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List Of Best Banks for Business Accounts in Nigeria

List Of Best Banks for Business Accounts in Nigeria. Alot Of People Have Been Asking; Which bank is best for business account? Which business bank is best Nigeria? What type of account is best for small business? In this article, you will see list of Best Banks For Business Account In Nigeria And Their Features.

WHAT IS A BUSINESS ACCOUNT?

A business account is a bank account that can be opened by any type of business entity. That is a corporation, limited liability company, partnership and sole proprietorship. Having a business account is a priority when running a business. However, what is even more important is deciding what bank to open the account with. This is why we have gathered a list of the best banks for business accounts in Nigeria.

List Of Best Banks for Business Accounts in Nigeria

Zenith bank

Zenith bank is renowned to have helped many locally and foreign-owned businesses achieve profitability and sustainability. Zenith Bank is one of the best banks you can open a business account with. Some of the benefits of opening a business bank account with Zenith bank is that you get to receive professional support from a personal relationship manager. Zenith bank has several business accounts for different types of organizations. These accounts are:

SOLE PROPRIETORSHIP / ENTERPRISE ACCOUNT

REQUIREMENTS FOR OPENING A SOLE PROPRIETORSHIP BUSINESS ACCOUNT

Duly filled and signed Account Opening Form
Two Specimen Signature Cards
Two references
Two recent passport size photographs (of each signatory)
Form of Identification of Signatories
Certificate of Registration
Form of Application for Registration with Corporate Affairs Commission
Photocopy of Public Utility Receipt
Mandatory Initial Deposit
Visitation Report (Residential and Official)
Risk assessment Form
Additional Know Your Customer Form

BENEFITS OF SOLE PROPRIETORSHIP BUSINESS ACCOUNT

Corporate internet banking
Eazymoney / *966# Eazybanking
Debit Card
Email/SMS Alerts
Mobile Banking

Other types of business account run by Zenith bank include:

Partnership accounts

Business accounts for clubs, societies and Associations

Limited Liability Company Account

ACCESS BANK- BUSINESS ACCOUNT

The business account at Access bank is specifically designed to enable account holders run their business accounts at the most minimal cost while providing other opportunities for business growth. Access bank runs different types of business accounts which are:

M power Biz- For small business owners, NGOs, Schools, churches,

Domiciliary account

Corporate account- For any registered business

Gold Current account

FEATURES OF ACCESS BANK M POWER BIZ ACCOUNT

Opening balance of N50,000
Minimum daily balance of N100,000
Zero monthly account maintenance fee.
Maximum monthly turnover of N100million
Different options of Debit Card based on the customer’s preference.
Access to alternate banking channels such as online, mobile & telephone banking
No restrictions on number of withdrawals
Direct debit instructions
Access to Platinum Credit Card
Free financial advisory services
Third-party withdrawals
SMS/Email alerts

ACCESS BANK BUSINESS ACCOUNT OPENING REQUIREMENTS

Utility bill receipt
2 references
2 Passport photographs
Valid ID of all signatories
Residence Permit for foreigners
Forms CO7 (Particulars of Directors) and CO2 (Share Allotment Form)
Certificate of Incorporation / Business Registration
Memorandum and Articles of Association
Board resolution
Search report
BVN

GT BANK ACCOUNT

GT Business account is a current account designed for small and medium enterprise with a maximum monthly turnover of N50 million. The GT Business account is designed to help and encourage the small business sector of the Nigerian economy. Guarantee Trust bank is renowned for supporting Nigerian businesses of all models. If you open a business bank account with Guaranty Trust Bank, you will have access to several corporate banking resources such as: loans, consultation services, workshops, competitions, and so on.

The bank’s business accounts are as follows:

GT Business Account
GTB Current Account
GT Bank Domiciliary Account
GT Max account

FEATURES & BENEFITS OF GT BUSINESS ACCOUNT

Minimum balance of N20,000
Fixed monthly charge of N5,000 applies to this account
N1/Mille Common Area Maintenance fee applies on excess of N50 million monthly turnover
Unlimited number of withdrawals
Access to consultation services, annual business workshops, seminar and networking events

UNITED BANK FOR AFRICA

UBA is one of the oldest banks in Nigeria. It is also one of the best banks to open your business bank account with. Opening a business account with UBA allows you access to business support services such as merchant services, tools, and resources for business growth, strategic business advisory, and research.

BENEFITS OF UBA BUSINESS ACCOUNT

Fixed monthly charges
Access to business loans
Access to advisory platforms
Digital collection and payment channels
Access to small and medium scale business Summit and fairs
Free shop front on UBA Market place

The bank provides different corporate banking for other businesses based on their categories.

Other Business accounts options from UBA are:

UBA Professional Account (for professionals and freelancers)
Regular UBA Current Account
Self-employed Current Account
Expatriate/Diaspora Accounts (for foreigners)

WEMA BANK

Wema bank has various bank account services that are suitable for businesses. These are:

Corporate Account
My Business Account
My Business Account plus
Wema Treasure Account Business
Domiciliary Plus Account
ALAT by Wema (Business)

Wema myBusiness Account is targeted at Micro & Small Businesses. Charges on the account is based on the business’ monthly activities.

FEATURES OF WEMA BANK BUSINESS ACCOUNT

Minimum opening and operating balance of #10,000
Monthly debit turnover limit of #200 million.
Opportunity to select any product of the bank befitting of your business
Charges based on monthly turnover
Zero account maintenance charge.
Access to Wema Bank Business Loan package
Transaction alerts through SMS and/or E-mail

FIRST BANK

First bank business accounts are open to individuals who are 18 years or older. Below are the business bank accounts offered by the First bank:

First Current Plus account
Current account
Domiciliary account
Fixed deposit account
First Premium term deposit

Business solutions for business account owners include Agricultural finance, internet banking, loans, SME solutions, payment solutions, business advisory services, and more.

FEATURES OF FIRST BANK BUSINESS ACCOUNT

It requires a minimum opening balance of N5, 000 for individuals and N10,000 for corporate organizations.
Account can be operated at zero balance, that is no minimum operating balance allowing for
There is withdrawal limit of 5 times per month (alternate channels inclusive)
Account maintenance fees apply
Funds transfer and bank cheques/drafts are allowed
Third parties transactions are allowed
Access to any of the numerous bank’s products
Access to loans
Issuance of cheque books valid for clearing nationwide.

All in all, getting a business account for your business and self is very important. The process of getting it is quite simple so far as you have every one of the necessary things set up. In this write-up, we highlighted the best banks to open this kind of account. We hope with these, you will have options on which to go for, as it all boils down to your decision.

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