Business banking in Nigeria

How business banking works in Nigeria

Nigeria has a large set of commercial banks supervised by the Central Bank of Nigeria, alongside microfinance banks and a growing fintech sector. Most companies hold a naira current account for day to day trading and salaries, and many add a domiciliary account to receive and hold foreign currency such as US dollars, pounds, or euros. Account rules, charges, and foreign currency access can change with regulation, so confirm the current position before you apply. Figures here are as of 9 June 2026.

Who can open a business account

A business registered with the Corporate Affairs Commission can open a business account. This includes a registered business name for a sole proprietor or partnership, a private or public limited company, and an incorporated trustee for a nonprofit. Banks assess the registration, the directors and signatories, and the nature of the business. Verify your situation with the provider.

Established banks compared with fintech providers

Established banks offer branch access, lending, cash handling, and the full product range, including domiciliary accounts and trade services. Fintech providers and digital banks focus on fast onboarding, payments, and online tools, though some services and foreign currency features may be limited. International cross border providers have limited coverage for companies resident in Nigeria, so check availability directly. Verify current terms with each provider.

Requirements and documents

Documents vary by bank and by business type. Common items include the following. Verify with the provider

• Corporate Affairs Commission registration documents, such as the certificate of incorporation or business name registration and related forms.
• A board or partnership resolution authorising the account and naming the signatories.
• A tax identification number for the business.
• Identification and a Bank Verification Number for each director and signatory, with photographs and proof of address.
• Reference details, which some banks request depending on the account type.

How to open an account

1. Register your business with the Corporate Affairs Commission and obtain your registration documents.
2. Obtain a tax identification number and gather signatory identification and Bank Verification Numbers.
3. Choose a bank that fits your need for a naira account, a domiciliary account, or both, and complete the account opening and compliance checks, then fund and activate the account.