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7 Best Business Accounts For SMEs In Nigeria


As an entrepreneur, you’ll want to keep your personal and business banking separate. Doing this helps you maintain financial discipline and clarity—two things you’ll need to succeed at building your business. It will be easier for you to track your enterprise’s expenses and prepare financial statements.

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But there are more business accounts than there are commercial banks in Nigeria. You may find it difficult to select an appropriate account for your company from the myriad available. They don’t all offer the same thing, so comparing options could be a tough task.

We have done the hard work for you. This article presents seven of the best business accounts for SMEs in Nigeria. If you’re looking for basic banking services that suit your enterprise needs, you can choose from the ones discussed here.

FCMB Business Account

First City Monument Bank boasts more than 7 million customers across the country. It serves them through its 200+ branches, and via its website, mobile app, and other digital channels.

The FCMB Business Account is one of its most popular offerings. This is evidenced by the number of inquiries it garners on search engines and its regular appearance on reviews of the best banks for SMEs in Nigeria.


  • Account opening balance of ₦25,000.
  • Minimum operating balance of ₦5,000.
  • No account maintenance fees for debit turnovers under ₦40 million.
  • Access to loans.

Other business accounts from FCMB include its corporate current account and business savings account. Both require an opening balance of ₦10,000.

Union Biz Account

Union Bank’s Union Biz Account forms part of a broader raft of offerings from Union Bank that’s targeted at small businesses. The bank has demonstrated its interest in SMEs through its support of initiatives like Connect Nigeria’s Top 100 Emerging SMEs (for which it is a partner).

The Small Biz Account is one of several SME-friendly accounts available from this institution. It takes no charges and rewards its users with interest payments if they attain a certain deposit threshold.


  • Account opening balance of ₦20,000.
  • Customized clearing cheque book.
  • Interest paid on deposited balances.
  • No account maintenance fees for balances of ₦500,000 or more.
  • Unlimited maximum debit turnover.

Other business accounts from Union Bank are the Hybrid Account, Business Current Account, and Domiciliary Account. If you’re interested in saving money for your business, you can check out Union Bank’s Target Savings Product as well.

Fidelity Small Business Account (FSBA)

Fidelity Bank has built a reputation as the bank of choice for many small businesses in Nigeria. This is thanks to its visibility campaigns aimed at business owners and the various products and services it offers them. These range from its loans and advances, to business capacity building support under its SME Academy.

The Fidelity Small Business Account (FSBA) fits into this grand scheme.


This low-cost current account comes in three variants:

  • Starter/Micro, with a minimum opening balance and minimum daily balance of ₦10,000
  • Growing/Small, with a minimum opening balance and minimum daily balance of ₦20,000
  • Established/Medium, with a minimum opening balance and minimum daily balance of ₦25,000

Besides these specifications, the FSBAs all have the following features:

  • No account maintenance fees for debit turnovers.
  • No monthly charges.
  • No limits on withdrawals.
  • Access to loans.
  • Assistance to register your company or business name.

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Stanbic IBTC Biz Smart Account

The Stanbic IBTC BIZ Smart Account allows Nigerian business owners to access account services from multiple digital channels, as well as in person at any of its branches. Customers enjoy interest payments and no fees, round-the-clock access to their accounts, and 24-hour banking support.


  • Account opening balance of ₦5,000.
  • No account maintenance charges subject to a minimum balance of ₦50,000 and less than 4 withdrawals a month at a branch.
  • Personalized Biz Smart cheque book.
  • MasterCard debit card (for single signatory accounts).
  • 0.25% interest payment per annum, subject to maintenance of minimum balance.

Stanbic IBTC also provides the BIZ Smart Plus Account (which is a cross between a savings and business current account), a business current account, a domiciliary account, and the Blue Blossom Account (for women in business).

GT Business Account

Guaranty Trust Bank is widely recognized as one of Nigeria’s most tech-savvy financial institutions. Their prowess here has helped them secure over 8 million retail banking customers. But they aren’t just reaching out to individuals; they have some of the best offerings for businesses too.

The GT Business Account is one such product. It’s designed for SMEs (businesses with an annual turnover of less than ₦50 million).


  • Minimum account balance of ₦20,000.
  • A fixed monthly charge of ₦5,000.
  • A ₦1 charge is applied as Commission on Turnover for the excess of ₦50 million monthly turnovers.
  • No limit on withdrawals.
  • Annual business workshops and networking opportunities.

GT Bank also offers a domiciliary account, with which businesses can hold foreign currency.

Heritage Bank (HB) Business Account

In less than a decade, Heritage Bank has risen to become one of the major institutions in Nigeria’s banking industry. It has gained significant trust among entrepreneurs, who believe that its small business services are among the best available from the country’s commercial banks.

The Heritage Bank Business Account is built for micro and small enterprises. It has relatively low charges, and fees are based on the customer’s adherence to a monthly turnover agreement.


  • Account opening balance of ₦20,000.
  • Minimum daily account balance of ₦5,000.
  • No charges on monthly turnover of up to ₦1 million.
  • A ₦1,500 charge for monthly turnover of between ₦1 million and ₦5 million, and ₦2,500 charge on turnovers between ₦5 million and ₦15 million.

Sterling Bank Zero AMF (Business)

Sterling Bank serves millions of customers in Nigeria at over 160 branches and nearly a thousand ATMs spread across the country. Closer to the present, it has turned its gaze on SMEs, with products designed to give them a headstart in a challenging commercial environment.

The Sterling Business Zero AMF Account is one of several business accounts offered by Sterling Bank. It has the following features:


  • No opening balance.
  • No minimum daily balance.
  • Access to debit cards.
  • Free cheque book.
  • Access to other services, such as business advisory and website creation.

Final Words

Every business account discussed here has its unique advantages. It’s up to you to select a bank account that ticks your boxes. Hopefully, the quality of service these banks provide will cover enough turf to help you grow your business.

Featured Image Source: Nairametrics

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Ikenna Nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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