10 Best Banks to Open Business Account in Nigeria (2024)
A business account is normally required for all enterprises due to the numerous benefits it provides. These bank accounts help you to separate your business and personal costs, plan for taxes, and establish your company’s financial existence legally. Low or no fees, ATM accessibility, and online or mobile banking facilities are all features of the finest business checking accounts. Accounts with interest-earning features and accounts with integrated business tools are also advantageous.
Nigerian Infopedia examined the business accounts of several of Nigeria’s most well-known banks, as well as a few large internet banks. The following are the top 10 banks where you should open a business account.
TOP 10 BEST BANKS TO OPEN BUSINESS ACCOUNT IN NIGERIA (2024)
The following are the top Nigerian banks to open a business account with.
Zenith Bank PLC is arguably the best bank in Nigeria for opening a business account and one of the country’s leading commercial banks. Zenith Bank is a reputable financial institution in Nigeria for opening a business account. The bank is known for assisting a variety of organizations and enterprises in achieving their goals and maximizing profits.
For organizations and other enterprises, Zenith Bank offers specialized business accounts. This account is simple to open and use, and it can handle all of your everyday business transactions.
A 5,000 Naira initial balance is required to open a Zenith Business Account. The account can be accessed through internet banking, and you will be provided with an ATM card if necessary.
Access Bank is a well-known financial institution that offers services to businesses. Their services are excellent, making them one of the top banks in the country for opening a business account.
The Access Bank Gold Current Account is ideal for small businesses and sole proprietors who require a straightforward business account to conduct day-to-day operations. A minimum opening amount of 5,000 Naira is required to open this account.
You will be able to make unlimited withdrawals, earn interest on your account balance, receive a free check book, and have unrestricted access to internet banking once it is opened.
GUARANTEE TRUST BANK
Guarantee Trust Bank, GTBank or GTCo is another excellent commercial bank to open a business account with. It is a global financial institution that provides services such as corporate banking, resource management, business banking, retail banking, and online banking.
GTB Business Account, GTBank Current Account, GTBank Domiciliary Account, GTMax Account are the business accounts offered by Guarantee Trust Bank. In addition, the bank provides a wide range of business banking services, including internet banking, business banking, SME banking, and much more.
UNITED BANK FOR AFRICA
The United Bank for Africa, UBA is undoubtedly Nigeria’s most seasoned bank, as well as one of the best places to open a business account. With services including corporate banking for local and foreign-owned enterprises, UBA makes the list.
A chunk of the business accounts of UBA are: UBA Professional Account (Professionals and freelancers), Regular UBA Current Account, Self-Employed Current Account, Expatriate/Diaspora Accounts (for foreigners). You are also eligible for additional bonuses and add-ons if you hold a business account with UBA.
FIRST BANK OF NIGERIA
The First Bank of Nigeria is ostensibly the country’s oldest commercial bank. In the same way, the financial institution has established itself as one of the top banks in the country for opening a business account. The bank provides a fully functional business banking department to help corporate customers in exploring the services available to them as part of their business relationship.
The First Bank Corporate Current Account is quite inexpensive and should be suitable for many Nigerian small businesses. You can start a First Bank Corporate Current account with 10,000 Naira. After you must have started the account with 10,000 Naira, it comes with a zero operational balance and no withdrawal limit. You’ll get a free checkbook and access to business loans with this account.
WEMA BANK PLC
It’s comforting to learn that Wema Bank is Nigeria’s finest commercial bank for internet banking. You can receive a computerized ledger for yourself or your business with their business account without going into a Wema Bank.
Wema Bank offers a variety of financial account perks for organizations and corporations. Corporate Account, My Business Account, My Business Account Plus, Wema Treasure Account Business, Domiciliary Plus Account, and Alat by Wema are some of their business accounts (Business).
Through its SME banking plan, the bank also communicates with its business clients.
STANDARD CHARTERED BANK NIGERIA
Standard Chartered Bank Nigeria provides the most comprehensive corporate and business banking solutions. Customers can choose from a variety of business account options.
Standard Chartered Bank’s Business Essential Account is a premium corporate account for Nigerian small and medium business owners.
There are no account maintenance fees with this account, and it is eligible for business loans. If you keep a minimum account balance of 100,000 Naira in your account, all transactions will be free.
STANBIC IBTC BANK
StanbicIBTC Bank is regarded as one of Nigeria’s most business-friendly banks. Their Biz Smart Account is well-known in Nigeria as one of the top small business banking solutions. A minimum opening amount of 5,000 Naira is required to open this account.
You may earn interest on your account balance, pay no account fees, and get 24/7 digital banking and business support with the StanbicIBTC Biz Smart account.
The Fidelity Small Business Account is a corporate account designed specifically for Nigerian small businesses. You’ll need a minimum opening amount of 10,000 Naira to open this Business Account, which will also function as your minimum operating balance.
Once the account is set up, it can be used with no account maintenance fees, no monthly fees, unlimited withdrawals, and complete eligibility for small company loans and business advising services.
Keystone Bank Limited is a bank firm that is part of a revolutionary breed of financial institutions. They provide business and financial services not only to huge corporations, but also to small businesses, SMEs, and individuals.
Keystone Bank Limited is a conglomeration of a few commercial banks, making it one of Nigeria’s top monetary service providers.
Banks play an important part in the business world, whether you are a sole proprietor or a multinational corporation. And, if you’re in Nigeria, making sure your money is in the proper hands should be your primary concern. Choosing the best bank, on the other hand, isn’t always simple. Because what works for one person may not work for you.
As a result, figure out which features and services are most important to you. Online banking, rapid transfer services, bank ATM fees, loan approval, network branches, customer service, and inexpensive fees are just a few examples. Those are the 10 top banks in Nigeria to open a business account, based on services offered and client evaluations.