Opening a business account is important for whether small, medium, or large scale business is necessary and important to be used by everyone who really wants to take his or her business to the next level, that’s why I’ve provided an article about How To Open A Business Account In Nigeria In 5 Minutes. But before you go ahead to open a business account, it’s essential you choose the best bank that will suit your needs. However, here’s an article about the Top 7 Banks for opening a small business account in Nigeria in 2023.
Note: These top 7 banks for opening a small business account in Nigeria are not meant for only small businesses but all levels of banks; small, medium, or large scale can open an account with them.
Top 7 Banks for Opening Small Business Accounts in Nigeria
Here are the top 7 banks for opening a small business account in Nigeria:
1. Zenith Bank
Zenith Bank is a financial institution in Nigeria that offers a range of business accounts, including current accounts, savings accounts, and fixed deposit accounts.
They also provide internet banking services, mobile banking, and other digital solutions to help manage small business finances efficiently.
Also, individuals are allowed to open business accounts for their businesses by visiting their official website or going directly to any Zenith bank branch near them to open a business account.
2. Guaranty Trust Bank (GTBank)
GTBank is arguably one of the top 3 best banks in Nigeria as of 2023.
They provide a range of business accounts, including SME accounts, corporate accounts, and trade accounts. They also offer different kinds of digital solutions which are not limited to online banking, mobile banking, and e-payment solutions.
To open a business account with GTBank, kindly visit their official website and or visit any of their branches closer to your location.
The general requirements for the top 7 banks for opening a small business account in Nigeria have been listed at the end of this article.
3. United Bank For Africa (UBA)
UBA is an acronym for United Bank For Africa, it is an indigenous financial institution and perhaps one of the best commercial banks in Nigeria to open a business account for small, medium, or large-scale businesses in Nigeria.
The bank offers a wide range of banking services which includes business accounts, self employed current accounts, and UBA professional accounts.
To open a business account with the United Bank of Africa (UBA), it’s important you visit the bank to obtain the current account form
4. First Bank
First Bank is by far the oldest bank in Nigeria and is included in one of the Top 7 Banks for opening small business accounts in Nigeria.
They offer different kinds of accounts these are; first current plus account, domiciliary account, first premium term deposit, and fixed deposit.
Opening a business account with First Bank of Nigeria will also require you to visit the bank branch to take the necessary steps.
5. Wema Bank
When it comes to internet banking services, Wema bank is deemed the best, opening a business account with them will enable you to get a computerized ledger for your business.
Wema Bank has a wide range of business accounts you can open, these are my business account plus, domiciliary plus account, corporate account, my business account, Wema treasure account business, etc.
Due to the requirements, you’ll need to visit the bank branch to open your business account.
Another bank amongst the list of Top 7 Banks for opening a small business account in Nigeria is Ecobank.
This bank also provides a wide range of services to its amiable customers one of the features is loans.
You can easily get a loan from ecobank in Nigeria without collateral provided you’ve met all the requirements.
To open a business account with ecobank, kindly visit the bank branch and obtain an account opening form from the bank officer.
7. Fidelity Bank
Fidelity Bank is a Nigerian financial institution established decades ago, they offer a range of business accounts, including SME accounts, corporate accounts, and trade accounts.
Also, they provide digital banking solutions which include internet banking and mobile banking, to help manage small business finances efficiently and effectively.
They have numerous branches in every part of Nigeria making it easier for customers to bank with them.
Requirements To Open A Business Account In Nigeria
Some documents are required to open a small business account, if not all of them are:
- Valid means of identification
- Proof of address
- Tax identification number
- Business registration etc.
How To Open A Small Business Account In Nigeria In 5 Minutes
To open a small business account in Nigeria, you’ll need to follow these general steps:
- Choose a bank
- Gather required documents
- Visit the bank branch
- Complete the account opening form
- Submit all required documents
- Make initial deposit
- Collect your account details
- Start using your business account
That is briefly the list of how to open a small business account in Nigeria in 5 minutes. However, if you need to gain a deeper knowledge of how to open an account, kindly read this previous article.
Frequently Asked Questions On Top 7 Banks For Opening Small Business Account In Nigeria
Here are some frequently asked questions about the top 7 banks for opening a small business account in Nigeria:
What Types Of Accounts Do These Banks Offer For Small Businesses?
These banks offer a range of business accounts, including current accounts, savings accounts, SME accounts, corporate accounts, and trade accounts, among others.
What Documents Do I Need To Open A Small Business Account?
You will typically need to provide a valid means of identification, proof of address, tax identification number and business registration documents, etc.