download and fill out the account opening forms accurately

Step 4: Submit Application 

Email completed forms and scanned documents to the bank's diaspora banking team. Most banks process applications within 14-21 days. 

Step 5: Initial Deposit and Activation 

Make your initial deposit via international wire transfer once your account is approved. Most banks require minimum deposits ranging from $100-$1,000. 

How to Choose the Right Diaspora Account 

With over 15 major Nigerian banks offering diaspora services, selecting the right account can be a daunting task. Key factors to consider include: 

• Interest rates & fees: Annual yields and maintenance charges

• Minimum balance requirements: Ability to maintain required balances

• Digital banking features: Mobile app, internet banking, 24/7 access

• Customer support: Dedicated diaspora relationship managers

• Investment opportunities: Access to Nigerian markets, like treasury bills and mutual funds

Use nairaCompare's Diaspora Account Comparison tool to quickly find and compare account offers from top Nigerian banks—side by side. Filter by account type, fees, and features to make an informed decision.

Key Benefits of Nigerian Diaspora Accounts

Financial Benefits

• Higher returns: Savings rates often exceed those in developed countries

• Currency diversification: Protect yourself against exchange rate volatility

• Direct investment access: Participate in Nigerian financial markets

• Cheaper transfers: Lower remittance costs compared to traditional money transfer services

Practical Benefits

• 24/7 global banking: Manage accounts remotely

• Multi-currency options: Hold USD, GBP, or EUR alongside naira

• Support for family in Nigeria: Seamless transfers to dependents’ local accounts

• Property investment: Easy transactions for buying or maintaining real estate in Nigeria

Final Thoughts

Opening a Nigerian diaspora account helps you stay financially connected to home—whether for family support, investments, or managing foreign income. The process is straightforward once you have the right documents in place.

Ready to get started? Use nairaCompare's comprehensive comparison tool to explore diaspora banking options from leading Nigerian banks and choose the account that fits your goals.

For more financial guidance, explore our articles on

Sending money to Nigeria from abroad

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