Opening a bank account for your business in Nigeria shouldn’t be a pain, right?
Well, it actually is.
When I wanted to open a bank account for my business, the requirements were so absurd and it felt like I was applying for a visa to Luxembourg.
Now, thanks to a few fintechs in Nigeria, anyone can actually get a business bank account for free, and the process can be completed in just a few minutes.
That is if you have all the required documentation for your business.
Prospa Corporate Account
When I came across Prospa, I thought it was a wonderful idea, and wondered why it took so long for anyone to come up with that concept.
With Prospa, you could open a business bank account in minutes with just your business registration documents and your KYC documentation.
Interestingly, I downloaded the Prospa app, did my documentations, and got the business account open in just one weekend.
Nomba Business Account
Apart from getting a cool business account number, Nomba is a great way to get access to tools for growing your small business.
If you are a business looking to digitize your business or take advantage of newer technologies, then Nomba is a great way to start.
They also provide a POS machine for your business in a seamless way.
Grey Foreign Business Account
If you do international business or you are a freelancer working for a global company, then Grey is the way to go.
With Grey, you can open a foreign account in USD, GBP or EUR in minutes and start receiving payments ASAP.
One thing that impressed me the most about Grey is that their onboarding process is fast. I mean very fast.
Once I uploaded any required document, it took less than 2 minutes for their agents to verify and approve it.
Wow, I was blown away.
I highly recommend Grey for techies and freelancers looking to open a foreign account for their business.
You also get access to free debit cards for international payments, and an exchange service that gives very favorable rates if you want to exchange your foreign earnings to Naira.
Bumpa Social Business Account
Bumpa is the perfect platform for eCommerce businesses to manage all their earnings and accounts.
Currently, there is no platform that does it better than Bumpa when it comes to payment collection across platforms for eCommerce businesses.
And not only that, Bumpa enables anyone to sell fast across social media, and provides all the tools and resources to control sales and accounts.
If you are a small eCommerce business in Nigeria that is focused on selling on social media, the Bumpa is your best plug.
Moniepoint Business Account
Moniepoint is popular for their POS services, but it is actually one of the fastest ways to open a free business bank account in Nigeria.
They operate a similar business model with Nomba, but they also provide inclusive business services such as debit cards for making business expenses, and loan advance for qualifying businesses.
You’ll have to meet their capital threshold though, if you want to have access to all their business services.
But it is definitely one to consider if you are looking to get a business bank account ASAP.
The question is, are you good to go?