Best Bank For Small Business Corporate Account In Nigeria

Are you looking for the best bank for small businesses in Nigeria? Here are timeless tips to pick which bank you should open a corporate SME account for your business and enjoy added value at zero cost.

Best Bank For Small Businesses In NigeriaRunning a small business in Nigeria is not an easy journey to embark on, it is a task that comes with its challenges, you need to understand the economic environment that affects growth and how to move ahead despite the challenges and learn more about your cash flow management, a more important part of business finance that reveals how strong or weak you are, where you are currently in terms of profit or loss trend and your survival rate.

While you are advised not to spend all the cash inflows by saving part of the cash in a bank, it also important for one to find a better bank that will not only keep your money and do business with but also add real value to you, not just as a customer but a business manager that's concern about growth and survival in a tough economy.

In this guide, I will be sharing useful strategies to find the best bank for small businesses in Nigeria with top 8 SME friendly bank account you can check out.

How to pick the best bank for small businesses in Nigeria:

  • Find a bank with strong capital base and have been in existence for long; this is an important part of your journey to picking the right bank for your SME business account. A bank that survives economic ups and down is sure proof that it is headed by professionals who understand the onions of running a great bank. You don't want to operate an account where your money is not safe in a period of crisis. Another basic area to look at is how accessible the bank's branches are. It is better to find a bank that is close to your office location, so you can easily walk to make enquiries, carry out transactions, send your complaints or reach a customer service centre for questions.
  • Pick a bank that supports SMEs or has a department dedicated to training small business account owners on how to run, manage and grow their businesses. This is one of the reasons I love Fidelity bank, they have a programme on the radio called Fidelity SMEs, that is dedicated to sharing success secrets of business owners and how to avoid some mistakes that could ruin one 's business. Some banks also have a business growth newsletter dedicated to sharing great marketing, customer services and product development ideas with their corporate customers.
  • It's not just training alone, but how involved is the bank is helping SMEs secure additional capital or a low-interest loan to finance growth and expansion or meet working capital needs. There are banks that also have structured loan products for corporate customers to enjoy with extra benefits.
  • Compare the charges on their SME business accounts as this will help know the bank with best corporate account offerings; from interest income, cheque book charges, SMS alerts, fund transfers, online transactions to annual maintenance fee.
  • Internet or mobile banking is another important part of corporate banking; You should also to access your bank statements and view transactions on a real time with minimal issues; your selected bank should have an A+ infrastructure that can manage its networks anytime, anywhere.
  • How fast do they resolve issues on your account? This is also vital in determining the best bank for small businesses in Nigeria as such expertise will help to continually keep your money in such bank.
Here are some SME business bank accounts tailored to corporate customers you can walk to these 8 banks to inquire about.
  1. Stanbic IBTC  Bank- SME Current Account and Features

    1. Zero COT with N10,000 minimum account opening balance.
    2. 25% discount on selected capacity building courses.
    3. Your first chequebook each year is free.
    4. Your first debit card is free
    5. You enjoy free internet banking and free SMS & e-mail alerts
    6. For businesses with annual sales of N60,000,000
  2. Guaranty Trust Bank - GT Business Account and Features:

    1. Minimum balance of N20,000
    2. Fixed monthly charge of N5,000 is applied
    3. N2/Mile COT is applied on the excess on the N50 million monthly turnover
    4. Unlimited number of withdrawals
    5. Access to annual business workshop, seminar and networking events
    6. Access to the SME Market Hub
    7. For businesses with annual sales of N50,000,000
  3. Diamond Bank - Diamond Bank Xpress Account and Features:

    1. Zero COT
    2. Access to business development seminars
    3. Fixed monthly fee as low as N1750
    4. Easy access to business loans
    5. Personal credit cards
    6. Access to your own website at a discounted price
    7. Additional services include:
    8. Access To Diamond Business Club
    9. Business / Financial Advisory
    10. Business Newsletter + Enterprise Guide
    11. Networking
  4. Fidelity Bank - Fidelity Small Business Account and Features:

    1. Zero COT
    2. Zero service charge for small beginners
    3. Interest on current account balance.
    4. Easy access to loans.
  5. Access Bank - MPower Business Account and Features:

    1. Opening and daily balance of N250,000
    2. 0.1% interest rate
    3. Cheque booklet
    4. Monthly Maintenance of N7,500
    5. Zero COT subject to minimum daily balance of N250,000
    6. Annual Business Seminars
    7. Maximum Monthly Turnover of N100m
  6. FCMB - FCMB Business Account and Features:

    1. Business Debit Card
    2. FCMB Mobile and Internet banking
    3. Loan Facility
    4. Minimum opening balance: N25,000
  7. UBA Group: Sole trader and partnership business account and Features:

    1. Opening balance of N10,000
    2. Zero minimum operating balance
    3. Access to consumer credit facilities
    4. Access to internet and mobile banking
    5. UBA Master Card & Visa card
  8. FirstBank - FirstBank Current Account:

    1. Minimum opening balance of N10,000 (for corporate)
    2. No minimum operating balance (account can be operated at zero balance)
    3. No limit to number of withdrawals in a month
    4. Attracts Commission on Turnover (COT) and other charges
    5. Funds transfer and bank cheques/drafts allowed on account
    6. Intersol transactions – account owner and third parties are allowed.
We also welcome ideas on the Best Bank For Small Businesses In Nigeria, use the comment box.