This migration isn’t just a technical update; it’s about making your financial experience smoother, more reliable, and better suited to your needs. By moving to the new NGN account, we’re ensuring improved transaction stability, faster processing, and fewer interruptions.
It also strengthens compliance with banking regulations, which keeps your funds and personal data even more secure. To simplify this process, we’ve compiled answers to some questions you may have.
1. Will I get a new NGN account number?
Yes, you’ll be issued a new NGN account number immediately. To request it, follow these steps:
Log In: Open the Grey app and log into your account.
Select NGN Currency: Navigate to your accounts and choose the NGN currency.
Request New Details: Tap on the “Request new account details” option.
Follow Prompts: Complete the on-screen instructions to finish the process. This includes verifying details where necessary.
Troubleshooting Tips for NGN Account Requests
Ensure App is Updated: Verify that you are using the latest version of the Grey app as older versions may not support account creation.
Log Out and Log Back In: Refresh your account list by logging out and then back into the app.
Use the Web Platform: If issues persist, log in to the Grey website, navigate to the “Accounts” section, and select NGN to view your account details.
2. What types of payments will the new account support?
Your new NGN bank account will only support 'first-party deposits' (i.e., you can only fund your accounts directly). Third-party deposits will no longer be supported.
3. What is a first-party deposit?
A first-party deposit means funds are transferred directly from an account in your name to your NGN account with us, without third-party intermediaries. This reduces risks, ensures compliance, and adds an extra layer of security to protect your money.
4. What happens if I send funds from a third-party account to my new NGN account?
Your new NGN account only supports first-party deposits. If a third party (someone else) sends money directly into your account, the payment will be automatically rejected and returned by the bank. To avoid delays or failed transactions, please ensure all deposits are made from an account in your name.
5. What happens to funds already sent to my current account?
There's no need to worry — your funds are safe. All incoming transfers will be reversed.
6. Will my NGN account details change permanently?
Yes. Kindly update your new account information to avoid disruptions.
7. What will happen to the funds in my NGN balance?
The fund in your NGN balance is safe and will not be affected by the migration. You will have access to the funds in your account.
8. How long will it take to get my new NGN account?
Once you request it from your dashboard, your new NGN account will be issued immediately. If you encounter any issues during the process, ensure that your Grey app is updated to the latest version. Additionally, if prompted to add your Bank Verification Number (BVN), navigate to the 'More' section of the app to complete this step before continuing.
9. Can I still receive funds to my previous account? No, deposits will no longer be accepted into your old account. Please use your new NGN account details for all future deposits.
10. Does the new account have a limit? Deposits using bank transfers have no limits.
11. Can I withdraw Naira to a third-party account from Grey?
Yes, you can send NGN from Grey to both your personal and third-party accounts.