Consult our FAQ’s to find quick answers to your queries
1. Do I have to come to London to open an account with the Bank?
No, you do not. You can be open your account in Nigeria at our Liaison Office (FCMB 1stfloor, 38 Adeola Hopewell street, Victoria Island or by sending your notarised Identity and Address varication documents to us at our Office in London: 81 Gracechurch Street, London EC3V 0AU
2. What is the minimum opening balance for opening accounts with the Bank?
The minimum account opening balances are as follows:
- For Personal (Individual or Joint accounts): £5,000, $5,000 or €5,000
- For Business & Corporate Banking Accounts: £10,000, $10,000 or €10,000
There is no minimum operating balance.
3. What is the difference between your Corporate Banking Account and your Business Banking Account?
The two account types are for Large Corporations and SMEs respectively that meet two of the following three requirements:
Corporate Banking Account
- Annual company turnover of a minimum equivalent of £10million.
- Company’s total assets of a minimum equivalent of £5million.
- A minimum of 50 employees in your company
Business Banking Account
- Annual company turnover below the equivalent of £10million.
- Company’s total assets below £5million.
- Less than 50 employees in your company.
4. Do I need to have a UK address to open an account?
No. You only need your address in Nigeria/Africa with 2 proofs of address (drivers license, bank statement or utility bill). Mobile Phone bills and voters’ card are however not accepted for this purpose.
5. What kind of Identity documents are acceptable to the Bank?
Photo ID documents only: International Passport and Drivers’ License
6. I have a company/ business which was registered in Africa. Do I need to register my business in the United Kingdom to open an account?
No, you do not have to register your business in London to open an account with the Bank. We provide Banking services to African businesses, duly registered and operating across Sub-Saharan Africa.
7. As a business, what documents do I need to open an account?
Your company’s incorporation/registration documents, Audited Financial Accounts for the last three years and Personal Identification and proof of address of each Director and Shareholders.
8. How many passport photographs are required?
None.
9. How will I operate my account?
You will operate your account through our Online via internet banking. You can make and receive payments to or from your account via our Online Banking Platform in GBP (£), USD ($) and EUR (€) to any account in the world in the same currency.
10. What kind of mortgage can I apply for?
The Bank offers Buy-To–Let Mortgages. This is intended to part-finance your purchase of property in London for investment purposes as you will be required to let out the property. The rental income you get from the property will be your primary source of repayment of the Mortgage. You would only be able to live in the property purchased after you would have repaid the mortgage.
The Buy-to-Let Mortgage will be for a maximum tenor of 15 years and you will be required to make an equity contribution of 40% of the value of the property.