In 2009 Zimbabwe adopted a multi-currency system where the USD became the predominant legal tender. However, the introduction of a local currency was initiated in 2018 despite negative reception from the general public. This is one of the reasons that necessitated the introduction of foreign currency accounts known as Nostro accounts. These allow you to deposit foreign currency which in turn will be readily available without conversion. But it’s not possible to open an account unless you prepare Ecobank Dollar Account Requirements which we have shared in this article.
Ecobank Dollar Account Requirements
Ecobank is one such bank that offers the opening of Nostro accounts not only in Zimbabwe but across all its markets in Africa. If you are a “globetrotter,” and/or international business trader you may need to consider a Nostro account. An easy way of opening this account online is available.
Online Account Opening
Eligibility for a foreign currency account is determined by (i) Ecobank requirements and (ii) The regulations of the country in which your Ecobank Nostro account will be held. If you qualify, technology has simplified the process for you as your physical presence is no longer required to make a cash deposit. From wherever you are, forms can be downloaded from and submitted to the Ecobank online portal. After this, you can then make your deposit in dollars.
- Ecobank has an application form that they require you to complete when opening your Nostro account. This is where you enter personal and financial data which will be verified and approved before the account can be opened. Requirements may differ from country to country. Here are the requirements in Zimbabwe:
- Identification: For Zimbabwean citizens, either of the following is required, a valid proof of Identity of each signatory (current driver’s license/ International passport).
- Two passport size photos are also needed.
- Proof of Residency: You will need to prove that your current address is your place of residency through utility bills for the 3 previous months/ certificate of residence/ Tenancy agreement/ Credit card statement.
- Additional: Employer’s letter of introduction / payslip/ tax clearance certificate/ bank statement – duly notarised
- There is a document called “Know Your Customer (KYC) document” which comes with questions. These need to be answered and attached.
Additionally, you may be required to provide passport information, employment credentials, political status (whether you are a government representative or other “politically exposed” person), income, and debts.
It is of paramount importance that you state the purpose of your new account, the amount you will be using to open it, the source of funds, and maybe a few details on how the account will be used from month to month. The process is complete once your application is approved and the account will be opened.