Supervision & Regulation

WHAT ARE THE REQUIREMENTS FOR OPENING AN ACCOUNT?

1. Provide proof of identity: you need to prove who you are and where you live.

2. Fill in an application form:

Individuals

  1. Provide legal name & any other name used. (such as maiden name)
  2. Permanent address (full address should be provided; post office box is not sufficient), important landmarks close to your residence should act as a complement.
  3. Telephone number, fax number, and e-mail address
  4. Date of birth
  5. Nationality
  6. Occupation, public position held and/employers name
  7. With students, an introductory letter from the student's institution, signed by the head of the institution or his representative and a student ID card.
  8. Type of account and nature of banking relationship
  9. Signature
  10. Any other information the respective bank may require

Corporate Entities

  1. Name of institution
  2. Principal place of institution's business operations
  3. Mailing address of institution
  4. Contact telephone and fax number
  5. Original or certified copy of the regulations, business registration and commencement of business
  6. Resolution of the board of directors to open an account and identification of those who have authority to operate the account.
  7. Nature and purpose of business and its legitimacy.
  8. Website addresses of the institution if any
  9. E-mail addresses of the (directors) signatories of the accounts
3. Pay the initial deposit (or more) into your account
You will need proof of identity (Residence). Acceptable documents include:
  • Passport
  • Driver's License
  • I.D. Card from work (introductory letter from employers)
  • Voter Identification Card
  • Resident Permit
  • Proof of address
  • Electricity/Water Bills (Utility Bills)
  • Telephone bills
  • Tenancy Agreement etc

OPERATING THE ACCOUNT

Different banks have different processes for running your account. Ask your bank to give you a "user guide" or information about how to operate or manage your account.

HOW DO I PAY IN MONEY?

Cash/cheques/paying in slips

HOW DO I WITHDRAW MONEY FROM THE ACCOUNT?

  • Completing a withdrawal form at the Bank
  • Completing a cheque leaflet for cash withdrawal.
  • Issuing cheques to creditors to obtain cash or through clearing at the Central Bank.
  • By e-mail and telephone
  • Using ATM cards
  • By written instructions to the branch requesting a transfer to be made to a 3rd party account.

HOW DO I KEEP TRACK OF MY MONEY?

  • Regular statements of account.
  • Receipts from Automated Teller Machines (ATMs)
  • Cash/cheques pay-in-slips
  • Cheque book (counterfoils)

HOW MUCH DOES A BANK ACCOUNT COST?

  • Operating a saving account usually costs nothing
  • Current account attracts COT – which is a commission on the debit turnover of your account over a period.
  • Overdrawn balances attract interest
  • Withdrawal from ATM's attract fees.
  • Charges for special services eg. Transfer of money, special clearing of cheques etc.
  • Returned cheques attract commission
  • Issuance of dud cheques attracts penalties; it is also a criminal offence and offending customers may be prosecuted. Frequent (about 3 cheques in a quarter) return of cheques would lead to closure of the account for a period of 1 year.

VOLUNTARY CLOSURE OF AN ACCOUNT

  • Customers are required to give a week's notice before closing an account. This may vary however from bank to bank.
  • No fee is charge for closing an account.