Every enterprise and business actually need a business account, regardless of whether you’re simply starting the business or have been working for quite a long time. Business accounts aren’t only limited to professional ventures, but it is considered an important account for small business owners also. This being that the account can be significant for financial accounting, book-keeping, tax reporting, and different other purposes. Let’s take a look at the best banks to start a business account in Nigeria.
TOP 10 BEST BANKS TO OPEN BUSINESS ACCOUNT IN NIGERIA (2023)
The following are the best banks to start a business account with in the country this 2021:
ZENITH BANK PLC
Zenith Bank is unarguably the best bank to open a business account in Nigeria and one of the leading commercial banks in the country. The bank is a Nigerian-based bank that is quite possibly the main financial institution in West Africa. Currently, this bank is internationally recognized and recorded on both the Nigerian and London Stock Exchange. Zenith bank is a reliable financial institution to start a business account in Nigeria as the bank is known to have helped numbers of locally and foreign owned organizations and businesses to accomplish benefit and optimize profit.
Additionally, Zenith bank was started in May 1990 and it became operational two months after the fact around the same time. The bank has distinctive business accounts for organizations and other businesses. A portion of these are: Limited Liability Company Account, Enterprise Account/sole Proprietorship: Partnership Accounts, Accounts for Associations, Societies, and Clubs.
This is a top bank that is accessible for business accounts. Their services are good and this makes them to be probably one of the best Nigerian banks to start a business account in the country. There are numerous business account options with this bank account and these includes: The MPower Biz account, The Domiciliary account, The Corporate Account, The Gold Current Account.
GUARANTEE TRUST BANK (GTB)
Guarantee Trust Bank is also one of the best commercial bank to start your business accounts. It is an internationally recognized financial institution that offers services like corporate banking, resource management, business banking, retail banking, and internet based banking.
Guarantee Trust Bank’s business accounts are as per the following: GTB Business account, GTBank Current Account, GTBank Domiciliary Account, GTMax Account. To complement these, the bank offers a lot of business banking services that includes internet banking, business banking, SME banking, and a lot more.
UNITED BANK FOR AFRICA (UBA)
UBA as popularly known is an indigenous commercial bank. This bank is perhaps the most seasoned bank in Nigeria and also one of the best bank to open a business account in the country. UBA make the list with their services which include offering corporate banking for nearby and foreign owned businesses.
A portion 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). Additionally, in the event that you have a business account with UBA, you are eligible for other benefits and other add-ons.
WEMA BANK PLC
Though not all that all-encompassing in terms of coverage, but they are a leading financial institution as far as advancement is concerned. It’s good to know that Wema bank is the best commercial bank for internet banking in Nigeria. With their business account, you can get a computerized ledger for you or your business without venturing foot into a save money with Wema Bank.
Wema bank has different financial account benefits that are appropriate for organizations and businesses. Some of their business accounts include: Corporate Account, My Business Account, My Business Account Plus, Wema Treasure Account Business, Domiciliary Plus Account, Alat by Wema (Business).
The bank additionally connects with its business clients through its SME banking plan.
FIRST BANK OF NIGERIA
First Bank of Nigeria is ostensibly the oldest commercial bank in Nigeria. In this same manner, the financial institution make it as one of the best bank to have your business account in the country. TheThe bank has a working business banking to assist their corporate customers with exploring the services on their business engagement.
A list of the business accounts that First Bank has to bring to the table incorporates: First Current Plus Account, Current Account, Domiciliary Account, Fixed Deposit Account, First Premium Term Deposit.
On the whole, FBN has these business accounts to assist its corporate clients and customers with developing and the day-to-day running of their business. In this way, a portion of their business accounts answer for their corporate clients needs.
STANDARD CHARTERED BANK NIGERIA
This is actually the best bank for corporate account. The Standard Chartered Bank Nigeria is an international financial institution, headquartered in London. The bank gives banking services and it offers the most complete answers for corporate and business banking. They have a lot of business account option which customers can go for.
HERITAGE BANK NIGERIA
Heritage Bank is the best bank to open savings account in Nigeria. Just as setting aside your cash all through your lifetime is fundamental, then this bank can give you the best of that. So picking the correct saving account is very important for your business as well. Heritage Bank also offers business accounts that suit best your business necessities. This makes it probably the best bank in Nigeria to open saving account and business accounts as well.
KEYSTONE BANK LIMITED
Keystone Bank is one of the new generation banks in the financial industry. They offer business and financial services not exclusively to large organizations, but with the small establishments, SMEs and individuals also inclusive. Keystone Bank Limited is a conglomerate of a couple of commercial banks, thus making this financial institution one of the largest monetary services suppliers in Nigeria.
Ecobank Nigeria is yet another bank to open a business account in Nigeria. With numerous branches everywhere in the country, they are a good pick with respect to availability. This financial institution offers banking services like wholesale, retail, loans, savings, investments, debit and credit cards, corporate, investment and transaction banking services to their clients.
WHY YOU SHOULD OPEN A BUSINESS ACCOUNT IN NIGERIA
There are many things that intrigue you to opening a business account, and they include these:
- At the point when you open a business account, it represents your business, you can undoubtedly know the income going into and out of your business.
- Moreover, the business account permits you to adequately and precisely work out the measure of tax you hope to pay at the end of the year or a period.
All in all, getting a business account for your business and self is very important. The process of getting it is quite simple so far as you have every one of the necessary things set up. In this write-up, we highlighted the best banks to open this kind of account. We hope with these, you will have options on which to go for, as it all boils down to your decision.
3 CommentsAdd a Comment
It gives directive to my final choice for a Business account.
Stop saying it’s simply because it’s not. Especially if you dont have someone who has a business account who will sign as a reference.
You also forgot to mention the huge monthly changes weather your business is thriving or not. Abi are there zero charges on the account weather you transact or not?
What Bank has zero monthly charges asides stamp duties and minimum deposit and also do not require 2 business owner references. Tell me and I’d open with them.
Oopsy I meant whether not weather lol. I couldn’t edit my comment to correct the error.