This article is written to provide a guide on the requirements for business bank account in Nigeria. If you’re planning to run a serious business in Nigeria—whether it’s a small startup, a growing enterprise, or a corporate venture—opening a business bank account is non-negotiable. It separates your personal funds from business finances, builds credibility, and is often a requirement for securing loans, grants, or partnerships.
In this comprehensive guide, we will walk you through the requirements for opening a business bank account in Nigeria, highlight the importance of proper business registration, and show you how our team can help you start on the right foot with professional CAC registration services.
Why You Need a Business Bank Account
Before diving into the requirements, here’s why a business bank account is essential:
Professionalism: Clients take you more seriously when payments go to a registered business account.
Financial Transparency: Makes tracking income, expenses, and taxes easier.
Loan & Grant Eligibility: Required for most funding opportunities.
Business Growth: Opens access to corporate banking services, PoS terminals, and online payment gateways.
General Requirements for Opening a Business Bank Account in Nigeria
The specific requirements can vary slightly from bank to bank, but most commercial banks in Nigeria require the following documents:
- Certificate of Incorporation (CAC Certificate)
This is the most fundamental requirement. Your business must be registered with the Corporate Affairs Commission (CAC) either as:
A Business Name
A Limited Liability Company (Ltd)
Or an Incorporated Trustee (for NGOs, churches, etc.)
💡 Don’t have this yet? We can help you register your business with the CAC seamlessly. Click here to get started.
- Form CAC 1.1 or Status Report
This is a document that provides essential information about your company or business name:
Business name or company name
Business address
Proprietors or directors/shareholders
Nature of business
- Valid Means of Identification
All signatories to the account must present:
National ID card
International Passport
Driver’s License
Or Voter’s Card
Note: International passports are usually preferred for companies involving foreigners.
- Passport Photographs
Two recent passport photos for each signatory.
- Tax Identification Number (TIN)
A TIN is issued by the Federal Inland Revenue Service (FIRS) and is mandatory for all companies and business names opening a bank account.
✔️ We can assist you in obtaining your TIN alongside your CAC registration.
- Utility Bill
This serves as proof of the business or individual’s address. Acceptable documents include:
PHCN bill
Water bill
Waste bill
Tenancy agreement (in some cases)
- Board Resolution (For Limited Liability Companies Only)
If your business is registered as a company, the directors must provide a board resolution stating the intent to open an account and appointing signatories.
🛠️ We can help you draft a compliant board resolution if you’re unsure how to go about it.
- BVN (Bank Verification Number)
Each signatory must present their BVN for account opening and verification.
- Special Licences (Industry-specific)
For certain types of businesses, additional regulatory approvals or licenses may be required, such as:
NAFDAC License (for food, drugs, cosmetics)
DPR License (for oil and gas businesses)
SCUML Certificate (for businesses prone to money laundering risks)
Travel Agency License, Pharmacy License, etc.
💼 Need help with SCUML or industry-specific documentation? Let’s talk—our experts are here to guide you.
Types of Business Bank Accounts in Nigeria
Banks in Nigeria typically offer:
Current Account (most common for businesses)
Domiciliary Account (for businesses dealing with foreign currencies)
Corporate Savings Account (less common)
Your choice depends on the nature and needs of your business.
Step-by-Step Process to Open a Business Bank Account
- Register your business with CAC – This is the foundation.
- Gather all required documents listed above.
- Choose a bank and account type that suits your business.
- Visit a branch or use their online account opening platform.
- Submit your documents and fill the application form.
- Await verification and approval (can take 24–72 hours).
- Account is activated, and you can begin transactions.
Fast-Track Your Business Setup with Our CAC Registration Service
Opening a business bank account starts with proper registration. That’s where we come in.
At CACRegistration.com, we:
Help you register your Business Name, Limited Company, or NGO with the Corporate Affairs Commission (CAC)
Obtain your TIN and other required documents
Offer post-registration support for SCUML, licenses, and bank documentation
Provide expert advice to help you open your business account quickly and correctly
📞 Ready to get started? Call/WhatsApp us today or begin your registration at CACregistration.com.
Pro Tips for Opening a Business Bank Account
Open the account in the same name as your CAC registration to avoid issues.
Have a clearly defined business address; avoid using P.O. Box.
Ask your bank relationship officer about documentation peculiarities.
Keep your CAC documents safe; you’ll need them for years to come.
Frequently Asked Questions (FAQs)
❓ Can I use my personal bank account for business?
Yes, but it is not advisable. Mixing personal and business finances can affect transparency and limit your growth potential.
❓ Do I need a business name or a limited liability company?
Both are acceptable, but limited companies often enjoy more credibility and access to funding.
❓ How long does it take to open a business account?
Once you have all required documents, it takes 1–3 business days depending on the bank.
❓ Which banks are best for business accounts in Nigeria?
Top options include:
Access Bank
Zenith Bank
GTBank
First Bank
UBA
Please note that this is not an endorsement. You should use your own discretion to decide which bank to open your business account with.
Final Thoughts
Opening a business bank account in Nigeria is one of the most important steps for starting or growing your venture. But you must ensure your business is properly registered with CAC, your documents are in order, and you meet the specific bank requirements.
Don’t let paperwork slow you down. Let our team handle your business registration, TIN processing, and documentation so you can focus on what matters—running your business.
👉 Start your registration now at CACregistration.com or reach out to speak with one of our consultants.
Adebayo Oluwole is a seasoned chartered accountant and a member of Chartered Institute of Taxation of Nigeria with over twenty years of experience. His expertise cuts across accounting, auditing and taxation. He has helped hundreds of individuals translate their dreams into reality by offering them pre and post registration services. His focus is to help SMEs grow in the marketplace.