Opening a business bank account is one of the first and most important steps when starting a company in Nigeria. Choosing the right bank to partner with can have a major impact on the success of your business. The best business banks offer features like remote account opening, attractive interest rates, business loans and financing options, multiple account support and access to digital banking platforms.
With so many banks to choose from, it can be challenging for entrepreneurs and small business owners to identify the top options for their company’s financial needs. This article explores the 10 best banks for business accounts in Nigeria based on factors like fees and charges, variety of account types, business services and overall customer satisfaction.
The Nigerian banking system has experienced significant evolution over the past decades. Many local and foreign banks now operate in the country, providing a wide range of account and service offerings for both individuals and businesses.
When evaluating the top banks, key factors to consider include:
- Account opening requirements and process – How easy is it to open a new business account? What documents and minimum deposits are required?
- Interest rates – What rates are offered on savings and time deposits? How do they compare to competitors?
- Fees & charges – Are the fees for transactions and account maintenance competitive? Are there ways to avoid fees?
- Digital banking platforms – Does the bank offer advanced online and mobile banking tools?
- Business services – What specialized services are available for business banking clients? e.g. loans, payroll, payments, financial advice etc.
- Customer service – How responsive is the bank when assistance is needed? Are there multiple ways to get support?
- Business account types – Does the bank offer current, savings and time deposit accounts tailored for business needs?
Keeping these key factors in mind, below are the top 10 banks to consider for opening a business account in Nigeria today.
1. Access Bank
Access Bank is the largest bank in Nigeria with over 600 branches nationwide. It offers comprehensive business banking solutions including attractive interest rates, zero account opening balance, remote account opening, internet & mobile banking as well as trade finance, treasury and cash management services.
Types of business accounts:
- Current accounts
- Savings accounts
- Domiciliary accounts
Fees:
- Zero account maintenance fee
- Zero transaction notification fee via email and SMS
- Competitive transfer and withdrawal fees
Digital Banking Platform: Access Bank prides itself on digital innovation and offers state of the art mobile and internet banking capabilities for businesses.
Additional services: Loans, asset financing, payroll, discounts on accounting software, financial advisory and more.
Why choose Access Bank? With extensive reach, very competitive fees and digital banking offerings, Access Bank is a top choice for business accounts of all sizes.
2. Zenith Bank
Headquartered in Lagos, Zenith Bank has over 500 branches and offices covering all states in Nigeria. It is a long standing, trusted financial institution that offers comprehensive business banking services.
Types of business accounts:
- Current accounts
- Domiciliary accounts
- Special deposit accounts
Fees:
- Zero account maintenance fee
- Minimal fees for transfers within Zenith Bank accounts
- Reasonable SMS notification and card maintenance fees
Digital Banking Platform: Zenith Bank offers both mobile and internet banking with features like bills payment, airtime purchase, viewing statements, funds transfers and more.
Additional services: Corporate loans, trade services, cash management, international payments and payroll solutions.
Why choose Zenith Bank? Zenith Bank makes business banking seamless with competitive fees, robust online banking and exceptional nationwide reach.
3. GTBank
Guaranty Trust Bank (GTBank) is another tier-1 bank with strong business offerings and multiple account options. It is a long established and trusted financial brand within Nigeria.
Types of business accounts:
- Current accounts
- Savings accounts
- Domiciliary accounts
Fees:
- Zero account maintenance fee
- Zero fee for up to 100,000 Naira monthly transfers on current accounts
- Competitive bulk cash pick-up and account statement fees
Digital Banking Platform: GTBank provides versatile mobile and internet banking services for businesses.
Additional services: Business loans, import finance, payroll solutions and asset leasing.
Why choose GTBank? GTBank makes business banking affordable with zero maintenance fees on business accounts and free transfers up to 100k monthly.
4. FirstBank Nigeria
FirstBank is Nigeria’s oldest financial institution dating back to 1894. It offers a wide range of business accounts and services supported by its large network of over 750 branches across Nigeria.
Types of business accounts:
- Current accounts
- Savings accounts
- Domiciliary accounts
- Special deposit accounts like FirstSave
Fees:
- Zero account maintenance fees for current accounts
- Minimal transfer fees within FirstBank accounts
- Competitive bulk cash handling fees
Digital Banking Platform: FirstBank provides both internet banking and FirstMobile for financial transactions on the go.
Additional services: Term loans, overdrafts, trade services, cash management, payroll solutions and more.
Why choose FirstBank? FirstBank is an established and trusted bank with a large network, zero account fees and good digital banking tools.
5. Ecobank Nigeria
Ecobank Nigeria is part of the broader Ecobank Group, represented in over 33 African countries. It offers specialized services for small, medium and large business account holders.
Types of business accounts:
- Current accounts
- Savings accounts
- Domiciliary accounts
Fees:
- Zero account maintenance fees
- Competitive bulk cash handling fees
- Low intra-bank transfer charges
Digital Banking Platform: Ecobank provides 24/7 digital banking through Omni Lite and Omni platforms.
Additional services: Overdrafts, commercial loans, trade finance, international payments and cash management.
Why choose Ecobank Nigeria? Ecobank makes business banking affordable in Nigeria with zero account fees and good digital banking functionalities.
6. Standard Chartered Bank Nigeria
Standard Chartered Bank has been operating in Nigeria since 1999. It leverages its international expertise to deliver digital-led business banking services and solutions.
Types of business accounts:
- Current accounts
- Call deposit accounts
- Domiciliary accounts
Fees:
- Reasonable account maintenance fee
- Competitive cash deposit and withdrawal charges
- Discounted interbank transfer fees
Digital Banking Platform: Straight2Bank provides internet banking, mobile banking and integrated API capabilities.
Additional services: Business loans, trade products, cash management services and global account management.
Why choose Standard Chartered Bank? It brings expertise in digital banking and tailors solutions for local and international business needs.
7. Sterling Bank
Sterling Bank is a leading commercial bank within Nigeria focused on innovation, digitization and specialized services. It offers versatile account options and business tools.
Types of business accounts:
- Current accounts
- Savings accounts
- Domiciliary accounts
Fees:
- Minimal account maintenance fee
- Zero fee for first 10 transfers monthly
- Discounted bulk cash handling
Digital Banking Platform: Sterling Bank provides internet, mobile and USSD banking platforms.
Additional services: Business loans, trade services, cash management, payroll solutions and more.
Why choose Sterling Bank? Sterling Bank combines digital innovation and affordability making it attractive for modern businesses.
8. Fidelity Bank
Fidelity Bank is a tier-2 bank that offers value-added services and solutions for businesses through its expanding network of over 200 branches nationwide.
Types of business accounts:
- Current accounts
- Domiciliary accounts
- Special savings accounts
Fees:
- Zero account maintenance fee
- Minimal transfer fees within Fidelity Bank
- Discounted bulk cash handling fees
Digital Banking Platforms: Fidelity Online and Fidelity Mobile provide 24/7 banking access.
Additional services: Business loans, trade finance services, cash management and payroll solutions.
Why choose Fidelity Bank? Fidelity Bank provides the capabilities of tier-1 banks at competitive rates – making business banking affordable.
9. FCMB Bank
FCMB Bank operates with over 200 branches nationwide and offers diversified financial solutions for large, medium and small businesses alike.
Types of business accounts:
- Current accounts
- Savings accounts
- Call deposit accounts
Fees:
- Zero account maintenance fee
- Low intra-bank transfer charges
- Discounted bulk cash pick-up
Digital Banking Platforms: FCMB provides versatile mobile banking and alternate e-channels.
Additional services: Asset financing, trade services, cash management, loans, international payments and more.
Why choose FCMB Bank? FCMB Bank eliminates account maintenance fees and offers competitive rates for businesses.
10. Union Bank of Nigeria
Union Bank of Nigeria Plc (UBN) is a long standing commercial bank that provides a wide range of business accounts and specialized services through its branch network.
Types of business accounts:
- Current accounts
- Savings accounts
- Domiciliary accounts
Fees:
- Competitive account maintenance fee
- Discounted interbank transfer fees
- Fair cash handling rates
Digital Banking Platform: UnionDigital provides advanced mobile and internet banking.
Additional services: Business loans, trade and forex services, cash management, international payments and more.
Why choose Union Bank of Nigeria? Union Bank combines vast local experience and constantly evolving services to meet the needs of businesses today.
Key Takeaways: Choosing the Best Banks for Business Accounts in Nigeria
- Assess account opening requirements, fees, interest rates and digital platforms
- Prioritize banks with business services tailored to your needs e.g. loans
- Tier 1 banks like Access Bank, Zenith Bank and GTBank offer versatile account options
- Consider specialized banks like Standard Chartered Bank for international expertise
- Newer banks like Sterling Bank emphasise digital innovation and affordability
- Long standing banks like FirstBank leverage local knowledge and large networks
- Compare account types, rates and fees to identify the most cost-effective options
Conclusion
Nigeria’s banking sector has expanded significantly in capabilities over the years. There are now many compelling options for opening and managing productive business accounts. By evaluating factors like fees, account features, interest rates, specialist services and digital platforms, businesses can identify the best bank partners tailored for their needs and long term growth.
