How to open a domiciliary account in Africa
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Thinking of opening a domiciliary account in Nigeria? Here’s everything you need to know before you get started
Key takeaways
- Domiciliary accounts let you receive and hold foreign currency without it being converted to the local currency
- Card access is inconsistent as some banks may offer debit cards linked to their domiciliary account, but others may not
- World Account is a multi-currency account offered by WorldFirst that allows businesses to hold a 15+ currencies
Nigerian businesses dealing in cross-border trade, paying suppliers, receiving international clients, or funding SaaS tools often need a way to receive, hold, and manage foreign currencies alongside their local banking arrangements.
A domiciliary account helps businesses receive and hold foreign currency directly instead of instant conversion to their local currencies
This guide explains how Nigeria domiciliary accounts work, how to open one, which banks offer them, and when a multi-currency account can act as an alternative.
What is a domiciliary account?
A domiciliary account is a foreign currency bank account in Nigeria that lets you receive, hold, and send funds in foreign currencies. It is mainly used for international payments and cross-border transactions. Once opened, you get an account number to receive foreign inflows directly, and funds can be withdrawn in foreign currency or converted into Nigerian Naira.
Why open a domiciliary account?
Here are the many benefits of opening a domiciliary account for Nigerian businesses:
- Receive payments from international clients in USD, GBP, or EUR
- Pay overseas suppliers, contractors, and digital service providers directly in foreign currency
- Manage import and trade-related payments in globally accepted currencies
- Hold foreign currency earnings until exchange rates are more favourable
- Support international travel spending or education-related payments abroad
How to open a domiciliary account in Nigeria (Step-by-step)
- Choose a bank: Compare banks based on supported currencies, account type (individual or corporate), fees, and whether they offer linked card access or online banking features
- Gather required documents: Prepare identification documents, proof of address, passport photographs, and reference forms. Business bank accounts require additional Corporate Affairs Commission (CAC) and board resolution documents
- Submit application: Applications can usually begin online or via downloadable forms, but submission is often completed at a branch for verification and signature capture
- Verification process: The bank reviews your documents and verifies identity details. This process can take a few days to several weeks depending on the institution
- Make initial deposit: Most banks require an opening deposit in the selected foreign currency before full activation
- Account activation: Once approved and funded, the account becomes active for receiving international transfers, making foreign currency withdrawals, and conducting cross-border payments.
Banks offering domiciliary accounts in Nigeria
Let’s take a quick look at the major Nigerian banks offering domiciliary accounts for individuals and businesses managing foreign currency transactions.
GTBank
GTBank domiciliary accounts in Nigeria support USD, GBP, and EUR for individuals and corporates.1 Accounts are funded via cash or foreign cheques with branch withdrawals.1 Account opening requires standard ID, passport photo, utility bill, and reference forms.1
United Bank of Africa (UBA)
UBA offers USD, GBP, and EUR domiciliary accounts for individuals and businesses in Nigeria.2 Its current account, Dom Advantage, requires US$50 minimum opening balance and US$1,000 minimum account balance.2 The account is receive-only.2
Access Bank
Access Bank’s domiciliary account supports USD, GBP, EUR, and JPY accounts for individuals and corporates in Nigeria.3 The opening balance starts at US$100 with zero minimum balance after setup.3 Debit cards (Visa and Mastercard) are available.3
Standard Chartered Nigeria
Standard Chartered domiciliary accounts support USD, GBP, and EUR for accounts individuals, residents, and non-residents in Nigeria.4 Debit cards, mobile banking, and lending access are also available.4
Zenith Bank
Zenith Bank supports USD, GBP, and EUR domiciliary accounts for individuals and businesses in Nigeria.5 It offers two types of accounts: one supports only USD and another supports other currencies as well.5 The domiciliary account comes with zero opening balance.5 USD debit cards are available for both variants.5
First Bank of Nigeria
First Bank domiciliary accounts in Nigeria support USD, GBP, EUR, and CFA for individuals and corporations.6 Minimum balance starts around US$100.6 No withdrawal limits apply, with branch cash withdrawals allowed.6
Open a multi-currency account with WorldFirst
The World Account is a multi-currency account offered by WorldFirst for businesses that want to manage international payments, hold multiple currencies, and handle cross-border transactions without relying only on a local bank setup.
For businesses searching to open a domiciliary account online, the World Account’s onboarding is fully digital with no branch visits, and businesses can access local currency account details in 15+ currencies, including major currencies like USD, GBP, and EUR. It functions as a foreign currency account and supports receiving, holding, and sending payments globally under one system.
The account also includes the World Card, a Mastercard-powered business card that can be used for online and international spending. You can get up to 20 such virtual cards at no additional cost.
| Key features |
|
| Main fees |
Monthly fee: Zero Opening virtual local currency accounts: Zero Receiving payments: Zero Holding funds in multiple currencies: Zero Sending payments: Refer to in-portal pricing. Vouchers may apply Currency conversion: Refer to in-portal pricing. Vouchers may apply Getting a World Card: Zero up to 20 cards |
*Fees checked in June 2026. Terms and Conditions Apply
How to open a World Account
- Register and select the country where your business is incorporated or operates
- Verify your email and phone number, create login credentials, and confirm your business is a company
- Enter your company registration number, incorporation date, and registered business address
- Specify your industry, expected transaction volume, and intended account usage
- Upload incorporation documents, including Articles of Association and business registration records
- Verify directors and shareholders by submitting ID documents and ownership information
- Review the application, accept declarations, and submit for approval
Once approved, you can open and manage local and foreign currency accounts as needed.
Choose the right type of account for your business needs
The right account depends on how a business manages cross-border payments. A traditional domiciliary account with a Nigerian bank may work for businesses that mainly need foreign currency receipt, branch-based withdrawals, and basic international transfers, while a multi-currency account may work for businesses dealing with multiple currencies, global platforms, and fully online onboarding with integrated payment tools. The decision ultimately comes down to operational needs rather than a one-size-fits-all structure.
FAQs
How do I open a domiciliary account in Nigeria?
To open a domiciliary account in Nigeria, you choose a bank, submit required documents, complete KYC verification, and make an opening deposit in the required foreign currency. Most banks require at least one branch visit during onboarding and two references.
What is the minimum deposit for a domiciliary account?
Minimum deposits vary by bank and currency, usually starting around US$50-US$100 or equivalent in GBP/EUR, depending on the account type and whether it is individual or business banking.
How can I withdraw from a domiciliary account?
Withdrawals are made through bank branches in foreign currency or via transfers to other domiciliary or international accounts, depending on the bank’s policies and available channels.
Can I open a domiciliary account online?
Most Nigerian banks allow partial online application, but full activation usually requires identity verification and in-person submission of documents or branch-based checks. Online payment providers like WorldFirst make it easy to sign up for their multi-currency account in just a few clicks.
Is a multi-currency account from WorldFirst the same as a domiciliary account?
No. A domiciliary account is a foreign currency account issued by a bank and can support one or more currencies, depending on the bank’s offering. A multi-currency account, which can be offered by either a bank or a payments provider, allows users to hold and transact in multiple currencies from a single account. The World Account is a multi-currency account from WorldFirst that supports 15+ currencies, including USD, GBP, EUR, AUD, and NZD.
Sources
- https://www.gtbank.com/business-banking/international-trade/international-payments/domiciliary-accounts
- https://www.ubagroup.com/nigeria/personal-banking/accounts/domiciliary-account/
- https://www.accessbankplc.com/personal/everyday-accounts/domiciliary-account
- https://www.sc.com/ng/save/domiciliary-account/
- https://www.zenithbank.com/personal-banking/bank-accounts/domiciliary-account/
- https://www.firstbanknigeria.com/personal/accounts/domiciliary/domiciliary-account/
This article is intended for informational purposes only and does not constitute legal advice or professional advice. This article should not be regarded as constituting an offer or a solicitation to buy or sell any regulated or financial products or services. WorldFirst makes no representations or warranties regarding the accuracy, completeness, or applicability of the content, and readers are encouraged to consult with legal professionals or other professionals for advice tailored to their specific situation. WorldFirst does not guarantee the accuracy and completeness of this article and expressly disclaims any and all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on this article.
Hu Wenzhan is the Emerging Markets Country Manager at WorldFirst. He brings expertise across Fintech, Payments, Banking, New Markets Growth to help clients grow their global business.
Hu Wenzhan
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