AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
You can save dollars for a child through a children's domiciliary account opened by a parent, such as UBA's Kiddies Dom, or by holding dollar investments in a parent's name for the child. Match the choice to when the money is needed: bank accounts for short horizons and access, dollar funds or bonds for money that can stay put for years.
Parents save for children in dollars for good reasons: university abroad is priced in foreign currency, and a decade of naira depreciation can shrink a naira fund's value in those terms. The plan that works depends on how many years you have, who controls the money and how much you can set aside each month.
Option 1: a children's domiciliary account
Some banks run domiciliary accounts specifically for minors, operated by a parent or guardian. UBA's domiciliary page lists a Kiddies Dom account in USD, GBP and EUR, opened with $100 or £70, with documents including the parent's ID, two photos, the child's birth certificate, a utility bill and the parent's BVN. The page lists a withdrawal charge of 0.5% plus VAT (checked October 2026).
A children's account keeps the money visibly separate and in the child's name, which helps with discipline. It is a bank deposit, covered by NDIC up to the naira limit. It usually earns little, so on its own it protects against depreciation but does not grow much.
Option 2: an investment held for the child
For money that will not be touched for many years, many parents hold dollar investments in their own name, earmarked for the child. Options include:
- SEC-registered dollar funds, which invest in Eurobonds and similar assets; minimums and fees are in each fund's documents. See dollar mutual funds: how to buy.
- Government dollar bonds. The DMO's domestic FGN US dollar bond (August 2024 FAQ) ran five years from a US$10,000 minimum, with income exempt from personal income tax and capital gains tax. A five-year bond fits a child who is about five years from university.
- Custodial investment accounts offered by some apps. Trove's App Store listing mentions 'Next Gen' custodial accounts, for example; read the terms on who controls the account and when the child takes over.
Who legally owns the money
This is the question parents skip. Money in a parent's own investment account belongs to the parent, whatever the plan. If something happens to the parent, it passes under their will or the rules on inheritance, not automatically to the child. A children's account or custodial account is in the child's name but run by the parent until the child is of age. Make sure your next of kin and any will reflect your intention, and keep records that show what the money is for.
Matching the plan to the horizon
| Years until needed | Sensible home | Why |
|---|---|---|
| 0–2 | Domiciliary or children's dom account | Access and no price risk |
| 3–5 | Mix of dom account and dollar bond or fund | Some growth, while bond maturity can match the date |
| 6+ | Mostly dollar funds or longer-term holdings, reviewed yearly | Time to ride out price falls |
As the date approaches, move money back towards the bank account so a bad year in bond prices does not land just as fees fall due.
A worked example (illustrative)
A parent in Abuja saves $100 a month for ten years for a child aged eight. Contributions total $12,000. If the money earned nothing, that is the sum at eighteen. If it earned 5% a year on average, compounded monthly, the pot would be roughly $15,500. The 5% figure is an assumption for illustration; actual returns vary and can be lower, and fees reduce them.
Funding it, and paying the bills later
Dollars for a child's fund can come from three places: a parent's own dollar income, family abroad, or naira converted each month. Money sent from relatives abroad can go straight into the child's domiciliary account in dollars, which avoids converting twice. Converting naira monthly spreads your exchange-rate risk over time instead of betting on one rate, but each conversion has a cost, so check the rate and fee before every top-up.
When the fees fall due, rules on paying a foreign school matter too. Nairametrics reported in June 2026 that under the CBN's FX Manual (4th edition), banks can remit tuition of up to US$25,000 per semester through Form A directly to the institution, with maintenance billed separately up to $5,000 a quarter. Those limits apply to buying dollars through banks; dollars you already hold can be paid from your own account, subject to the bank's documentation rules.
Steps
- Estimate the cost and the year it falls due.
- Open a children's domiciliary account, or decide to hold investments in your name for the child.
- Set a monthly amount and a fixed date to move it.
- Write down who controls the money and update your next-of-kin details.
- Review once a year and shift towards cash as the date nears.
Where Pryme fits
A Pryme multicurrency account holds dollars alongside naira, so a parent can set aside dollars received from work or family abroad without converting them. Every Personal Account customer can set up a Personal Assistant (Eva by default) to prepare monthly saving reminders; nothing moves without your approval. Naira goals can sit in Savings Boxes.
Questions people ask
Can I open a dollar account for my child in Nigeria?
Yes. Some banks offer children's domiciliary accounts run by a parent. UBA lists Kiddies Dom in USD, GBP and EUR, opened with $100 or £70 and the child's birth certificate.
What is the best way to save dollars for my child's education?
It depends on the horizon: a domiciliary account for the next two years, and dollar funds or bonds for money that can stay invested longer.
Who owns money I invest for my child in my name?
Legally, you do. Make your intention clear in your will and next-of-kin records.
Is a children's domiciliary account NDIC-insured?
It is a bank deposit, so NDIC cover applies up to the naira limit per depositor at that bank.
Sources
- UBA: Domiciliary Account · accessed Oct 2026
- DMO: Domestic FGN US Dollar Bond FAQs (Aug 2024) · accessed Oct 2026
- Apple App Store: Trove · accessed Oct 2026
- NDIC: Frequently asked questions · accessed Oct 2026
- Nairametrics: CBN raises tuition fee remittance limit to $25,000 for Nigerians studying abroad (4 Jun 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.