How To Open A Business Bank Account In Nigeria For All Banks (Requirements)

Opening a business bank account in Nigeria is something that most people have at some point considered. However, the discouraging thing about it is that they don’t know how to go about it.

This becomes even confusing for non Nigerians doing their businesses within the shores of Nigeria. From the requirements to the procedures, everything seems so Herculean. If you ever want to open a business or corporate bank account in Nigeria, then this article will guide you on the things you need to get ready and how to go about it all.

In this post, I will show you the easy steps on how to open a corporate or business bank account in Any Nigerian bank, including the requirements for corporate bank accounts, the benefits of owing a business bank account and other information you need to know.

In doing this, I will focus on 4 top Nigerian banks, viz; Gt bank, First bank, Access bank and First city monument bank FCMB. We believe that by showing you the steps on how to open a business bank account with these banks, you will have all the details you need to open your corporate accounts even in other Nigerian banks.

Also Read: Top Investment Opportunities In Nigeria

Before thinking of opening a business bank account in Nigeria, its pertinent to first have your business registered with the Corporate Affairs Commission CAC. And on that, we have a detailed guide on how to register a business name with the CAC

But before going into the details of how to open a business bank account in Nigeria, let’s first show you how opening a business bank account will benefit your business here in Nigeria.

Benefits Of Opening A Business Bank Account In Nigeria

We all open our businesses for the sole aim of maximizing profit. Hence one of the things you must do for your business in order to maximize profit is to open a corporate account for it in any Nigerian bank.

benefits of opening a business bank account in nigeria

Below are the benefits of having a corporate bank account in Nigeria for your business:

  • Builds Customers Trust
  • Access To A Corporate Account
  • Access To Loan And Credit Facility
  • Shows Professionalism
  • Accurate Tax System

A further analysis of the above benefits of having a business bank account in Nigeria becomes pertinent.

Builds Customers Trust

Owing a business bank account builds your customers trust, as people seem to feel safer when sending money to a corporate bank account than to a personal bank account.

Access To A Corporate Account:

Having a business account means you now have a corporate account for your business, and this comes with its own advantages, including an increase unlimited withdrawal, free SMS alert, higher transfer limit on internet banking, amongst others.

Access To Loan And Credit Facility:

Every small, medium and large scale businesses all need loan at some point in their existence. Hence, part of the requirement for accessing loan for your business is that you must own a business account as this shows that you are into business. Banks tends to trust you more when you own a business bank account.

Shows Professionalism:

Having a corporate bank account tells your customers that you are in for a serious business. Hence, bigger companies will respect you for topping your game in the business world.

Accurate Tax System:

Having a business account ensures that you are properly taxed base on your business earning capacity. Using a personal bank account can lead to excessive taxing by the tax management system.

How To Open A Business/Corporate Account In Nigerian Banks

Opening a business or corporate bank account in Nigeria generally requires walking into the banking hall, requesting for the requirements needed for the bank, filling and submitting the required documents. After which, the banker in question opens the account for you. It’s as simple as that.

However, our intention here is to show you the different requirements of opening a business or corporate account in Nigerian banks, to save you the stress of going to get this information from the bank yourself.

For Guarantee Trust Bank Gtbank

Guarantee trust bank GTB is among the most vibrant banks in Nigeria that offers innovation in the banking industry, the type that you would expect from a 21st century bank.

Opening a business bank account with this dynamic bank has the potential of boosting your business operations in ways you can’t even imagine. if you want to know how to open a business account with Gtbank, then the first step is to know the required document you will be needing for the process.

Requirements To Open A Gtbank Corporate or Business Account

What are the requirements to open a business bank account with Gtbank?

Below are the requirements to open a corporate account with Gtbank

S/NRequirement To Open A GTbank Corporate Account
1An ID card like the PVC, international passport, etc
22 recent passport photograph
3License of business registration with the Corporate affairs commission CAC
4Utility bill like Electricity bill paid not more than 3 months ago
5Tax Identification number
6Address of the location of your business complex
7If your business has partners, provide the partners signatures
8Should have at least 20,000 cash for the corporate account opening
9BVN number
Required documents for Gtbank corporate account opening

Once you have the identified documents ready, walk into any Gtbank branch nearest to you and request for the corporate account form.

Fill this form and submit it with the other documents discussed above. Within a few working days, Gtbank will notify you that your business account has been created successfully.

Benefits Of Opening A Gtbank Business/Corporate Account

There are certain benefits you get for having a corporate account for your business with Gtbank.

Below are the benefits of opening a corporate account with Gtbank

S/NBenefits Of Gtbank Business Account
1Access to annual business workshop, seminars and networking events with Gtbank
2Unlimited number of withdrawals
3Low minimum balance requirement and reduced monthly charges
4Gives your business a professional status
5Access to a wide range of business resources
how gtbank corporate account can improve your business

For First Bank Of Nigeria

The First bank of Nigeria has made a name for itself within and outside the shores of Nigeria as an outstanding financial institution with innovations that cuts across all the major areas in the modern banking sector.

Having a corporate account with first bank has the capacity of putting your business on a whole new level. However, below is how to open a business account with first bank.

But before then, its pertinent to show you the list of documents required to open a business account with first bank.

Requirement To Open A Business Account With First Bank

Before you proceed to open a business account with first bank of Nigeria, its pertinent you know the required documents to get ready for the exercise.

Below are the list of required documents for firstbank business account opening.

S/NFirst bank Business Account Requirements
1Duly completed application form which you can download here
2A recognized means of identification like PVC, International ID car
3Utility bill like Nepa bill which shows your home address (recent one)
4Your 2 recent passport, preferably with a red or white background
5Completed specimen signature card
6BVN number
Required documents for first bank business account

To open a first bank business account easily, gather all the required documents above, download and fill the application form and submit it together with the other required documents to any first bank branch closest to you. Your first bank business account will be created shortly afterwards.

Benefits of Opening a Business Account With First bank Of Nigeria

What is the best bank to open a business account in Nigeria? The best bank for this is First bank of Nigeria, with many incentives that directly benefits your growing business

Business accounts with first bank was designed to position small and medium scale enterprises in Nigeria to scale new heights.

Below are the benefits of opening a business account with first bank for your business:

S/NBenefits Of Having A First Bank Business Account
1No account maintenance charges
2Fixed monthly charges, which can go as low as just N2,000
3Low minimum account balance (15,000 for the premium package)
4Unlimited withdrawal
5Free SMS alert for your business account
Reasons you should have a first bank business account

For Access Bank Of Nigeria

Access bank of Nigeria is another interesting bank to depend on for the promotion of your business. With the purchase of Diamond bank, Access bank has proven to be a bank that has come to stay.

To open a business account with Access bank, simply get the required documents ready, walk into any of the access bank branch nearest to you and request for business account form. Fill the form and submit it, together with the other required documents.

Within 3 working days, your access bank business account will be ready.

Requirement For Access Bank Business Account

The required document for Access bank business account is listed below

S/NRequired Documents For Access Bank Business Account
1A print of utility bills which shows your home address
22 references (people with accounts in access bank already)
32 recent passport photograph
4ID card of all signatories to the account
5For foreigners in Nigeria (a copy of residence permit)
6Forms CO2 and CO7 (request for it at any access bank branch)
7Business registration certificate from the CAC
8Memorandum and article of association
9BVN
10Board resolution
11Search report
Access bank business account requirements for new businesses

On how to apply for access bank business bank account, simply gather all the documents above. Head over to any access bank branch nearest to you with the duly filled CO2 and CO7 forms, submit these forms together with the required amount and wait. Withing 2 working days, your account should be ready.

Benefits Of Opening A Business Account With Access Bank

Access bank business account was designed to help your business grow, while running the account at minimum cost.

Below are the benefits of Access bank business account for your business:

S/NBenefits Of Access Business Account
1Account is online at any giving moment
2There is no account maintenance fee
3Free financial advisory service from Access bank financial experts
4Free economic and business intelligence reports
5You can monitor the activities of your account anytime through online banking
6A third party can withdraw your funds securely
7You get free update about your account via SMS and Email free
Access bank corporate account can help your business grow

For First City Monument Bank FCMB

FCMB is among the best banks in Nigeria to open your business account with. A business account with FCMB was designed primarily for young businesses that intend to take their business to a new level, while paying a very monthly fee.

Requirements To Open A Business Account With FCMB

Below are the required documents to get ready for you to open a business account with FCMB. Its advisable to get this documents ready before proceding to the bank.

List of documents to open a business account with FCMB

S/NRequired Documents For FCMB Business Account
1valid proof of identification like your PVC, Passport, etc
2A copy of utility bill, which is not older than 3 months
3For foreigners, a copy of residence permit
42 recent passport photograph
52 reference forms
Note, you must be 18 years and above to open a business account with FCMB

Benefits Of Opening A Business Account With FCMB

While you can open a business account with other banks in Nigeria, there are identifiable benefits to open one with FCMB.

Below are the main benefits you can get from it:

S/NFCMB Business Account Benefits
1Opening account balance is as low as N5,000
2Monthly maintenance fee is N1,500, irrespective of your monthly turnover
3Doing more transactions ensures you pay lesser maintenance fee monthly
4If your account is dormant, you don’t pay any monthly maintenance fee.

So you see, with the above benefits, FCMB has positioned itself as the best bank to open a business account with in Nigeria.

With all these, you are sure that you only pay a minimum amount for your business account, while reaping all the benefits that comes with the corporate account.

Conclusion

If your want to give your business a professional outlook, opening a business account for it becomes not only necessary but pertinent as well. This is so because recent study has shown that businesses with corporate account tends to do much better than the ones with ordinary account.

The reason for this is that customers likes doing business, in terms of sending money into a corporate account than in a personal account.

If you are yet to open a business account in Nigeria for your business, kindly reach out to any of the leading Nigerian banks to get one for your business. On this, we recommend going for either FCMB or First bank, as you have more to gain from this banks than in others.

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Eze Elekwachi

Hi, Eze Elekwachi holds an M.Sc. in Public Administration and a PhD in view. He is the brainchild behind Cyriltips.com. People see him as a programmer, web developer, content developer and a seasoned e-marketer probably because he's good at what he does...

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