Upgrading a bank account in Nigeria explained

In this article, I will explain everything you need to know when it comes to upgrading a bank account in Nigeria.

To upgrade a bank account in Nigeria, it simply means upgrading an account from tier 1 or tier 2 to a tier 3 account.

Whenever you see level 1, level 2, and level 3 accounts, it also means tier 1, tier 2, and tier 3 accounts.

This means that in Nigeria, we have a three-level account system: tier 1, tier 2, and tier 3. Tier 3 is the highest level or tier for a savings account in Nigeria.

Upgrading a bank account in Nigeria

Upgrading a bank account in Nigeria is only available for Tier 1 and Tier 2 account owners, as you cannot upgrade a Tier 3 savings account, which is the highest level of savings account.

It’s quite easy to open a tier 1 and tier 2 account, but it comes with many restrictions, especially since it is restricted to a certain sum of money.

Consequently, the need to upgrade a bank account will inevitably arise at point.

Here’s the issue: A tier 1 bank account cannot receive more than N300,000 into its savings account. In some banks, it is restricted to N100,000 or N200,000, respectively.

For a tier 2 account, the limit is N500,000 to N3,000,000, depending on the bank.

Now, for a tier 3 account, it is unlimited.

This means you can receive any amount into a tier 3 savings account without restriction.

Now, let’s head over to the requirements banks will need from you to upgrade your bank account in Nigeria.

Requirements to upgrade an account in Nigeria

The requirements are as follows;

1. An ID like nin, voter’s card, international passport, or driver’s license.
2. An utility bill like the nepa bill or rent bill.
3. A passport or two passport.

These are the requirements needed from you to upgrade your account to a level 3 account in Nigeria.

Note: The utility bill must not be less than three months, as banks will require a utility bill no less than three months old.

If it’s more than three months old, banks won’t accept it. So, in this case, the NEPA bill or, probably, an electricity bill is a good option. Make sure it has your address, even if you’re using a prepaid meter.

How to upgrade a bank account in Nigeria

To upgrade a bank account in Nigeria, simply go to the bank with the requirements, move to the customer service section, and request that you want to upgrade your bank account.

The bank will issue a form for you to fill out.

Go ahead and fill out the form carefully and make sure everything you write is correct before submitting it back to the bank customer service representative.

Now, listen. The address on the utility bill is what you will write as your address on the form, even if you borrowed the utility bill.

When filling the form, concentrate more on your name, date of birth, phone number number and address.

Once you are finished and everything you have written is correct, submit the form back to the customer service representative and wait until you are told to leave.

That’s it.

There’s no big deal when it comes to upgrading a bank, though it may be stressful in some banks.

Yes, you heard me.

Some banks can stress the hell out of you, especially First Bank.

This is the case of KYC meaning Know Your Customer.

In this type of situation, the bank will send some agents to your house to verify if the address you provided is correct or possibly your actual address.

You know, some people will collect bills from their friends or family to open an account, even though the address on the bill is not their real address.

This is what banks are trying to curtail: making sure that the address you wrote is your real address.

In my case, First Bank frustrated me because I work from 8 to 4 on weekdays, and I was told to stay home and wait for the agents to come and verify my address.

I complied, but they didn’t show up.

Mind you my account was frozen because I transferred more than N300,000 into my first bank tier 1 account.

I had a serious argument with them because many areas or cities in Nigeria do not have proper house numbering. In the end, my request was approved without the agents verifying my address.

The bank customer service representative simply asked me the color of my house and gate. That was all.

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Can I upgrade my account online?

Yes you can upgrade your account online but it depends on your account officer.

In this type of situation, you need to get your account officer’s phone number or possibly their WhatsApp number.

You can obtain the number by simply contacting the bank and requesting your account officer’s phone number.

Certainly, your bank will provide you with your account officer’s phone number.

Then it is left for you to contact the person and request that you want to upgrade your account online.

I’m sure your account officer will ask you to go to the bank to inquire about the reason why you want to do such a transaction online. You must provide a valid reason.

So, what you need to do is download your bank account upgrade form or obtain the form from your account officer.

Fill out the form on your phone, tablet, or computer using a reliable PDF app like Adobe because the form requires a signature.

Once you’re done, send the form along with your ID, utility bill, and passport to your account officer via WhatsApp or iMessage, depending on what your account officer uses.

WhatsApp is mostly used.

Please remember to snap your ID, passport and utility bill and you can convert them to pdf format instead of jpg or png.

Well, I believe your account officer will guide you on what to do and how to go about it.

Please bear in mind that some account officers are lazy or unwilling to help; however, you can request a change of your account officer.

Upgrading a bank account in Nigeria should not take more than 48 hours or a maximum of 72 hours (three business days). With all said, I come to the conclusion of today’s topic on how to upgrade a bank account in Nigeria. I’m open to your questions and suggestions.