Send Money to Nigeria with Mama Money and get a Free Auto-Created USD Account.
When you send money into your Naira account or into your beneficiary account in Nigeria from South Africa with Mama Money, the bank will automatically create a USD domiciliary account so that your money is secure, and received in USD. You or your beneficiary are then expected to complete the process of having full control of the domiciliary account.
This process is due to measures from The Central Bank of Nigeria stating that all remittances will have to be received in US Dollars at all major banks using a domiciliary account.
When you send money to a Naira account with Mama Money, you will automatically receive a USD domiciliary account. You are then expected to complete the process.
- Send money to a Naira account with Mama Money and your bank will automatically create your domiciliary account within 2–3 days, giving you cash withdrawal limits of up to $2,000 per day for your beneficiary.
- Your beneficiary will receive notification that a USD account has been opened for credits of his funds
- For online access to your auto-created USD account, the bank may require additional documents. Please see the links below for your specific bank.
Guaranty Trust Bank | First Bank of Nigeria | Fidelity Bank | Zenith Bank | United Bank For Africa | FCMB Bank
What is a domiciliary account?
A domiciliary account is a type of account that doesn’t accept Naira but allows you to receive and make payments in foreign currencies, including US dollars. All money in a domiciliary account is valued at the current naira exchange rate.
Why should you open a domiciliary account in Nigeria?
- The opportunity for you and your recipient to save money in foreign currency.
- You’re able to do online and international transactions.
A domiciliary account offers a stable financial status for the account holder especially for visa applications when applying to study or travel abroad. - Your recipient may get a higher Naira value when exchanging USD in Nigeria.
How to open a domiciliary account if you don’t live in Nigeria?
If you are a Nigerian living abroad, you can also open a domiciliary account. Visit your bank’s website and open a USD domiciled account. Below are the general requirements:
- Fill in a Non-Resident Account opening form.
- One (1) passport photo.
- A copy of an identification document such as a Nigerian passport, a voter’s card, a drivers’ license, or a notarized foreign international passport or international drivers’ license.
- Proof of address (stamped reference letter or a stamped bank confirmation that shows your address)
- Provide either of these references:
- A stamped reference letter or a stamped banker’s confirmation of your bank abroad
- Two (2) reference forms from current Nigerian bank account holders
Each bank has different requirements for opening a foreign bank account. Select your bank below to see the documents you will need.
Need help? Mama is here.
Should you have any questions that are not covered above please contact Mama via WhatsApp on +27 66 104 1097.
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