How to open a USD business account for a Nigerian company

A Nigerian company can open a USD business account online with Verto, then request US account details so overseas clients pay by domestic US transfer. The dollars land in a USD wallet in your company's name. You hold them, pay suppliers in dollars, or convert to naira when you choose. It is a direct way to get paid by international clients without an international wire. Here is how to set it up, step by step.

Check what you need before you start

Opening the account takes less preparation than a bank domiciliary account, but having a few things ready speeds up approval:

• Your company documents to hand. Verto requires KYB documents on your business and shareholders.

• A list of who pays you, and in what. Note which clients pay in USD, and whether any also pay in GBP or EUR.

• Your naira needs. Know roughly how much you convert each month for payroll, rent and local suppliers, so you can plan when to convert.

If you are still weighing up a bank domiciliary account against other routes, our guide on getting a dollar account without a domiciliary account compares the options.

Open your USD business account in six steps

1. Create your business account. Sign up on Verto's registration page and enter your company details.

2. Get verified. Upload shareholder IDs and business documents. Verto's onboarding team reviews them so your account is compliant and approved. Timelines depend on how quickly documents are complete.

3. Find your USD and NGN wallets. As a Nigerian business, you start with a USD wallet and an NGN wallet. You can add others, such as GBP or EUR, from the Wallets page whenever you need them.

4. Request USD account details. Ask for USD Local Account details. These are US account details in your company's name, so a US client pays you over ACH, the domestic network that Nacha governs, as it would pay any American supplier.

5. Add the details to your invoices. Replace international wire instructions with your new USD details. If you invoice UK or European clients too, request GBP or EUR details and add those as well.

6. Receive and decide. When a payment arrives, it lands in your USD wallet in full, with no intermediary deductions on the way. You then choose whether to hold, pay out or convert.

Decide when to convert to naira

Holding dollars gives you control over timing. You convert only when you need naira, rather than the moment money lands.

Verto offers two ways to convert:

• Exchange Now converts between your wallets at a live rate, 24/7, 365 days a year. It suits regular conversions for payroll or local suppliers.

• Exchange Deal lets you lock in a rate for 24 hours. It suits a known payment, such as a large supplier invoice, when you want certainty before the funds are in place.

Once converted, naira can be paid out to Nigerian bank accounts over the NIBSS Instant Payment network. Many businesses keep separate wallets for different purposes, for example one USD wallet for supplier payments and another for tax, so funds stay organised.

Pay suppliers and partners from your USD balance

Once your USD wallet is funded, you can pay suppliers abroad in dollars without converting first. Payments to other businesses on Verto travel through VPay, which is free between Verto businesses.

You can also give your team access. Team members can have read-only access to view balances and transactions, or read-and-write access to add wallets and manage money. That lets your finance team see everything while you keep control of who moves funds.

Know what it costs

Verto's Nigeria plans apply to companies registered in Nigeria: Free at $0 a month, Lite at $15 and Emerging at $35, with Enterprise priced on request. See Verto's Nigeria pricing for current plans and fees.

International collections on the Free plan cost 0.5%, with lower tiered rates on paid plans. FX is priced by currency band, up to 2% for exotic currencies depending on your plan.

Fix the most common hold-ups

If a payment doesn't arrive as expected, check these first:

• The payer used old details. Clients often save your previous wire instructions. Ask them to update their supplier record with your USD details.

• The payer sent an international wire instead of a domestic transfer. US details are built for ACH. Confirm your client's bank is sending a domestic payment.

• The payment came from an individual. Other businesses can pay into your Local Account by default. Payments from individuals are available for selected industries and currencies, subject to approval.

• Your verification isn't complete. Local account details are available once your account is approved.

Your checklist

Before your first client pays into your new account, make sure you have:

1. Completed verification and found your USD and NGN wallets.

2. Requested USD Local Account details, plus GBP or EUR if you invoice those clients.

3. Updated every invoice template and asked regular clients to update their records.

4. Decided which balances you will hold and when you will convert.

5. Set team permissions for anyone who needs to see or move money.

Ready to put it into practice? Get started with Verto, or speak to sales if you'd like a walkthrough. You can also see how balances work in Verto's Multi-currency Wallets.