5 Best Banks For Business Account In Nigeria

If you want to open account for your Business Name, Limited Liability Company or Public Corporation in Nigeria but you’re not really sure which bank to choose, below is our list of best banks for business account in Nigeria.  This post highlights the top 5 banks in Nigeria that is most suitable for small scale businesses, established firms and startup entrepreneurs who want to open business accounts.

Most of these banks provide multiple SMEs packages that are best for online business in Nigeria, internet banking applications, small business startup loans, corporate and investment banking opportunities in
Nigeria and even abroad. They also ensure customers credit information security, Internet fraud alerts and provide large network of service branches across popular cities in Nigeria.

Abbakin understands that secure business transactions, cash flow movement system and proper accounting records are very important to most emerging businesses. As a business development agency in Nigeria, we made it a point of concern to address these specific decision making processes; including how to open a bank account in Nigeria as you grow your business.

Moreover, the information contained in this business review itself may not reflect the idea of Abbakin.com or its editorial team. This list is not arranged in any particular order of ranking.  We’re only going to look at the unique features, support and benefits these commercial banks can contribute to your business growth objectives. Below is our list of best banks for business account in Nigeria, including some requirements for opening a corporate bank account.

5 Best Banks For Business Account In Nigeria

 #1. Union Bank

The Union Bank of Nigeria Plc is actually one of the leading small business lenders in Nigeria, especially with its’ supporting programs. One of such evidence is the Top 100 Emerging SMEs initiative launched in 2018 at the annual Connect Nigeria eBusiness Fair in Lagos.

Recently, the Union Bank group also unveils its TechVentures banking proposition to support businesses with tailored services; such as access to venture capital funding, business advisory and mentorship. Its UnionBiz Account pays low interest rates when you maintain certain amount in your bank account; while their loan solutions can help you grow your business in a sustainable manner.

#2. Access Bank

With its merger with Diamond Bank, Access Bank Plc offers simple customer accounts that can get your business started without those hectic account opening requirements. If you are a business owner, small and medium size enterprise, or company manger who want to open a corporate account, Access Bank can be one of the most suitable banks for your business.

The accounts are specially designed to enable account holders run their businesses at minimal cost while maximizing other grow opportunities. The Access Bank Business Banking Solutions also include features that can benefit your business sales actives with retail POS systems.

#3. GTB

Guaranty Trust Bank is among the top African Banks that offers different online banking platforms and services, Internet banking facilities and retail banking services that conveniently satisfy different corporate needs.

The bank has flexible mobile transfer codes that you can use to send money to any bank account in Nigeria, check your account balance and buy mobile recharge cards from your account even without internet connections.

#4. Fidelity Bank

The Fidelity Bank Nigeria has continued to grow in its expansion projects and effective customer service delivery. As the saying goes, “if the Mountain refuse go to Mohamed, then Mohamed will go to the Mountain”. Aside that, this bank has actually lead the Nigerian retail banking sector buy taking more and more banking halls direct to major retail markets in Nigeria.

Fidelity Bank offers small business account that is tailored for market women and businessmen, merchant traders, and corporate organizations; including online banking services with no hidden cost to run your business successfully.

 #5. First Bank

Whether you are a startup entrepreneur or established enterprise doing business in Nigeria, First Bank of Nigeria Ltd provides everything you need to open a current business account and manage your dedicated assets or investments with minimal operating balance of NGN10, 000 Naira.

This fixed charge is designed to address different needs of SME customer base with up to N50 million monthly debits. The bank is also leading the Nigeria corporate banking landscape, investment banking and asset management.

Wrapping up: Best Banks For Business Account In Nigeria

If you want to know the best banks for business account in Nigeria and how they can help your business grow online, offline and even internationally, kindly take the time and visit some of the Nigerian banks locations near you.

Requirements for Opening Corporate Bank Account in Nigeria:

You may need the original or photocopies of the following required documents, such as the certificate of name registration/incorporation by CAC; the certified copy of the company’s memorandum and articles of association, your tax identification number (TIN) from Federal Inland Revenue service, and valid means of identification (Directors IDs: e.g. National Identity Card, INEC Voters Card, Driver’s License or International Passport).

Other requirements may include board resolution, company seal, completed corporate account opening form, proof of residential/business address (using Utility Bills i.e. PHCN), two current account references, initial account opening deposit,  two passport photographs each for the signatories to the account, etc.

Remember to ask questions and find out more about their business banking services, and the requirements you need to fulfill before you can open a corporate account in Nigerian.

Contact us now if you need help promoting your business online.

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