Mama Money is a leading digital money transfer service enabling customers in South Africa to send money to various African countries. The process has been made more convenient, faster, and affordable, particularly for sending money to Nigeria. Among the services Mama Money facilitates is opening a domiciliary account in Nigeria from South Africa.

Exciting News: Send Naira to Nigeria

In a recent breakthrough, the Central Bank of Nigeria (CBN) has added Naira and the eNaira as payment options for diaspora remittances. This significant development was announced in a circular dated July 10, 2023, and it's a game-changer for Nigerians abroad, particularly those in South Africa.

With this new policy, all recipients of diaspora remittances through the CBN-approved International Money Transfer Operators will now have the option of receiving Naira payments, in addition to USD and eNaira payout options. 

This decision makes it even more flexible and efficient for Nigerians in South Africa to send money back home. Whether you prefer to send money in USD or Naira, Mama Money has you covered.

What is a domiciliary account?

A domiciliary account is a type of bank account that allows you to hold, receive, and make payments in foreign currencies. This type of account is particularly beneficial for individuals who receive or make international payments. 

Here are some advantages of having a domiciliary account:

1. Ease of transactions: The account allows you to easily receive and make payments in foreign currencies, eliminating the need for currency conversion. You're also able to do online and international transactions.
2. Better exchange rates: Domiciliary accounts typically offer better exchange rates than what is available in the open market, potentially saving money on currency transactions. Your recipient may get a higher Naira value when exchanging USD in Nigeria.
3. Convenience for international transactions: This account benefits those who frequently engage in international trade or travel, as they can easily make and receive payments in foreign currencies.
4. Access to international banking services: Holding a domiciliary account provides access to a broader range of international banking services, such as credit cards, online banking, and investment options.
5. Protection against currency fluctuations: If you have income in a foreign currency or expect to receive funds in a foreign currency, having a domiciliary account can protect against currency fluctuations. 
6. Ease of accessing funds: Domiciliary accounts are typically linked to debit cards, allowing easy access to funds in foreign currencies from ATMs worldwide.
7. Save money in a foreign currency: The opportunity for you and your recipient to save money in foreign currency.
8. Stable financial status: A domiciliary account offers the account holder a stable financial status, especially for visa applications when applying to study or travel abroad.

How can Mama Money help?

You will automatically receive a USD domiciliary account when you send money to a Naira account with Mama Money. You are then expected to complete the process.

1. Send money to a Naira account with Mama Money, and your bank will automatically create your domiciliary account within 2–3 days, giving you cash withdrawal limits of up to $2,000 per day for your beneficiary.
2. Your beneficiary will receive notification that a USD account has been opened for credits of his funds.
3. The bank may require additional documents for online access to your auto-created USD account.

Guaranty Trust Bank | First Bank of Nigeria | Fidelity Bank | Zenith Bank | United Bank For Africa | FCMB Bank

How to open a domiciliary account if you don't live in Nigeria?

If you are a Nigerian living abroad, you can also open a domiciliary account. Visit your bank's website and open a USD-domiciled account.

To open a domiciliary account in Nigeria, you'll need to provide the following:

• Fill in a Non-Resident Account opening form.
• One (1) passport photo.
• A copy of an identification document such as a Nigerian passport, a voter's card, a driver's license, or a notarized foreign international passport or international driver's license.
• Proof of address (stamped reference letter or a stamped bank confirmation that shows your address)
• Provide either of these references:

1. A stamped reference letter or a stamped banker's confirmation of your bank abroad
2. Two (2) reference forms from current Nigerian bank account holders

Each bank has different requirements for opening a foreign bank account. Select your bank below to see the documents you will need.

Guaranty Trust Bank | First Bank of Nigeria | Fidelity Bank | Zenith Bank | United Bank For Africa | FCMB Bank

We understand that opening a domiciliary account and transferring money to Nigeria from South Africa can be daunting. However, with Mama Money, it's now easier and more accessible. Once you have your account, you can send money directly from your bank account or through the Mama Money app. The funds will be credited to your recipient's domiciliary account, and they can withdraw the money in foreign currency or convert it to Nigerian Naira.

Are you ready to start? Visit our webpage to learn more about how to send money from South Africa to Nigeria.

Need help? Mama is here.

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Should you have any questions that are not covered above, please get in touch with Mama via WhatsApp at +27661041097.

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