Every licenced financial institution makes an effort to know who their customers are. This process is called customer identity verification. That’s why your bank will, as a banking culture, take you through the Know Your Customer or KYC process.
In doing this, you will be asked to prove your identity, to prove that you are what you claimed you are by submitting supported identity documents when you want to open an account.
In some instances, you may be required to re-submit supported documents for new rounds of security checks. Customer Identity Verification is done in your interest and to protect the integrity of a bank.
What Customer Identity Verification Do I Need To Open A Bank Account?
In some countries in Europe, where banks have deployed advanced verification technology, you get verified through photo or video.
Some banks in Europe such as N26 have specific documents for various countries, especially for non-European countries. So, for a German national, a passport and ID card is what they need to open an account.
For other nationals such as The Gambia, Nigeria, Bahamas, and Ethiopia etc to open an N26 account, they will need to provide a residence permit in Germany or other European countries.
So, the requested IDs depend on the kind of account you want to operate and your location. For instance, you will be required to submit more documents if you want to open a business or corporate account in Nigeria.
Individual
If it is an individual bank account, your name, phone number, and National Identity Number (NIN) may be all you need to open a bank account in Nigeria.
In the U.S, some banks will ask you to provide your Social Security Number (SSN) while some banks would ask for your Individual Taxpayer Identification Number (ITIN) and a prove of residence.
Corporate of Business Account
The documentation process is a bit different when it is a business account account. For instance, you will need to provide a copy of the following documents if you want to open a business account in Nigeria:
Evidence of registration certificate with the Corporate Affairs Commission (CAC)
Board resolution (if it’s a shareholding company)
Copy of Memorandum and Articles of Association (Memart)
The status report containing particulars of directors
IDs of Directors
Allotment of shares
Passport photograph of each signatory
Tax Identification Number (associated with the business)
Two references (one current account holder, one business/corporate account holders in most cases). Both can be business/corporate account holders.
SCUML certificate (if your company is categorised as Designated Non-Financial Businesses and Professions or DNFBPs).
What bank will not ask from you
Banks would never ask to prove your identity on behalf of other individuals or companies.
