How to open a US bank account in Nigeria

Thousands of Nigerian companies and businesses, especially startups operate and function on the global stage providing services to a wide range of clients. From freelance work to offering content on platforms, the opportunities that abound in the global digital space cannot be over-emphasized. 

When operating your business services in the United States or you’re providing products, in one way or the other to the US, you would require a US bank account from a US bank where varying customers and clients can pay for your services. For small businesses or individuals, the Payoneer account checking feature offers you the opportunity to register in the UK and US for a start and improve your chances to open a bank account in almost 70 nations across the world.

This article offers the steps to follow for small businesses and individuals to set up a US bank account with Payoneer.

What is Payoneer?

Payoneer is a digital payment services platform, offering varying financial services to subscribers. One major service offered by the platform is the creation of a US bank account where funds can be transferred to and used for other business concerns. 

Using US bank accounts provided by Payoneer, users can make transactions with their US counterparts through international wire transfer or check. US clients and customers can also transact with you through the US bank account. In addition, Payoneer lets you transfer funds from your US bank account into your local Nigerian account with ease. 

Recommended: How to open a Payoneer account in Nigeria (Send and Receive money)

Opening a US bank account in Nigeria through Payoneer

To Open a US bank account in Nigeria visit Once there click on sign up.

When seeking to open a US bank account for your business, you must be familiar with the laws in the United States and the laws in your home country. The US laws vary with the general identification and hindrance of money laundering and fraud against the US and other persons across the globe. 

Again, some nations provide regulations as to the opening and transfer of foreign currencies from local accounts to the US. For Nigeria, which is the case study for this article, there exists no limitation on the opening of foreign accounts and the transfer of money from the same. 

The United States requires all Nigerian businesses and individuals seeking registration to disclose their full identity before opening a US account in Nigeria. The requirement for identification can be satisfied with a national identification card, which is the generally accepted form of identification. Below are the general criteria for the opening of a US bank account in Nigeria.

Here are things that you should note:

1. The applicant must disclose identity:

The first step to opening a US bank account with Payoneer is by identifying oneself and the business if any. Payoneer offers options for intended applicants to choose from, the options range from online seller, individual, freelancer or small & medium business and Affiliate marketer. Businesses and individuals can pick the options that best describe their identity. 

Each option chosen leads you to a different sub-option under the content. The reason that is a business-focused entity, we shall discuss the Freelancer or Small & medium business option, which had the sub-option of getting paid by international clients or freelance marketplaces.

2. Identify your type of business

After identifying your identity, the next step is to identify the type of business you have. Your business could be individual, meaning it is yet to be registered or company, meaning it is a registered entity (sole proprietorship, partnership or corporation) or you are just a Freelancer. 

If you select individual, the platform requires information relating to your first name, last name, email address, and date of birth.

For companies, the platform requires your company’s legally registered name, it also requires you to state if your company is doing business or yet to commence, your company’s registration number, and the company’s website (if any). Your company passes Payoneer’s registration requirement if the company is registered in the United States. Payoneer also requires the names, emails, and dates of birth of the authorized representatives of the company. 

3. Contact details

Once the above is completed, Payoneer requires that the business or individual disclose its contact address. For this businesses can use their Nigerian address.

Businesses must also place their Nigerian phone number for verification. Payoneer will verify your number through a verification code sent to your line.

4. Company ID

The next step is to create a username, password and security question and answer for your company. In addition, Payoneer requires the registration number of your company and the date of registration. 

5. Adding your bank account

The next step is to add your business’s Nigerian bank account to the platform. Your business bank account must have a similar name to your business’s name.

Payoneer will verify your bank account details, a mistake can delay your chances of approval in the long run.

6. Wait for verification

Once the above is complete, Payoneer would take three working days to verify the information you have provided on the platform. You must ensure the information provided is accurate and valid, otherwise, your chances of approval would be minimal. 

When your account is finally approved, Payoneer would send a notice to your email. Upon receiving such notice, you can move on to the Payoneer platform to complete your registration.

7. Pick a bank

After receiving the notice, Payoneer would provide you with more than 5 banks to choose from. On choosing a bank, the platform would issue you a US bank account number, a bank name, a checking number and others.

This account can be used to transfer and receive money from the United States to Nigeria. 

Note: You can withdraw money to your Nigerian bank account. It can be a dorm account or naira account. Transfer to naira account are usually fast, within 24 hours most times. Transfer to dorm account may take longer. If you want the ability to withdraw to Nigerian bank account then do not apply for the Payoneer card.


The US market is one of the largest in the world and has an economy of over 19 trillion dollars. This large market with a significant disposable income attracts many nations across the world into undertaking services and trading with the US. The challenge faced by these nations is the repatriation of their earnings from the US to their home country.

With the provision of the US bank account opening feature from Payoneer, this issue has been put to rest and there now exists other avenues for trade. 

Are there any limitations to these accounts? One limitation is that the platform has a three-working days window to disburse cash from your US bank account to your local account. This is done to check money laundering.

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Richard Okoroafor

Richard Okoroafor

Richard is a brilliant legal content writer who doubles as a finance lawyer. He brings his wealth of legal knowledge in corporate commercial transactions to bear, offering the best value that exceeds expectations.

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