Last updated on March 19th, 2024 at 09:42 am
A Tier-1 bank account or level-1 bank account is a type of bank account that can be opened with minimal or no form of documentation.
Tier-1 bank accounts can be opened with a passport photograph and phone number. This category of bank account is popular among unbanked nations such as Nigeria to bring them under the banking system and create a banking and saving culture among them.
In countries such as Nigeria, tier-1 bank accounts have a limit of N50,000 deposits and an operating balance of N200,000. Most of them are not linked to the Bank Verification Number (BVN).
To increase the limit or transact more on a level-1 bank account, the holder must pass through Know Your Customer (KYC), submitting more means of identification such National Identification Number (NIN) in case of Nigeria
