7 Best Banks for Business Accounts in Nigeria

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.

Best Banks for Business Account in Nigeria

Read on below:

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.



Leave a Comment

error: Content is Read-Only!!