The Account Opening Agreement serves as the foundational document establishing the banker-customer relationship in Nigeria's banking sector. It is required whenever a new banking relationship is established, whether for individual, corporate, or joint accounts. The agreement must comply with various Nigerian regulatory requirements, including the Banks and Other Financial Institutions Act (BOFIA) 2020, Central Bank of Nigeria regulations, anti-money laundering laws, and data protection regulations. It contains essential provisions covering account operations, electronic banking services, fees, customer obligations, and bank responsibilities, while incorporating necessary KYC requirements and regulatory compliance measures specific to the Nigerian banking sector.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership of your docs
1. Parties: Identification of the bank and the account holder(s), including full legal names and addresses
2. Background: Brief context explaining the purpose of the agreement and the banking relationship
3. Definitions: Definitions of key terms used throughout the agreement
4. Account Opening Requirements: Documentation and information required for account opening, including KYC requirements
5. Account Operations: Terms governing the operation of the account, including deposits, withdrawals, and transaction processing
6. Bank's Rights and Obligations: The bank's responsibilities, services provided, and rights in managing the account
7. Customer's Rights and Obligations: Customer's responsibilities, including maintaining minimum balances and providing accurate information
8. Fees and Charges: Overview of applicable fees, charges, and how they will be applied to the account
9. Electronic Banking Services: Terms governing online banking, mobile banking, and other electronic services
10. Security and Access: Security measures, PIN/password requirements, and account access protocols
11. Privacy and Data Protection: How customer data will be collected, used, and protected in accordance with NDPR
12. Anti-Money Laundering Compliance: AML obligations and compliance requirements for both parties
13. Account Statements: Frequency, format, and terms related to account statements
14. Amendments and Notices: Process for making changes to the agreement and sending notices
15. Termination: Conditions and process for account closure by either party
16. Governing Law: Specification of Nigerian law as governing law and jurisdiction
1. Joint Account Provisions: Include when opening joint accounts, specifying operating instructions and survivor rights
2. Corporate Account Provisions: Include for corporate accounts, covering authorized signatories and corporate documentation
3. Minor Account Provisions: Include for accounts opened for minors, specifying guardian responsibilities
4. Foreign Currency Services: Include if the account offers foreign currency transactions
5. Islamic Banking Provisions: Include for Islamic banking accounts compliant with Sharia principles
6. Overdraft Facility: Include if overdraft facilities are being offered with the account
7. Special Category Customer Provisions: Include for elderly, disabled, or other special category customers
8. Mobile Banking Terms: Include if specific mobile banking services are being offered
1. Schedule 1: Fee Schedule: Detailed breakdown of all applicable fees, charges, and commissions
2. Schedule 2: Required KYC Documents: List of required identification and verification documents by customer type
3. Schedule 3: Electronic Banking Services: Detailed terms and conditions for specific electronic banking services
4. Schedule 4: Interest Rate Structure: Interest rates applicable to different account types and balance tiers
5. Appendix A: Account Opening Form: Standard account opening form to be completed by customer
6. Appendix B: Specimen Signature Card: Card for recording authorized signatures for the account
7. Appendix C: Service Request Forms: Standard forms for requesting additional services or changes to the account
Find the exact document you need
Deed Of Assignment Of Shares
A Nigerian law-governed deed that formally transfers share ownership from one party to another, complying with CAMA 2020 and other relevant regulations.
Download
Current Account Agreement
A Nigerian law-governed agreement between a bank and customer establishing terms for current account operations, compliant with CBN regulations and BOFIA 2020.
Download
Fine Print Checking Account Agreement
Nigerian law-governed checking account agreement establishing terms and conditions for account operation, compliant with Central Bank of Nigeria regulations.
Download
Bookkeeping Agreement
A professional service agreement for bookkeeping services in Nigeria, compliant with local financial and regulatory requirements.
Download
Checking Account Agreement
A Nigerian law-governed agreement between a bank and customer establishing terms and conditions for operating a checking account, compliant with Central Bank of Nigeria regulations.
Download
ACH Authorization Agreement
A Nigerian-law governed agreement authorizing automated bank account transfers through the ACH system, establishing terms and conditions for electronic fund movements.
Download
Rental Agreement For Bank Account Opening
A Nigerian law-governed rental agreement specifically designed for bank account opening facilities, combining commercial lease terms with banking regulatory requirements.
Download
Running Account Credit Agreement
A Nigerian law-governed agreement establishing a revolving credit facility between a financial institution and borrower, setting out terms for multiple drawdowns and repayments within an agreed limit.
Download
Client Account Agreement
A Nigerian law-governed agreement establishing the terms and conditions between a bank and its client for account operations and banking services.
Download
Letter Of Authorization To Debit Account
A Nigerian banking document authorizing automatic account debits, compliant with BOFIA 2020 and CBN regulations.
Download
Bank Account Pledge Agreement
A Nigerian law-governed agreement establishing a security interest over a bank account as collateral for financial obligations.
Download
Account Control Agreement
A Nigerian law agreement establishing control rights over bank accounts between a depositary bank, account holder, and secured party for secured lending purposes.
Download
Authorization Agreement For Direct Deposits
A Nigerian-compliant legal agreement authorizing automatic deposits of funds into a designated bank account, setting out terms and conditions under Nigerian banking regulations.
Download
Savings Account Agreement
A Nigerian law-governed agreement establishing terms and conditions for operating a savings account between a bank and customer, compliant with CBN regulations.
Download
Deposit Account Agreement
A Nigerian law-governed agreement between a bank and account holder establishing terms for deposit account operations, compliant with BOFIA 2020 and CBN regulations.
Download
Margin Agreement
A Nigerian law-governed agreement establishing terms for margin trading between broker/dealer and client, including margin requirements, collateral arrangements, and trading procedures.
Download
Bank Account Agreement
A Nigerian law-governed agreement establishing terms and conditions between a bank and account holder(s) for operating a bank account.
Download
Securities Account Control Agreement
A tripartite agreement under Nigerian law establishing control rights over a securities account as collateral, between an account holder, secured party, and securities intermediary.
Download
Account Management Agreement
A Nigerian law-governed agreement establishing terms for professional account management services, compliant with BOFIA 2020 and CBN regulations.
Download
Joint Account Agreement
A Nigerian law-governed agreement establishing the terms and conditions for operating a joint bank account between multiple account holders and a financial institution.
Download
Account Opening Agreement
A Nigerian law-governed agreement establishing the terms and conditions for operating a bank account, compliant with CBN regulations and BOFIA 2020.
Download
Certificate Of Deposit Agreement
A Nigerian law-governed agreement establishing terms for a fixed-term deposit between a financial institution and depositor, specifying deposit amount, interest rate, and maturity conditions.
Download
ұԾ’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ұԾ’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)