Nigeria Investment Hub

Most banks operating in Nigeria provide their clients with multiple features like ability to transfer funds from Nigeria to another country, trade facilities, debit cards, internet banking, and multi-currency accounts, Online Payment Processing (to accept Interswitch card, Visa Card, Mastercard, etranzact etc). The process of opening a corporate Bank account is really easy. What is important is to understand each bank’s peculiar features to be able to select the best financial institution that will provide for your banking needs.

The purpose of this article is to impart general guidelines and information. More details can be provided by the bank of your choice, especially with regards to their latest offers and policies. You may find out more up-to-date competitive offers that will provide your company with most benefits.

General Requirements in Opening a Corporate Bank Account in Nigeria

Physical presence

Most Nigeria banks need directors and account signatories to be physically in the country to sign pertinent documents. 

Documentation

General document requirements are listed below. There might be other paper works that will be requested from you by the bank:

 

  • Resolution from the Board of Directors authorizing the opening of the account and approving the account signatories.
  • Affix Company Seal
  • Completely filled-up Corporate Account Opening Form signed by the company’s designated signatories (attach all required documents on the form)
  • Certified true copies signed by the company secretary and / or any of the company’s directors of Memorandum and Articles of Association of the company.
  • Proof of Residential Address of Signatories, Directors. 
  • Passports Photograph of the signatories
  • Valid means of Identification (International Passport, Drivers License, National Identity Card or Voters card)
  • For foreign Nationals require other special requirements  (Business Permit, Residence permit etc)

 

 

Banks own due diligence process

In case of foreign individuals and corporates, each bank has their own due diligence process and they will usually like to know the purpose of Nigeria Bank account, about your business in home country.

List of Nigeria Commercial Banks

  • United Bank For Africa Plc (UBA)
  • Guarantee Trust Bank Plc (GTBank)
  • Zenith Bank Plc
  • Skye Bank Plc.
  • Diamond Bank PLC
  • ECOBANK Nigeria Plc
  • Standard chartered Bank Nigeria Limited
  • StanbicIBTC Bank Plc
  • ACCESS Bank Plc
  • Fidelity Bank Plc
  • FinBank Plc
  • First Bank of Nigeria Plc
  • Sterling Bank Plc
  • WEMA Bank Plc
  • Unity Bank Plc
  • First City Monument Bank Plc
  • Citibank Nigeria Limited
  • Union Bank Plc
  • Enterprise Bank Limited
  • Keystone Bank Limited

For more information; opening a corporate account, managing your business accounts click here to contact us or call: +234 (0)80-9502.9999

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