Detailed Guide On Domiciliary Account For All Bank In Nigeria

This is a detailed guide On Domiciliary Account for all Bank In Nigeria.

A domiciliary account is a type of current account that allows you to fund it with foreign currencies such as dollars, pounds or euros and enables you to do foreign transactions on that account. You can use a domiciliary account to transfer money to another country or receive foreign currency from another country.

The Domiciliary Current account is designed to enable you to carry out local or international transactions from the comfort of your home, office or abroad. The account is funded in Pounds, Euros, Dollars and Yen. The account can be opened by Individuals, Business Owners, Small and Medium-scale Enterprises, corporate organizations.

Domiciliary Account Explained

A domiciliary account is the type of Bank account that allows you to fund it with foreign currencies such as dollars, Pounds or Euros and also enables you to do foreign transactions on that account.

This means you can use the domiciliary account to transfer money from foreign countries like the USA, UK, Canada, Dubai etc and you can also use a domiciliary account to receive money in dollars, pounds or euros from another country in Nigeria.

The sole aim of a domiciliary account is to help you carry out your business transaction and not for saving purposes. You can actually use it to save money if you want but the main purpose of this type of account is for foreign business transactions.

To fully operate with a domiciliary account, you will have to open it with any Bank in your country where you live. After opening the account, your account details will be given to you which you will send to the person abroad that wants to send money to you. You will also be given a dollar MasterCard after you successfully open a domiciliary account which you can use to make online purchases and others.

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Why You Need a Domiciliary Account

Domiciliary accounts were made to help you use foreign currencies conveniently, in the same manner, that your current or savings account operates. With a dom account, you can receive money in the foreign currency directly into your account.

Advantages of a Domiciliary Account

Now let’s see the advantage and benefits of a domiciliary account.

Receive Any Currency Directly To Your Account: Most of the problem we faced is the official bank currency covert. If you are a blogger reading this you will agree with me that all bloggers need a domiciliary account or Payoneer account so that they can receive their money in the foreign currency and convert it anytime they want.

Traditionally, the bank will be the one to convert any currency sent from abroad to you which is not always at the black market rate. For example, a dollar is equal to around N550. Now when you receive any foreign currency into your local bank account the bank will convert it at their official rate which will be around N450 instead of N550. But with a domiciliary account, you will be the one to exchange your foreign currency to Naira. You can sell it at any rate and you can also use it to pay for foreign hosting or buy anything on a foreign website which will be cheaper

Saving In Foreign Currency: You read that right. First Bank allows you to save in US Dollars, Pounds Sterling or Euro using the domiciliary account. And your money will be valued at the prevailing exchange rate.

Control Over Unstable Currency: It’s no longer news that Naira has he fluctuating over the years. The Naira exchange rate has been a course to worry about especially for those that import from foreign countries.

With a domiciliary account, you don’t have anything to worry about as long as you have a fund on your account you can buy and carry out any foreign transaction anytime any day.

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Who is Eligible to Open a Domiciliary Account?

Anyone who has a Bank Verification Number (BVN), both residents and non-residents in Nigeria can open a domiciliary account. (This does not allow inclusion for diaspora customers). Business corporations can also open and operate a dom account.

Access Bank Domiciliary Account

Documents Needed to Open a Domiciliary Account with Access Bank

We have two types of Access Bank domiciliary account which are:

  • Access Bank Domiciliary Current Account
  • Access Bank Domiciliary Saving Account

Access Bank Domiciliary Current Account

Product Features
  • Opening balance of $100, £100 & €100
  • No minimum balance required
  • No Account maintenance fee
  • Cash handling charge (COT equivalent) of 0.5% on withdrawals
  • Interest rate 0.01% p.a. (above 100,000 $,£,€)
  • No restriction on number of withdrawals
  • Different variants of Debit Card based on the customer’s preference
  • Access to alternate channels e.g. Internet and Mobile banking
  • Availability of cheque book
  • Allows direct debit instructions
  • Third party transactions allowed
  • All other transactions are charged at banks approved rate
Benefits
  • Access to overdraft and loan facilities for qualified customers at very competitive rates.
  • Remote access to your bank account
  • Monitoring of account activities from the comfort of your home/office via internet, telephone and mobile banking.
  • Third party withdrawals
  • Convenient & flexible account opening requirements.
  • Provides account information updates via SMS/Email alerts
  • Access to cash anytime, anywhere with debit cards on ATMs
  • Use of Mastercard, Visa and Verve debit cards on POS terminals
Product Pricing
PRICINGRATE
Cash handling charge0.05% on withdrawals
Closure of accountFree
Cost of cheque book, ATM cards and all other transactionsCharged in line with the Bankers tariff
Access Bank Domiciliary Current Account

Access Bank Domiciliary Saving Account

Product Features
  • Opening balance and daily balance of [$, £,€] 500 for Classic
  • Opening balance daily balance of [$, £,€] 10,000 for Dom Plus
  • Interest rate of 0.1% and 0.2%% p.a. but paid monthly (Classic and Plus respectively)
  • Different variants of Debit Card based on the customer’s preference
  • Access to alternate channels e.g. internet and mobile banking etc.
  • Non- chequing account
  • All other transactions are charged in line with the Banker’s tariff.
  • $10 issuance of debit card
  • Free debit card for Dom Plus
Benefits
  • Convenient & flexible account opening requirements
  • Remote access to your bank account using our channel platforms
  • Monitoring of account activities from the comfort of home/office via internet, telephone & mobile banking
  • Provides account information updates via SMS/Email alerts
  • No monthly maintenance charge on the account
Restrictions
  • No cheque deposits allowed
Product Pricing
PRICINGRATE
Interest Rate*Currently at 0.1%p.a (Classic) 0.2% p.a.(Plus)
Account closure requestsNot Applicable
ATM withdrawals on usNot Applicable
All other transactions are charged at the Banker’s tariff
Access Bank Domiciliary Saving Account

Interest rate is based on 30% of CBN Monetary Policy Rate

UBA Bank Domiciliary Account

Domiciliary Account Opening Processes (Up-To-Date Guides)

Who is Eligible to Open a UBA Domiciliary Account?

Anyone who has a Bank Verification Number (BVN), both residents and non-residents in Nigeria can open a domiciliary account with UBA. (This does not allow inclusion for diaspora customers). Business corporations can also open and operate a dom account.

Requirements for Opening a Domiciliary Account in Nigeria

• Completed account opening form.

• Completed specimen signature card.

• Two recent passport photographs.

• Address verification document, such as a utility bill.

• Valid identification document, such as international passport, driver’s license,       international driver’s license or national ID card.

• Residence permit.

• Proof of address (stamped reference letter or a stamped bank confirmation that shows your address).

• A stamped reference letter or a stamped banker’s confirmation of your bank abroad.

• Two (2) reference forms from Nigerian current bank account holders.

• Marriage certificate (for joint account).

Also Read: Access Bank Sort Codes For All Branches in Nigeria 2022

Types of Domiciliary Accounts Offered by UBA

Freedom Savings Domiciliary Account

You can open the Freedom Savings Dom account with zero balance. The only requirement for this account is BVN. It allows you to receive remittances directly into your account. You can check your account balance and transaction history via the mobile app and internet banking platform. You can access your cash when you visit any UBA branch.

Requirement: BVN

Domiciliary Advantage Account

With a minimum opening balance of $ 50, € 50 or ₤ 50 you can open a Domiciliary Advantage Account. This account can be the Savings variant or the Current account variant. It is available in USD, GBP and EURO.

Requirements

• Valid Identification (International Passport, Driver’s License, National ID card Voter’s card).

• Utility Bill.

• A Passport photograph.

• References.

Kiddies Domiciliary Account

Kiddies Domiciliary Account was created for parents who want to save for their children’s secondary/tertiary education abroad. With more and more students trooping overseas to study, the best way to secure your child’s future financially is to save in a foreign currency that isn’t prone to depreciation. With an opening balance of $100 or £70 or its equivalent and an operating balance of £350 or its equivalent, you’re good to go.

Requirements

• Valid Identification of Parent/Guardian.

• Two Passport photographs of child and parent.

• Child’s birth certificate.

• Address verification of the parent/guardian.

Zenith Bank Domiciliary Account

New Way To Open a Domiciliary Account With GTBank, Zenith Bank, FirstBank,  UBA and Diamond Bank - Blog Mall Nigeria - No 1 Hub For You!

Ordinary Domiciliary Account

Need a foreign currency account? Our domiciliary accounts give you the opportunity to conveniently carry out foreign transactions wherever you may be. With access to our debit cards, internet banking, and mobile banking application, your transfers, payments, standing orders, etc. can be done without you walking into our banking halls.

FEATURES & BENEFITS
  • Internet Banking
  • Debit Card (USD)
  • Mobile banking
  • Email/SMS Alertz
  • Standing orders
  • USD, GBP & EUR
REQUIREMENTS
  • Account opening form (existing account holders with full documentation only require a written letter or completion of account opening form without the provision of any other
    documentation).
  • One passport photograph of authorized signatories
  • Valid ID (Driver’s License, International Passport, National Identity Card or Voter’s Identity Card)
  • Public Utility Receipt dated within the last three months (PHCNbill, water rate bill, tenement rate, rent receipt, telephone bill etc.)
  • Visitation Report (Residence)
AVAILABLE CHANNELS
  1. Zenith Internet Banking
  2. ZenithDirect – our 24/7 telephone banking
  3. Zenith Mobile Banking App – 24/7 on your smart phone
  4. Zenith Bank ATM nationwide free cash withdrawal
  5. Access your account using your Zenith Bank debit card at participating merchant stores for payment of goods and services in Nigeria and anywhere in the world.

Cash Domiciliary Account

Need a foreign currency account? Zenith Bank domiciliary accounts give you the opportunity to conveniently carry out foreign transactions wherever you may be. With access to our debit cards, internet banking and mobile banking application, your transfers, payments, standing orders etc. can be done without you walking into our banking halls.

FEATURES & BENEFITS
  • Zero opening balance
  • Internet Banking
  • Debit Card (USD)
  • Mobile banking
  • Email/SMS Alertz
  • Standing orders
  • USD
  • No transfers allowed. (Cash in and cash out only)
REQUIREMENTS
  • Account opening form (existing account holders with full documentation only require a written letter or completion of account opening form without the provision of any other documentation).
  • One passport photograph of authorized signatories.
  • Valid ID (Driver’s License, International Passport, National Identity Card or Voter’s Identity Card).
  • Public Utility Receipt dated within the last three months
    (PHCNbill, water rate bill, tenement rate, rent receipt,
    telephone bill etc.)
  • Visitation Report (Residence).
AVAILABLE CHANNELS
  • EaZymoney
  • Zenith Internet Banking
  • ZenithDirect – our 24/7 telephone banking
  • Zenith Mobile Banking App – 24/7 on your smart phone
  • Zenith Bank ATM nation wide – free cash withdrawal
  • Access your account using your Zenith Bank debit card at participating merchant stores for payment of goods and services in Nigeria and anywhere in the world.

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GTBank Domiciliary Account

GTBank: Domiciliary Account and International Money Transfer - Living Media

Make foreign currency transactions conveniently from the comfort of your home, office or anywhere in the world with your GTBank Domiciliary Account. Available in US Dollar, Pounds or Euro, you can fund your account via cash inflows and deposits. You can also make withdrawals from any GTBank branch

What’s In It For You

  • 24/7 Banking services via our various e-channels.
  • Cash withdrawals in foreign currency from any GTBank branch.
  • Transfer funds in foreign currency to other banks’ domiciliary accounts in Nigeria and abroad.

What You Will Need

  • Filled and signed Domiciliary Account opening form.
  • A copy of identification document (Driver’s License, International passport, National I.D Card, or any other acceptable by the bank).
  • One passport photograph.
  • Two (2) completed reference forms.
  • Utility bill issued within the last 3 months.

Union Bank Domiciliary Account

Union Bank Domiciliary Savings Account

This is a foreign currency account that gives customers the option to save in any of the three global currencies (US Dollars, Euros and GB Pounds) while earning interest.

Account Features
  • Account opening balance of $50 or its equivalent in Pounds and Euros
  • Up to 1% interest per annum (interest will be forfeited when withdrawal is more than 4 times in a month)
  • 0.05% is charged on cash withdrawals (maybe change to – Discounted charges on cash withdrawals)
Account Benefits
  • Account opening balance of $100 or its equivalent in Pounds and Euros
  • Charge of 0.05% on amount withdrawn
  • Interest earned is 0.2% p.a (interest will be forfeited when withdrawal is more than 4 times in a month)
  • 05% is charged on cash withdrawals
Account Opening Requirements
  • 2 passport photographs
  • Valid means of identification: international passport or Driver’s license/National Identity card
  • Current Utility bill (not more than 3months old) or signed tenancy agreement
  • BVN
  • CIU Form

See Also: How To Check BVN Number On All Networks & Banks in Nigeria 2022

Polaris Bank Domiciliary Account

Polaris Bank Limited - Wikipedia

Polaris Bank domiciliary account is a savings account that offers the convenience of saving and transferring funds in foreign currency (USD, GBP and EUR). You can also settle bills, school fees and other FX transactions abroad directly from the comfort of your homes via our Polaris Xperience platform.

Features
  • Minimum opening balance of $100, £50, €50
  • Minimum operating balance of $10, £5, €5
  • Competitive interest on savings
  • Issuance of MasterCard Gold USD Debit Card
  • Issuance of foreign currency draft on the account
  • Lodgement of foreign currency cheques and dividend warrant
  • Direct International funds transfer (Inflow & Outflow)
  • Access to e-channel platforms
Opening Account
  • Account Opening Form
  • 1 passport photographs
  • Bank Verification Number (BVN)
  • Valid means of identification (Int’l passport, Driver’s license, National ID, Voter’s card)
  • Proof of Address (PHCN, Water bill, Waste disposal bill, tenement, etc.)
  • Premises Verification Report

Union Bank Domiciliary Current Account

All about Union Bank Nigeria. | Info, Guides, and How-tos.

This is a foreign currency account that gives customers the option to bank in any of the three global currencies (US Dollars, Euros and GB Pounds).

Account Features
  • Account opening balance is the equivalent $100 in Pounds and Euros
  • Access to international transfers
  • Swift charge is the equivalent of 22USD in GBP & 18EUR for transfer. (If this is a discounted offer, can you rephrase)
  • Transfer charge of 0.5% of principal amount
  • 0.05% is charged on cash withdrawals
Account Benefits
  • Account opening balance of $100 or its equivalent in Pounds and Euros
  • Swift charge of 22USD, 15GBP & 18EUR for transfers
  • Access to International transfer
  • Transfer charge of 0.1% of principal amount (2% when cash deposits are transferred)
  • 0.05% is charged on
Account Opening Requirements
  • 2 passport photographs
  • Valid means of identification: international passport or Driver’s license/National Identity card
  • Current Utility bill (not more than 3months old) or signed tenancy agreement
  • BVN
  • 2 valid references
  • CIU Form
Account Opening Form
  • ACCOUNT OPENING FORM
  • SIGNATURE FORM
  • REFERENCE FORM

UnionAce

Account Features
  • Account opening balance of $100
  • Up to 4% interest rate p.a. on your dollar deposits.
  • Easy payments abroad using the UnionAce MasterCard via POS and Web. No charges apply.
  • Card is valid for 3 years
  • Annual card maintenance of $10
Account Benefits
  • No limit on card spend
  • Card is valid for 3 years
  • Annual card Maintenance of $10
  • Account opening balance of $100
  • Up to 4% interest rate p.a on your dollar deposits.
  • Over the counter transactions are permitted
  • Discount on travel tickets from select airlines
Account Opening Requirements
  • BVN
  • CIU Forms
  • 2 valid references
  • 2 passport photographs
  • Valid means of identification: international passport or Driver’s license/National Identity card
  • Current Utility bill (not more than 3months old) or signed tenancy agreement

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Sterling Bank Domiciliary Account (Dollar, Euro, Pounds)

Sterling Bank Logo Wk - Sterling Bank Nigeria Logo, HD Png Download -  kindpng

Do you receive payments in foreign currency? Take advantage of Sterling Bank domiciliary savings account. Whether home or abroad, you can conveniently make withdrawals and receive deposits via transfers or cash deposits in foreign currency.

Requirements

• Passport photographs (1 copy per signatory)

• Valid proof of identification (International Passport (bio-data page) OR Nigerian Driver’s Licence OR Nigerian Voter’s Card OR Nigerian National ID OR other Nigerian Government approved means of identification). In case of an expired Nigerian passport, kindly provide expired passport along with a valid state or resident card.

• Nigeria Contact Details (Name, well detailed Nigerian address and contact person’s phone number)

• BVN (Bank Verification Number): This can be provided after account has been opened

Stanbic IBTC Bank Domiciliary Account

Everything You Need To Know About Domiciliary Accounts In Nigeria -  GistFocus
BENEFITS

Flexibility

Easy access via e-channels.

Do business internationally

Facilitate business transactions internationally from Nigeria.

Seamless transactions

Transfer money and make global payments in foreign currencies with ease.

Bank Globally

Bank in all major international currencies.

HOW TO GET IT
  • USD 100 Opening deposit.
  • Cash withdrawal fee of 0.05% of transaction value or $10, whichever is lower
WHAT YOU GET
  • Withdraw cash from your account, anywhere in the world.
  • Transfer money globally*
  • Facilitate business transactions internationally.
  • Easy access to account via e-channel products.
WHAT IT COSTS
  • USD 100 Opening deposit.
  • Cash withdrawal fee of 0.05% of transaction value or $10, whichever is lower

FCMB DOMICILIARY ACCOUNT

FCMB DOMICILIARY SAVINGS ACCOUNT

A foreign currency account with lower operating limits, for those who want to start saving in FX and salary

The Domiciliary account is designed to help develop savings habits in foreign currency for those customers who regularly receive or need to make payments in British Pound Sterling (GBP), the United States Dollar (USD) and European Euro.

Why choose the Domiciliary Saving Account?
  • Opening balance of 10 GBP, 10 USD, 10 EUROS
  • Interest bearing account but forfeited once there are more than 3 withdrawals in a month.
  • A serialized non-clearing cheque-type withdrawal booklet used for withdrawal by account holder only.
  • Allows for Foreign Currency Salary payments and cash lodgement.
  • Account can be operated either as an individual or a joint account
  • NO charge on cash withdrawal.
  • Offers Issuance of foreign currency denominated drafts
  • Free E-mail transaction notifications
  • Free monthly electronic statements
What do I require to open Domiciliary Savings Account?

In order to open a Domiciliary Savings Account,

  • Completed account opening form
  • 1 passport photograph
  • Minimum of 18 years-old and provide the following:
  • International passport or Driver’s License or National ID card or Voters Card or Resident Permit (for immigrants)
  • Address verification e.g. Utility bill, recent bank statement or local authority tax bill etc.

FCMB DOMICILIARY CURRENT ACCOUNT

The FCMB Domiciliary current account allows customers to maintain accounts in foreign currencies. It is designed to enable customers to conveniently carry out foreign currency transactions irrespective of where they are.

The features and benefits of Domicilliary Current Account include:
  • A low open balance of 60 GBP, 100 USD, 70 EURO
  • There is no minimum operating balance
  • Personalized non clearing Cheque book for over the counters withdrawals
  • Access to internet banking
  • No limit on the frequency of monthly withdrawals
  • No account maintenance charge
  • Interest of 0.05% p.a for $4,000
  • No losses from verse movements in exchange rates

First Bank Domiciliary Account

How to Open Domiciliary Account with First Bank - Living Media

Our primary domiciliary allows you save in US Dollars, Pounds Sterling or Euro. Your money will be valued at the prevailing exchange rate. It facilitates your international business transactions.

Features
  • Minimum opening balance of $500, €500 or £300
  • Minimum operating balance of $100, €100, or £50
  • No limit to number of withdrawals in a month
  • Cash withdrawal is at 0.5% flat per transaction
  • Inter sol transactions (account owner only) are allowed.
  • Guaranteed FCY deposit
  • Attractive pool for interest on bank fund
  • No restrictions on number of withdrawals
  • Inter sol withdrawal (account holder only) allowed
Required Documents
  • Duly completed Account Opening Form
  • Duly completed specimen signature card
  • Two (2) recent passport photographs
  • Address verification document: Utility Bill
  • Valid means of identification e.g. International passport, Driver’s license or National ID card.

TERMS AND CONDITIONS (T&CS) GUIDING THE FOREIGN CURRENCY FIXED DEPOSIT OFFER

  1. Introduction

This Special Offer is designed to give higher returns to every customer that invests new funds in Foreign Currency Fixed deposit from the 3rd day of June 2021 to 3rd day of December, 2021 (Offer Period) with a fixed deposit investment of an amount within the Special Offer limit and tenor of 90days from the date of investment (“The Offer”).

  1. Legal Agreement

These Terms and Conditions (“Terms”) apply to the Offer on the Foreign Currency fixed deposit with Firstbank within the Offer period.

In these Terms, “the Bank” “we”, “us” or “our” refers to FirstBank and its successors, agents and assigns, while “you” “they” “their” or “your” refers to any Customer (who has or operates an account with Firstbank) subscribing to the Offer. These terms and conditions form a legal agreement between you and FirstBank and can only be amended by the Bank. By participating in the offer, you confirm that you have read, understood and agree to be bound by the terms and conditions contained herein, and subsequent amendments thereto as well as all applicable laws and regulations now existing or which may hereafter be enacted, issued or enforced. You agree to be bound by these terms and conditions (“the Terms”). You also agree that the Terms are supplementary to the other existing terms governing the banking relationship between you and the Bank and subsequent amendments thereto, including without limitations to any regulation on foreign currency transaction in Nigeria.

  1. OFFER DYNAMICS
  1. The Offer runs from3rd day of June 2021 to 3rd day of December, 2021 subject to the following terms:
  1. The Offer is applicable to only new or existing FirstBank customers with domiciliary accounts.
  2. Only new / fresh funds that are domiciled into your account after 1st April, 2021 as shown in the table below can be invested with this Offer (See table below).
  3. It runs every day within the Offer Period.
  4. The fixed deposit must be placed in United States Dollars in any of the amounts in the Special Offer stated in the table in clause 4 below.
  5. The fixed deposit must be invested for a period of 90days only.
  6. Principal amount and the accrued Interest on the fixed deposit will be in line with the table below and credited into the Customer’s account at the expiration of 90days tenor.
  7. The Fixed Deposit will not be recalled within the Offer Period.
  8. Any requests for roll over after the 90days tenor shall be at a rate to be advised by the Bank.
  9. The interest rate below is subject to changes in line with market realities as may be advised by the Bank
  1. ELIGIBILITY TO PARTICIPATE IN THE OFFER
  1. To be eligible for the Offer, you must bring in new deposits / inflows for the investment.
  2. This offer is exclusive to new or existing FirstBank customers alone.
  3. All investments must be done from the customers’ existing or new domiciliary account.
  4. This investment cannot be used as collateral for loans or any other credit facility.
  5. Customers will not be eligible if:
    1. If they move their existing account balances or funds for this Offer.
    2. If they liquidate existing Local Currency or Foreign Currency fixed deposit for this purpose.
  6. The Customer must Invest any of the amounts in the table below and be entitled to the corresponding yield to the amount fixed at the interest rate shown in the table below:
FIXED DEPOSIT AMOUNT FOR THE OFFER PERIOD INTEREST PAYABLE ON THE MINIMUM AMOUNT IN EACH BAND FOR THE OFFER PERIOD EFFECTIVE RATES APPLICABLE FOR THE OFFER PERIOD
($) ($) (%) 
90 DAYS TENOR
$50,000 -$99,999$3502.80%
$100,000 – $199,999$7503.00%
$200,000 – $299,999$1,5003.00%
$300,000 -$399,999$2,2503.00%
$400,000 – $499,999$3,0003.00%
$500,000 – $599,999$3,7503.00%
$600,000 – $699,999$4,5003.00%
$700,000 – $799,999$5,3003.03%
$800,000 – $899,999$6,0003.00%
$900,000 – $999,999$6,8003.02%
$1,000,000 & Above$11,4004.56%
  1. Both Principal amount and interest shall be paid into the Customer’s account at the end of the investment tenor.
  2. All interest payments are subject to withholding tax.
  3. The Offer is valid only within the Offer period and the tenor of investment is for 90days only.
  4. Offer valid while Promotion lasts.
  1. USE OF DATA

FirstBank will collect personal data about Customers including their name, phone numbers, e-mail addresses and other personal information about the Customers. By participating in the Offer  and providing us with your personal information, you expressly consent to us: (i) processing your personal information/data as may be required by FirstBank for the purpose of the Offer and other promotional activities; and (ii) using any data or information obtained from you, including your personal data and sharing same with other third parties, including our subsidiary companies, parent, affiliates, members of FBN Holdings Plc’s group (Related Parties) and any service provider(s) engaged by FirstBank  for the purpose of the Offer

  1. DISCLAIMER AND INDEMNIFICATION

Each participant in the Offer agree to release, discharge, indemnify and hold harmless FirstBank, the Related Parties, and each of their respective directors, officers, employees and shareholders from any and all liability, loss, damage or injuries to any person (including death) or loss of property of any kind sustained in connection with the Customer’s participation in the Offer or from the Customer’s acceptance, receipt, possession and/or use or misuse of the Offer reward.

FirstBank reserves the right at its sole discretion to cancel, terminate, modify or suspend the Offer in whole or in part, at any time, without notice and disclaims any liability, claims or losses that may arise therefrom.

  1. EXCLUSION AND LIMITATION OF LIABILITY

Except as otherwise prohibited under the law, in no event will  FirstBank, its affiliates, subsidiaries and/or any member of FBN Holdings Plc or their licensors, service providers or their employees, officers or directors be liable to you for damages, loss, liabilities, claims, and proceedings of any kind, under any legal theory, arising out of or in connection with your participation in the Offer, including without limitation any direct, indirect, special, incidental, consequential or punitive damages, including but not limited to loss of revenue, loss of profits, loss of business or anticipated savings, loss of use, loss of goodwill, loss of data and (including losses arising from FirstBank’s negligence), breach  of  these terms, cancellation, modification or suspension of the Offer or otherwise, even  if such loss foreseeable whether or not FirstBank has been notified of the possibility  of loss occurring.

FirstBank excludes liability for any problems, error or technical malfunction of any telephone network or internet data service network, servers, computer equipment, software or failure of any e-mail or any system or application which prevent you from entering into or hampers your ability to participate in the Offer; whether or not same arises on account of technical problems, human error or traffic congestion on the Internet or at any website (including mobile applications), or any combination thereof, including any injury or damage to participant’s or any other person’s computer relating to or resulting from your participation in the Offer or the downloading of any materials in the Offer  as well as any activities of hackers.

  1. GENERAL
  1. You shall not assign or transfer any or all your rights or obligations under the Offer.
  2. No third party shall have a right to enforce the T&Cs against FirstBank.
  3. If any part of the T&Cs is found to be unenforceable as a matter of law, all other parts of the T&Cs shall be unaffected and shall remain in force.
  4. By participating in this Offer, you acknowledge that our determination and decision on all matters concerning the Offer will be final, and no correspondence will be entered.
  5. If any part of the T&Cs is found to be unenforceable as a matter of law, all other parts of the T&Cs shall be unaffected and shall remain in force
  6. Any dispute or situation not covered by the T&Cs will be resolved by our management in a manner it deems, in its sole discretion, to be the fairest to all concerned and, subject to section f, that decision shall be final and binding on all participants.
  7. The Customer acknowledges and agrees that the offer and all documents and information relating to the offer (“Confidential Information) are proprietary and privileged information of FirstBank. The Customer hereby agrees to keep any such information in confidence and shall not at any time during or after the tenor of the Offer, without FirstBank’s prior written consent, disclose it or otherwise make it available to any third party, either directly or indirectly, all or any part of the Confidential Information, save as required by law or enforceable regulation. The confidential information shall exclude any information that is in the public domain in the same format or context. This clause shall survive the expiration or termination of the offer.
  8. The Customer acknowledges that the unauthorized disclosure of confidential information to a third party may cause pecuniary loss or damage to FirstBank. Accordingly the Customer hereby indemnifies FirstBank against any loss, claim or damage arising from a breach of the confidentiality obligations under this Terms;
  9. These Terms may be amended by the Bank from time to time and such changes shall be binding on the Customer for future participations upon publication.
  10. FirstBank shall not be liable to any participant for any loss, liabilities, claims, and proceedings arising from or otherwise in connection with this Offer. Please note that the usual FirstBank terms and condition for Fixed deposit will apply.
  11. For further enquiries, please contact the Bank via email [email protected];
  1. LAW AND JURISDICTION.

These Terms, your participation in the Offer and any dispute or claim arising out of or in connection therewith (including any non-contractual disputes or claims) will be governed by the laws of the Federal Republic of Nigeria. By participating in the Offer, you agree that Nigerian courts will have exclusive jurisdiction to settle any such disputes or claims.

CBN New Domiciliary Account Policy

Sometimes around 2020, the Central Bank (CBN) announced her new domiciliary banking system policy measures in Nigeria’s remittance program, and such policy affected all the kinds of money and currency sent home by the Nigerians living in the Diaspora. 

This disclosure was contained in a circular that was signed and released by Dr. O.S Nnaji, the CBN Director of Trade and Exchange Department on November 30, 2020, to all legal and authorized dealers as well as the entire public.

Thus, these new rules and remittance programme policies on how to make or receive money from the United Kingdom or any other part of the world to Nigeria came into the limelight with immediate effect.

In the statement released by this CBN Trade Director, the domiciliary accounts used in depositing export proceeds i.e inflow from goods and services exported from Nigeria — can be used only for business operations.

In addition, on export users, the new CBN directive also gives room for any extra funds that are left in the domiciliary accounts to be disposed of in the Investors and Exporters (I and E) Window.

This could only mean one thing, and that is the fact that the CBN is warning all exporters not to panic sell — in the black market — their foreign proceeds.

The reason is that their old accounts will not be seized to be in operation based on the existing regulations that allow domiciliary bank account holders to use their funds only for business operations.

On other domiciliary users, it was maintained in their new policy that where the accounts are funded through electronic or wire transfer, such account holders will be given unfettered, unrestricted, and full access to use the funds for any eligible transactions of their choices.

However, in any situation where the accounts are being funded through cash lodgments, then the existing domiciliary banking regulations will be involved and applied, where necessary.

Conclusion

Most Banks in Nigeria now allows their customers to open a domiciliary saving account but before then you will need a minimum amount of $500, €500 or £300. This depends on the bank policy and rules. That’s all o Domiciliary account for all Bank In Nigeria

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