Which Nigerian Bank Should You Use for Your Small Business? Find Out The Best 5 Here

Every small business owner knows that running a business comes with a thousand moving parts, and one of the most important elements is having the right bank to support your daily operations. When you’re collecting payments, paying suppliers, or applying for a business loan, your banking partner plays a big role in the smooth running of your hustle.

It’s not just about choosing a bank with a nice app or fancy branding; rather, it’s about choosing a bank that makes your work easier, supports your growth, and gives you real value for your money.

In this guide, we break down five of the best Nigerian banks and fintechs that are suitable for small business owners, and also give you a simple step-by-step guide on how to open a business account with each one.

Opay is a mobile money platform that has become the go-to bank for many small business owners in Nigeria. From zero maintenance fees to swift POS services and fast settlements, Opay’s services come with ease and speed which is important for running any business. 

Key Features:

• No monthly maintenance charges. 

• Easy access to POS terminals. 

• Access to loans through Opay merchant options.

To open an account:

1. Download the Opay app from the Play Store or App Store.

2. Sign up and select “Merchant/Business Account”.

3. Input your BVN and personal details.

4. Upload a valid ID (NIN, Voter’s Card, etc).

5. Take a clear selfie for facial verification.

6. Add your shop name, business address, and type of business.

7. Submit and wait for approval (often within 24 hours).

8. Once approved, request a POS via the merchant section (optional).

Once verified, your business account will be ready to use.

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Moniepoint is recognised for its robust network of field officers, dependable POS service, and exceptional customer support. It reduces transaction stress for traders and shop owners due to the swiftness of its operations. 

Benefits for small businesses:

• Business account with zero maintenance fees.

• Quick loans and overdraft options

• Field support and fast POS delivery.

• In-app business analytics.

To open an account: 

1. Download the Moniepoint app or visit their website.

2. Input your email and phone number, then verify with the OTP sent to you.

3. Provide your BVN and date of birth.

4. Create a username (preferably your business name) and a secure password.

5. Fill out the KYC (Know Your Customer) form and upload your ID.

6. Verify your face using your phone’s camera.

7. Set up a transaction PIN for secure banking.

Your account will be ready shortly after completing these steps.

GTBank offers more structured banking services, which are precisely what registered businesses, freelancers, and those in the service or tech industries need. They also have a robust set of business accounts depending on your revenue size:

• Silver (less than ₦20m annual turnover).

• Gold (₦20m–₦50m).

• Platinum (₦50m+).

Features include:

• Access to loans.

• Digital banking channels.

• Easy payment options and unlimited withdrawals.

• Annual networking and SME training events.

To open an account:

1. Visit any GTBank branch.

2. Provide the following:

   • Business registration documents (CAC Certificate, Form CO7, etc.)

   • A valid government-issued ID.

   • Proof of address (utility bill or tenancy agreement).

   • Tax Identification Number (TIN).

   • The applicable minimum opening balance (₦10,000–₦50,000).

Once your documents are verified, you’ll be assigned an account officer who can guide you through the next steps.

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Zenith Bank is one of Nigeria’s most reliable and structured banks for SMEs that want stability and access to more advanced services. Zenith’s SME Grow My Business Account is for businesses looking to build structure and growth. 

Key features:

• SME card for business expense tracking.

• Free registration on Google My Business.

• Access to workshops and SME development hubs.

To open the account:

1. Visit the nearest Zenith Bank branch.

2. Submit the following documents:

   • CAC documents.

   • Valid ID.

   • Utility bill.

   • Two recent passport photos.

   • Two references (individuals or businesses with accounts).

   • Two filled specimen signature cards.

   • Initial deposit of ₦20,000.

After opening your account, Zenith provides follow-up SME support including branding assistance and financial education.

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Sterling Bank is rebranding itself as a youth-friendly, digital-focused bank that supports small businesses through innovation and impact banking. Their Sterling Business Zero AMF account was created with fresh entrepreneurs in mind. It has no account maintenance fees and allows startups to bank affordably while accessing full banking tools.

Benefits for small businesses:

• OneBank mobile app for business.

• Affordable loans and SME capacity-building.

• Support for women-owned and youth-led businesses.

To open the account:

1. Visit a Sterling Bank branch or start online.

2. Submit:

   • CAC registration certificate.

   • BVN and valid ID of all directors.

   • TIN (Tax Identification Number).

   • Recent utility bill.

   • Passport photographs of all signatories.

   • Two corporate references.

Once all your documents are submitted and verified, your business account will be set up, and you’ll get access to Sterling’s business advisory tools and support platforms.

Choosing the right bank for your small business depends on your specific needs. Fintech platforms like Opay and Moniepoint are top-notch when it comes to flexibility, ease, and fast service, especially for informal traders and retail shops.

On the other hand, banks like GTB, Zenith, and Sterling are for more structured businesses looking for growth, professionalism, and access to financial tools.

With the step-by-step guides above, you can now open a business account in no time and start enjoying the benefits of having a bank that works for you.