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8 Best banks for business accounts in Nigeria

Hachi Onubedo
28 September 2023 - 16 mins, 17 secs read

As a business owner, it is important to have a business bank account for your business. Business accounts aren’t just about getting paid; they offer a range of handy features and services that make managing your business finances and operations a breeze.

In this article, we’ll introduce you to the top eight business accounts for small businesses in Nigeria.

To kick things off, let’s start with why it is important to have a business bank.

Why do I need to open a business bank account?

Business accounts come with a bunch of perks designed for businesses of all sizes and types. Some of these accounts even throw in extras like recurring payments, payroll management, and dashboards that give insights into your business performance. But beyond these fancy features, there are three solid reasons why having a separate bank account for your business is a smart move:

  • Legitimacy: It gives your business a more professional look and boosts confidence in your business.
  • Credit building: It can also help you build business credit, which makes applying for business loans a whole lot easier.

Now that you’re clear on why having a business bank account is a must for your small business, let’s explore the top eight business accounts for business owners in Nigeria.

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8 Best Business Accounts for Small Businesses in Nigeria 

Choosing the right business bank account for your business can be tough. That’s we we compiled this list with three factors in mind: 

  1. Ease of opening: We prioritised banks that allow you to open a business account online and don’t require a lot of paperwork.
  1. Added features: We took a close look at the extra tools and services these accounts offer, such as no-collateral loans, payroll management, and more.
  1. Charges: We considered the costs involved in opening and maintaining the account, as well as any other fees you might encounter.

To make your decision-making process easier, we’ve also provided a rundown of the good and not-so-good aspects of each account. 

With all of this in mind, here are the best banks for business accounts in Nigeria, presented in no particular order.


Moniepoint Microfinance Bank is a relatively new bank in Nigeria, but it has quickly become a popular choice for businesses of all sizes in Nigeria. Since 2022, it has helped over 1.5 million businesses process payments and manage their day-to-day operations.

With Moniepoint, you can:  

  • Open a business account online in just a few minutes.
  • Access 24/7 business support
  • Request for a POS terminal for your business to accept payments from customers.
  • Apply for business loans of up to fifty million Naira without collateral.
  • Get an expense card to track your daily business operational costs.

How to open a Moniepoint Business account 

Opening a Moniepoint business account is easy and completely online. All you need is:

  • Your phone number and email address
  • Your Bank Verification Number (BVN)
  • An internet-enabled device (your smartphone or computer)
  • A valid government ID (National Identity Card/Slip, Voter’s card, International Passport, and Drivers license)
  • Proof of address (utility bill, bank statement showing your address, or tenancy agreement)

Once you have these items, follow these simple steps: 

  • Download the Moniepoint app from the Playstore or App store OR visit the account opening form here 
  • Input your email address and phone number and tap Next
  • Input the OTP you receive to verify your phone number.
  • Input your BVN and your date of birth.
  • Create a username (it’s advisable to use your business name as it’s what your customer will see)
  • Create a password.
  • Fill out the KYC form. You would also be asked to verify your face and upload your ID.
  • Lastly, create a transaction pin for your transactions.

Now, let’s explore some of the advantages and disadvantages of using a Moniepoint business account:


  • No business registration required: You do not need to be a registered business to open a Moniepoint business account.
  • Fast and free to open: You can open Moniepoint business account in ten minutes.
  • Convenient online access: You can manage your account entirely online, making it easy to handle your business finances from anywhere.
  • Quick payments: You can receive and send payments quickly with a Moniepoint business account.
  • No hidden fees: There are no hidden fees, so you know exactly what you’re paying for.
  • Access to business loans: You can apply for loans of up to fifty million Naira without collateral.
  • Speedy Loan Approval: Business loan applications are typically approved within three days or less.
  • Business expense card: You can get a business expense card to track your spending.


  • Online-only: If you’re not comfortable with conducting all your banking activities online, this may not be the right choice for you.
  • No third-party integrations: Moniepoint accounts do not integrate with third-party tools like QuickBooks, which could be a drawback if you rely on such software.
  • No Dashboard: Unlike some other banking services, Moniepoint currently lacks a data analytics dashboard for in-depth business insights of your business.


Brass is a business banking platform that offers a current account armed with financial tools to help you manage your business operations and cash flow.  Launched in July 2020 by founders Sola Akindolu and Emmanuel Okeke, Brass offers business accounts to sole traders, NGOs, partnerships, and limited liability companies.

With Brass, you can: 

  • Open a business current account online
  • Create instant or schedule recurring payments
  • Create and receive invoices
  • Get access to a dashboard that shows insights into your business performance
  • Add team members to your business dashboard
  • Access collateral-free and flexible repayment plans for loans
  • Integrate additional features like payroll and inventory management

How to open a Brass Business Current Bank Account 

Brass accounts are only available to registered businesses in Nigeria. Here’s what you’ll need:

  • A valid government ID (National Identity Card/Slip, Voter’s card, International Passport, or Driver’s License).
  • Your business registration documents.

To open a Brass Business Current account: 

  • Visit Brass’ sign up page here or download the brass app from the Playstore or App store
  • Tap Open Account 
  • Input your personal details (first name, last name, business name, email, phone number)
  • Create your password
  • Tap Open Account again
  • Once you verify your account using the OTP you will receive, choose your business type (LLC, NGO, Partnership, or Sole Proprietorship)
  • Input owner/director information
  • Input your business documentation (BN/RC Number, TIN, utility bill, scanned copies of the CAC document)
  • Review and submit

You can open a Brass Business current account online in ten minutes. However, here are a few considerations to keep in mind: 


  • Fast and free account opening: Brass ensures a quick and cost-free setup process.
  • Online account opening: You can set up your account online in ten minutes
  • Integration with third-party tools: Seamlessly incorporate tools like Slack, QuickBooks, Sage, and Zapier into your account.
  • Collateral-free business credit: Secure financing without collateral.
  • Access to resources and support: Benefit from Brass’ extensive resources and readily available customer support.
  • Team collaboration: Easily expand your team’s access to the business dashboard.


  • Business registration requirement: You need to be a registered business to open an account. However, if you’re not registered, Brass can help you get your desired business registered on time with their partners.

Sparkle Business Account 

Sparkle, a microfinance bank launched in 2019, was founded with the goal of providing financial services to small and medium-sized enterprises (SMEs) in Nigeria. Since its launch, Sparkle has served over 190,000 customers and processed over $420 million in transactions. 

Sparkle offers a business account that can help SME business owners:  

  • Register and open a business bank account online
  • Create and share invoices and receipts
  • Carry out bulk transactions and payments
  • Register your new business & company name
  • Apply for a new tax identification number, pay your taxes, and edit your tax identification number info
  • Manage your inventory
  • Get access to a dashboard that shows insights into your business top selling products and customers with the highest patronage
  • Manage employee payroll

How to open a Sparkle business account

Before diving into the benefits of a Sparkle business account, you’ll need to set up a personal account. Here’s how to get started: 

  • Download the Sparkle app from the  Appstore or Playstore
  • Open a personal account within the app
  • Create a business account by providing your Tax Identification Number (TIN), the associated email address, and your business registration documents.


  • Online convenience: You can register and open a business bank account entirely online.
  • Invoice and receipt management: You can create, send, and track invoices and receipts effortlessly. 
  • Tax services: You gain access to essential tax services, including applying for a new tax identification number (TIN), paying your taxes, and updating your TIN information.
  • Inventory management: Manage your inventory under control with Sparkle’s tools, ensuring you always have the right products in stock.
  • Business insights: Get a comprehensive dashboard that offers insights into your business’s top-selling products and identifies your most loyal customers.
  • Payroll management: Efficiently manage your employees’ payroll, ensuring they get paid accurately and on time.
  • Multiple cards: Apply for up to five cards for your business account, making it easier to manage expenses and allocate funds.


  • Prerequisite personal account: You first have to open a Sparkle business account, which takes extra time and effort 
  • Business registration: Sparkle’s services are designed for registered businesses so you may be limited if you haven’t formally registered your business

Guarantee Trust Bank 

Guarantee Trust Bank (GTBank) is one of the best banks in Nigeria, and it offers a variety of business banking services to meet the needs of small and medium-sized enterprises (SMEs). 

Its GT Business Connect account is designed to empower SMEs with different features based on their monthly turnover. 

There are three types of GT Business Connect accounts:

  • GT Business Platinum: for SMEs with revenue of over N50 million.
  • GT Business Gold: for SMEs with revenue between N20 million to N50 million.
  • GT Business Silver: for SMEs with revenue below N20 million.

Here are some of the features of a GT Business bank account: 

  • Easy payment processing 
  • Unlimited withdrawals
  • Access to GTBank’s digital channels
  • Minimum balance requirement of either N10,000, N20,000, or N50,000, depending on the type of account
  • Fixed monthly charge of either N2,000, N5,000, or N10,000, depending on the type of account
  • Access to loans and advances
  • Access to annual business workshops, seminars, and networking events

How to Open a GT Business Account 

To open a GT Business Connect account, you will need the following documents:

  • Business registration documents from the Corporate Affairs Commission (CAC)
  • Valid means of identification (National Identity Card/Slip, Voter’s card, International Passport, or Drivers license)
  • Proof of address
  • Minimum opening balance (depends on the type of GT business account you want)
  • Tax identification number 

Before you run to the nearest GTBank to open a business account, here are a few things you need to consider: 


  • Well-established bank: This means your business will have access to a wide range of products and services offered by the bank.
  • Ease of access: Gtbank’s branches are everywhere, so you can always walk into the nearest one to solve any issue that comes up 
  • Business loans and advances: You can apply for business loans and advances conveniently through your account 


  • No online convenience: Opening an account requires a visit to one of GTank’s physical branches.
  • Additional charges: Opening an account isn’t free – there are also monthly charges and a minimum balance requirement to consider.  

V biz Business account 

VBank is a digital bank owned by VFD Microfinance Bank. It was launched in March 2020 and is regarded as one of the fastest-growing digital banking platforms in Nigeria.

In 2021, VBank took things up a notch by introducing V Biz, a banking service designed especially for MSMEs (Micro, Small, and Medium-sized Enterprises) in Nigeria. 

With a VBiz account, business owners can:

  • Send and receive payments
  • Access credit facilities without collateral
  • Schedule recurring payments
  • Add team members to the business dashboard
  • Get access to flexible financial management, collaboration, and information analysis in real time.

How to open a VBiz account 

Opening a VBiz account is simple and straightforward. All you need to do is fill this form and wait to hear from a VBank representative within 24 hours. 

You will also need: 

  • You bank verification number (BVN)
  • A Valid ID number
  • Your phone number
  • Your email address

Now that you know what you need to get started, let’s dive into what VBiz has to offer for business owners:


  • Easy access to credit:  VBiz allows you to access credit facilities without the need for any collateral. .
  • Online Convenience: You can open your VBiz account online and manage it from the comfort of your office or home.
  • Financial management tools: You can easily manage your invoices, bank statements, receipts, and more with VBiz.
  • Insightful Dashboard: VBiz provides you with a dashboard that offers real-time insights into your account
  • Team collaboration: VBiz lets you add team members to your business dashboard, ensuring everyone is on the same page 


  • Wait Time: Before you can jump into action, you’ll need to wait up to 24 hours or more to hear from a VBank representative
  • Business Registration: To use VBiz, you need to be a registered business entity. If you’re still in the early stages, this could be a hurdle.
  • No Third-party Integrations: If you rely heavily on third-party tools for your business operations, you might find VBiz lacking in this area. 

Wema Business Account  

Wema Bank is one of Nigeria’s oldest banks, and its business account is a good option for micro and small businesses with less than a monthly turnover of 200 million Naira. 

However, the main benefit of Wema Business Account is the perks associated with Alat, Wema’s digital banking product. Alat for Business lets you:

  • Stay on top of your business finances from anywhere
  • Apply for a corporate debit card
  • Carry out bulk transactions of up to N2 billion from anywhere in the world
  • Create multiple users
  • Generate receipts

How to Open a Wema Business Account 

To open a Wema Business Account, you need to visit a Wema Bank branch. You’ll need:

  • 10,000 Naira opening balance
  • Business registration documents (CAC, incorporation documents, etc.)
  • Valid form of government ID (National ID card, Driver’s License, Voters ID, or international Passport).
  • One passport photograph
  • Bank Verification Number (BVN)
  • Utility bill issued within the past three months
  • Tax identification number (TIN) 


  • Zero Account Maintenance Fees: Wema Bank doesn’t charge any fees for maintaining your business account.
  • Enjoy Alat Benefits: One of the major perks of having a Wema Business account is the access to Alat, Wema’s digital banking product. You can use it to manage your finances, make bulk transactions, manage team members, etc. 


  • Physical account opening process: You’ll need to visit a physical Wema Bank branch to open your account. This might be a bit inconvenient if you prefer entirely online account setup.
  • Limited Business management tools: Alat for business, while useful, does not provide as many business management tools as some other banking platforms. 
  • It’s not free: To open a Wema Business account, you’ll need to to pay a minimum openinh balance of N10,000.


OPay is a mobile bank app that is popular for its fast transfer speeds, payments, transfers, loans, and savings features. It currently has over 35 million registered users and 500,000 agents in Nigeria. 

OPay’s business account, known as Opay Merchant, is open to all types of business owners. Here’s what you can do with the OPay Business account:

  • Swiftly send and receive payments.
  • Apply for a business POS.
  • Download statements and reports to gain valuable insights into your business
  • Manage your employees payments and bills 

How to open an Opay Business account 

Opening an Opay Business account is straightforward. You’ll need:

  • A valid government ID (National ID card, Driver’s License, Voters ID, or International Passport).
  • A recent utility bill (water, electricity, or telephone).
  • Your Bank Verification Number (BVN).

To get started, 

  • Download the Opay Business app from the Playstore or App Store
  • Tap Create a new account
  • Input your Phone Number
  • Upload the required documents 

Getting started with an Opay Merchant account is a breeze, but let’s weigh the advantages and disadvantages: 


  • Swift payments: Enjoy lightning-fast payment processing.
  • Business POS: Apply for a business POS to receive payments from customers.
  • Insightful Reports: download statements and reports that provide valuable insights into your business.


  • Limited Customer Support: Opay’s  customer support may not respond promptly to complaints.
  • Basic Analytics: The dashboard offers some business performance insights but lacks in-depth analytics.

Zenith Bank 

Zenith Bank is considered one of Nigeria’s finest banking institutions. In 2021, it was recognised as the Best Commercial Bank in Nigeria at the World Finance Banking Awards. 

Zenith Bank has a variety of business bank account options, but  SME-Grow My Biz Account is the best offering for small and medium-sized businesses. 

With a Zenith SME-GMB account, you get:

  • A customised SME card to track your business expenses
  • Free Google My Business enrollment
  • Access to training programs and Zenith’s partnerships with SME hubs 

How to open a Zenith SME-GMB account 

To open a Zenith SME-GMB account, you need to visit a Zenith Bank branch near you. The requirements depend on your type of business, but you will generally be asked to provide: 

  • Two specimen signature cards
  • Two independent and satisfactory references
  • Two recent and clear passport size photographs
  • A valid form of government ID (National ID card, Driver’s License, Voters ID, or International Passport)
  • Business registration documents (CAC, incorporation documents, etc.)
  • Copy of utility bill
  • Initial deposit of 20,000 naira

Here are a few things to consider if you are interested in opening a Zenith SME-GMB account: 


  • Access to Zenith Bank’s full suite of products: As a Zenith SME-GMB account holder, you gain access to a comprehensive range of banking products and services offered by Zenith Bank 
  • Simplified business loan applications: You can easily apply for business loans through your Zenith SME-GMB account  


  • In-Person account opening: To kickstart your Zenith business bank account journey, you’ll need to physically visit a Zenith Bank branch nearby. 
  • Minimum Balance and Monthly Fees: To maintain your Zenith SME-GMB account, you must keep a minimum balance of 20,000 Naira and a monthly account management fee of N2,000.

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Choosing the right business bank account is an important decision for any business owner. The banks listed in this article are all good options for businesses in Nigeria, as they offer a variety of features and services to meet the needs of businesses of all sizes.

By taking the time to compare different options and choose the best account for your needs, you can set your business up for success.

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