Many Ghanaians manage their money entirely through mobile money. At some point, though, a job, a loan, a visa application or a business will require a bank account. Opening one has become simpler with the Ghana Card, but knowing what to bring and what to ask can save time and fees.
Documents and checks
Banks typically ask for a Ghana Card, which is now the main form of identification for financial services. Some may also ask for proof of address, such as a utility bill or a digital address from GhanaPostGPS, and passport photographs. Foreign nationals usually need a passport and residence permit. Banks are required to verify customers’ identity under anti-money-laundering rules, known as “know your customer” checks. They may ask about your job, income and the purpose of the account.
Types of account
Savings accounts are for keeping money and earning a small amount of interest. They usually have limits on withdrawals and low minimum balances.
Current accounts are for regular transactions and may include chequebooks. They often have monthly maintenance fees. Businesses usually need current accounts. Many banks offer accounts in dollars, pounds or euros. These are useful for people who receive payments from abroad. Withdrawal rules and fees vary.
Fees, digital banking and protection
Ask about monthly charges, ATM fees, transfer fees and charges for falling below minimum balances. Fees can add up quickly. Most banks offer apps and internet banking, allowing transfers, bill payments and links to mobile money wallets. Check what the app can do before choosing a bank. Consider branch locations, ATM networks, customer service and digital services. Ask friends about their experiences.
Ghana has a deposit protection scheme that insures deposits at licensed banks up to a set limit, offering some protection if a bank fails.
Scams, students and business accounts
Never share your PIN or one-time passwords. Banks will not ask for them by phone. Report suspicious calls to your bank. Some banks offer student accounts with lower fees. Bring your student ID. Business accounts usually require registration documents from the Office of the Registrar of Companies, a TIN and identification for directors. Banks may also ask for a board resolution naming who can sign.
A bank account is a small step for many people. It can open doors to loans, international payments and a credit history that mobile money alone cannot provide.
