The need for a business account should never be underestimated.
It’s absolutely something important to and for every business whether small, medium, or large scale business.
Imagine a businessman that has no business account set aside for his business but rather makes use of his personal savings account, there would be confusion in the long run.
So the idea to set aside a business account is great and is likely to make your business succeed.
In this article, I’ll walk you through how to open a business account in Nigeria in 5 minutes.
Before you learn how it’s been done, let’s see what a business account really entails.
What Does A Business Account Really Entail?
A business account may be referred to as a type of bank account that is specifically designed for a business or businesses.
These accounts allow business owners to manage their finances, receive payments, pay bills, and perform other financial transactions on the same account without interfering with their personal accounts.
Business accounts usually offer features such as online banking, mobile banking, and merchant services to help businesses manage their finances more efficiently and conveniently at the same time.
In addition, some business accounts also offer access to business loans, cash back rewards and a lot more.
You might really not know but I’ll tell you opening a business account in Nigeria is simple and easy as you’ll typically need to proof of your business legal status e.g. business registration documents, tax ID, business financial transactions history etc.
However, you need to note this, ‘to choose the right type of business account for your needs as there are different kinds of business accounts available, e.g money market accounts, checking accounts, savings accounts, your bank e.g Access bank can help you choose the best account for your business base on your financial goals and needs.
It’s important to choose the right type of business account for your needs, as there are different types of accounts available, such as checking accounts, savings accounts, and money market accounts.
Your bank or financial institution can help you choose the best account for your business based on your financial goals and needs.
Requirements To Open A Business Account In Nigeria
We’ll still go into how to open a business account in Nigeria in just 5 or less but the requirements are part of the most important things you must know.
Business Registration Documents
If you’re operating a CAC registered business and need to open a business account. According to First Bank, you will need to provide the following documents:
- Duly completed Application Form
- Valid means of identification (Drivers License, National ID Card or International Passport)
- Valid proof of address of residency e.g. current Utility Bill not exceeding 3 months
- Two passport-size photographs of the Applicant
- Duly completed Specimen Signature cards etc.
However, the documents required by other banks may vary yet, this is typically the most required document by all traditional banks in Nigeria.
How To Open A Business Account In Nigeria In 5 Minutes
Here we are, the following steps will guide you on how to open a business account in Nigeria in 5 minutes successfully:
Minimum Deposit For Account Opening
The very first thing you must get yourself prepared for if you want to open a business account in Nigeria just within 5 minutes is to provide things mentioned in the requirements above, then after that, you need to prepare a minimum deposit for account opening.
However, because you wouldn’t know the minimum deposit for business account opening of banks, I’ll advise you to contact the customer care service of the bank you want to open a business account with to know their current minimum deposit for a business account opening.
Unlike other types of accounts e.g. savings, the bank may not request any minimum deposit before you can open a bank account.
But for a business account, making a minimum deposit is compulsory and may vary from bank to bank.
Choose A Bank You’d Prefer
Here, you need to choose a bank you believe will suit you, it might be Zenith bank, Access bank, Guarantee Trust Bank, FCMB, or any other commercial bank.
Just research and compare the different banks in Nigeria to find one that meets your business needs.
Visit The Bank Branch
Have you decided on the bank you will prefer to bank with?
If you’ve decided on that already then the next thing to do is to visit the bank.
Kindly visit the nearest branch of the bank you have chosen and ask to speak to a business account officer.
Provide The Required Documents To The Bank Officer
The next step is to provide the required documents to the account officer, including your business registration documents, valid identification, proof of address, minimum opening deposit, and other things mentioned in the requirements earlier.
Fill Out The Business Account Application Form
Fill out the business account application form that will be provided to you by the bank officer.
Wait For Review & Approval
After the submission of the account opening form and have submitted it to the bank officer, you’ll need to wait for the review and approval of your business account.
Activate Your Account
Finally, activate your account once it’s approved.
It’s the duty of the bank to provide you with the account number and other information to activate the account.
After it’s been activated then it is ready for use.
Once your account is approved, the bank will provide you with an account number and other information.
You can then activate your account and start using it for your business transactions.
Frequently Asked Questions On How To Open A Business Account In Nigeria In 5 Minutes
Here are some frequently asked questions about how to open a business account in Nigeria in 5 minutes:
Why Do I Need A Business Account In Nigeria?
A business account is important and needed for managing your business finances and separating your personal finances from your business finances.
It also allows you to accept payments from customers and make payments to vendors and suppliers.
What Types Of Business Accounts Are Available In Nigeria?
There are different types of business accounts available in Nigeria, including current accounts, savings accounts, and domiciliary accounts.
Current accounts are the most common type of business account, and they are designed for regular transactions.
Can I Open A Business Account With A Foreign Currency In Nigeria?
Yes, you can open a domiciliary account, which is a foreign currency account that allows you to make and receive payments in a foreign currency.
Can I open a business account online in Nigeria?
Yes, most banks offer online account opening services, which allow you to open a business account from the comfort of your home or office.
However, you will still need to provide the required documents and meet the bank’s eligibility criteria, and would need to get to the bank branch around you.