If you’ve operated a business in Nigeria long enough, you’ll know the importance of having a business account and creating payment pathways to receive money from your customers.
For many busy Nigerian entrepreneurs and business executives, this might just be as simple as using a mobile app to quickly open a business account and start doing business ASAP.
So, if you’ve been thinking of how to go about opening a bank account for your business without having to visit your bank, then this post will be useful.
I remember the first time I opened a corporate account for my business. It was a very tedious process with a lot of back and forth, and the need to present references (which I think is quite absurd in these times).
Well, fast-forward to a few years later and I have opened more than 5 business accounts entirely online without the need to transport myself anywhere and stand in a queue.
I didn’t even have to present any references to guarantee any of the bank accounts. I simply uploaded my ID and business registration document, and boom, I had a new shiny business account to start receiving payments almost immediately.
So, if you want to do the same, simply access any of the apps highlighted in this post and apply for a business account.
Let’s see some of these business banking apps:
Moniepoint Business
Moniepoint Business is a product of Moniepoint, one of the most widely used fintechs in Nigeria.
With the Moniepoint business app, you can quickly open a business account, save business capital, access business loans, and request for POS terminals.
Moniepoint Business also gives you access to a business dashboard where you can leverage business tools for planning and growing your business.
All you need to get started is verify your profile and upload your CAC business registration documents.
Opay Business
Opay business offers entrepreneurs and businesses an out-of-the-box business account for financial branding, tracking of transactions and facilitating seamless merchant payments.
The benefits of Opay Business include fast onboarding, instant transfers and transaction tracking, and access to POS terminals.
The Opay Business app is perfect for online vendors and small shop owners with registered business names looking to make their business look professional.
Kuda Business App
Kuda Business app is perfect for businesses looking for a cost-effective way to receive and move money.
With Kuda offering zero maintenance fees, partial free transfers, small business analytical tools, and quick business account setup, it’s perfect for digital businesses and freelancers in Nigeria.
They are also offering loans to customers who have a consistent transaction history on the app, which can be handy for small businesses looking for tools and support to grow.
PalmPay Business App
Palmpay business app is not just offering businesses a digital business account. They are also offering incentives and deals to help businesses grow.
The app can be used to quickly open a business account which provides prompt customer support, bills settlement, and cashback rewards.
This is perfect for businesses looking for account perks and incentive banking, as well as Plampay users who already enjoy the Palmpay personal account and looking to get an account for their businesses.
Prospa
Prospa is one of the foremost pioneers of digital business accounts in Nigeria. They offer quick business account opening as well as business transaction tools for invoicing, inventory, payroll, and expenses.
With the Prospa business account, users can create and find sub-accounts, launch e-commerce platforms, and get access to a performance-based credit facility.
Paystack merchant
Paystack Merchant is one of the best platforms for Nigerian businesses looking to sell online and get paid globally in record time.
With Paystack Merchant, businesses can access card payment, POS devices, and a merchant dashboard for transaction monitoring, analytics, and invoicing.
Paystack Merchant is perfect for digital businesses and online entrepreneurs looking to integrate payment channels into their online business platforms.
With integration options such as web APIs, plugins, and SDKs, businesses can start receiving payments online, which includes recurring payment transactions and quick account settlements.
Vbiz by vfd
Vbiz by VFD Microfinance bank offers business customers access to a quick business account with minimal charges.
Vbiz comes with fast account onboarding and transaction management tools for managing transfers, clients, and team accounts.
Its strong selling points is a customizable dashboard which can provide real-time access to transactions, account statements, business insights for SMEs.
Flutterwave Business
Flutterwave provides free and fast access to business accounts that support a wide range of payment options such as debit cards, bank transfers, USSD, POS, and international payments.
This platform is perfect for e-commerce businesses serving customers across Africa and the globe, as they help businesses receive payment in over 30 currencies.
They also provide all the necessary tools to help African e-commerce businesses thrive, such as instant online store creation, invoice generation, and a flexible checkout module.
Recently, businesses on Flutterwave can now access a debit card issuing service, which is perfect for fintech platforms looking to integrate with flutterwave.
They’ve also launched Flutterwave Capital which provides businesses on their platform access to collateral-free loans to grow their business.
Frequently Asked Questions (FAQs)
Do I need CAC registration before opening a business account on these apps?
Yes. Most of these apps require you to have a business registered with the Corporate Affairs Commission (CAC) and you’ll have to submit and verify your business registration documents on the platform before opening a business account.
How long does it take to open a business account online?
Opening a business account on these apps is almost instant. As long as you are able to provide and verify your business documents with them, opening a business account online should be easy.
Are these online business accounts safe?
Yes. Most of these apps offering business accounts are products of licensed Microfinance banks and mobile money operators in Nigeria. Many of them are regulated by the Central Bank of Nigeria (CBN) and enjoy deposit insurance from the NDIC.
Can I receive payments from any bank into my business account?
Of course. Once you have opened the account and have an active corporate bank account number, you can start receiving payments into the account.
What are the charges on business accounts opened via apps?
The good thing about these business accounts that are opened online is that they come with minimal charges if any charges at all.
Apps like Kuda offer a limited number of transfers free of charge, while others charge minimal fees under 10 Naira.
Some like Vbiz, Moniepoint, and Prospa will charge you a small fee based.on your business account turnover.
The most important thing is that these apps offer minimal charges compared to traditional banks, so they are very convenient for small businesses and freelancers.
Can I get a POS machine after opening a business account on these apps?
Yes. Most of them provide business accounts with physical businesses in mind to support customer-facing transactions.
Platforms like Moniepoint, Opay, and Palmpay offer affordable POS devices to customers who have high turnovers.
Which app is best for opening a business account online in Nigeria?
It depends on your business needs as at when you are opening the business account.
For online payment infrastructure, Paystack Merchant and Flutterwave business is ideal, while physical shops looking towards POS transactions will benefit from apps like Moniepoint, Opay, and Palmpay.
