Are you a small business entrepreneur running an SME business in Nigeria? Are you looking for the best banks for opening a small business account for your corporate concerns? If yes, then this post is just tailored for you.
Running a small business is hard enough in NIgeria, and most SME owners just need a bank that would cater for them in their own small way. Most banks don’t realize this need from small business owners, and that is why most of their banking products are unattractive to most small businesses in Nigeria.
Typically, a small business needs a bank with zero or minimal cost of transaction, fast and multi-platform access for transactions, and great customer care. Only a few banks in Nigeria can boast of these.
I have researched different banks for SME banking products that I think I would use if I was running a small business in Nigeria. In this post, I’ll outline 8 banks and their banking products that I think are tailored to help small businesses thrive in Nigeria.
Let’s take a look at them in no particular order
First Bank Corporate Current Account
First Bank is one of the most loved banks in Nigeria, but most people do not realize that they have banking products tailored for small businesses. Their Corporate Current Account is really affordable and should be effective for many small businesses in Nigeria.
With 10,000 Naira, you can open a First Bank Corporate Current account. The account comes with zero operating balance and no withdrawal limit after you must have opened it with 10,000 Naira. For this account, you’ll get a free cheque book and access to business loans.
Access Bank Gold Current Account
The Access Bank Gold Current Account is perfect for small businesses or sole proprietors who need a simple operational business account for day-to-day transactions. If this is exactly what you want, then you can open the Gold Current Account with Access bank.
To open this account, you will need a minimum opening balance of 5,000 Naira. Once it is open, you will have access to unlimited withdrawals, earn interest on your account balance, get a free cheque book, and enjoy unlimited access to online banking.
Union Bank Basic Current Account
This is a very simple current account from Union Bank. It is fast to open, simple to operate, and can meet your daily business transaction needs. To open the Union Bank Basic Current Account, you need an opening balance of 5,000 Naira.
The account can be operated via online banking and you would get an ATM card if needed.
StanbicIBTC Bank Biz Smart Account
StanbicIBTC Bank is known as one of the most friendly business banks in Nigeria. Their Biz Smart Account is popular and known as one of the best small business banking products in Nigeria. This account can be opened with a minimum opening balance of 5,000 Naira.
With the Biz Smart account from StanbicIBTC, you get to earn interest on your account balance, enjoy zero account fees, and 24/7 digital banking and business support.
FCMB Business Savings Account
The FCMB Business Savings Account is a minimal business account for small businesses that want to operate a corporate account with the features of a personal account. It is very easy to open and simple to operate with access to digital banking and support services.
To open the FCMB Savings account, you need a minimum opening balance of 10,000 Naira. Once the account is opened, you’ll need a minimum operating balance of 1,000 Naira. The account comes with zero account maintenance fee just like a regular savings account. You’ll also get to enjoy quarterly interest payment on your monthly account balance.
Fidelity Small Business Account (FSBA)
The Fidelity Small Business Account is a corporate account tailored for the typical small business in Nigeria. It is like any other corporate account in Nigeria, but with features to tailor for the small business owner.
To open the Fidelity Small Business Account, you need a minimum opening balance of 10,000 Naira, which would also serve as your minimum operating balance.
Once the account is set, it can be operated with zero account maintenance fee, zero monthly charges, unlimited withdrawals, and full eligibility for small business loans and business advisory.
Standard Chartered Business Essential Account
The Business Essential Account From Standard Chartered Bank is a premium corporate account that small and medium business owners in Nigeria would enjoy. With a reputation for world-class banking products and quality service, having a business account with Standard Chartered Bank will help you do business with peace of mind.
The Business Essential account comes with zero account maintenance charges and eligibility for business loans. If you maintain a minimum account balance of 100,000 Naira on the account, you’ll get zero cost on all transactions.
Small businesses are the life-blood of the Nigerian economy. There are over 1 million small businesses in Nigeria, and less than 20% of them operating business accounts. This shows that the banking sector has not done enough to attract SMEs.
That said, the banking sector in Nigeria is evolving and it’s only a matter of time before we start to see more banking products designed to cater for the budding small businesses that makes our economy thrive.
To open any of the business bank accounts listed in this article, you can visit any branch of your bank of choice and make further inquiries on opening a bank account for your SME business.