Infographic: What Is A Business Banking Account and Why Every Small Business Needs One

Product Updates - March 16, 2023

What is a business account and do you need one for your small business?

This infographic explains why every small business should get a business account.

Would you prefer to read text? Here is a breakdown of the information summarised in the Infographic.

What Is a Business Account

A business account is a type of account that companies, organizations, or individuals use to manage their financial transactions and activities.

Banking Industry Statistics in Nigeria

  • Number of active bank accounts: 133.5m
  • Number of savings accounts: 120.4m
  • A total volume of 2,160,436,659 transactions valued at N263.78trn were recorded in Q2 2020
  • 1,317,621,686 volume of Online Transfer transactions valued at N72.25trn were recorded in Q2 2020.
  • Nigeria’s fintech landscape is recognized as being one of the most vibrant in Africa, with fintech investments growing by 197 percent over the past three years

Click here to learn more about small business statistics in Nigeria

Types of Business Accounts for Small Businesses

  • Current account: 
  • Savings account: 
  • Corporate account: 
  • Domiciliary account: 

Why Small Businesses Should Get A Business Account

  • Separation of personal and business finances
  • Professional image
  • Access to banking services
  • Improved record-keeping
  • Creditworthiness
  • Access to business loans
  • Enhanced security
  • Increased credibility

Business Account Requirement in Nigeria

  • Business registration documents: you need a certificate of incorporation and a business name registration certificate.
  • Tax identification number: you need a Tax Identification Number (TIN). It’s issued by the Federal Inland Revenue Service (FIRS) 
  • Business address: you need to provide the physical location of your business.
  • Directors or shareholders information: this includes any type of government-issued ID such as a national passport or driver’s license and proof of your address like a waste management bill.
  • Business plan: you may need to provide a detailed business plan to explain the nature of your business, including your projected income and overall financial goals.
  • Initial deposit: Most banks require an initial deposit to open a business bank account. This amount can vary depending on the bank and the type of account you’re opening.

Learn more about requirement for opening a business account in Nigeria

How to Get A Moniepoint Business Account 

  1. Click here to access the account opening form.
  2. Input your email address and phone number and click “Next.”
  3. You’ll receive an OTP in a few seconds. Type it in to verify your phone number.
  4. Input your BVN and date of birth. 
  5. Create a business name. This is the name your customers would see, so remember to choose something memorable.
  6. Select a password for your business. Remember not to use any personal information like your name or birthday.
  7. Provide your BVN and KYC details and start face & ID verification. To improve your chances of a successful verification process. Click here to read all about it. 
  8. Finally, choose a transaction PIN with any six numbers of your choice.

And just like that, you have a Moniepoint Business account that gives you the power to accept payments, request loans, and so much more from anywhere in Nigeria. 

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