To open a business account in Nigeria you register the business with the Corporate Affairs Commission, obtain a tax identification, gather documents and director identification with Bank Verification Numbers, choose a bank or licensed fintech, complete the form, and fund the account. A Tax Identification Number is now issued automatically on incorporation. Figures here are as of 6 April 2026.
- First step
- Register the business with the Corporate Affairs Commission
- Tax identification
- Now issued automatically on incorporation through the Nigeria Revenue Service integration
- Core documents
- Registration certificate, director identification and Bank Verification Number, utility bill, tax identification
- Where to apply
- An established bank or a licensed fintech such as Moniepoint, Kuda, or OPay
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
How to open a business account in Nigeria
The process follows a clear order. First register the business with the Corporate Affairs Commission, as a business name or a limited company. A Tax Identification Number is now issued automatically when incorporation is approved, through the Corporate Affairs Commission integration with the Nigeria Revenue Service. Then choose where to bank: an established bank such as Guaranty Trust Bank, Access Bank, Zenith Bank, First Bank of Nigeria, or United Bank for Africa, or a licensed fintech such as Moniepoint, Kuda, or OPay. As of 6 April 2026, confirm the current requirements with the provider.
Documents and identification
For a registered business name you generally need the Corporate Affairs Commission certificate, valid identification and a Bank Verification Number for the owner, a recent utility bill for the business address, and the tax identification. A limited company also needs its certificate of incorporation, the memorandum and articles of association, a status report, and a board resolution naming the signatories, with identification and Bank Verification Numbers for all directors and signatories. Businesses in certain designated sectors also need a SCUML certificate. As of 6 April 2026, verify the list with the bank.
Choosing a bank or a fintech
Licensed fintechs can onboard a registered business digitally and often charge no fixed monthly fee, while established banks offer branch networks, domiciliary accounts, and foreign currency handling. Match the choice to how you transact and whether you handle foreign currency. As of 6 April 2026, compare published terms before you apply.
Questions about opening a business account in Nigeria
How do I open a business account in Nigeria?
How long does it take to open a business account in Nigeria?
Do I need a Tax Identification Number?
Why are business account applications declined?
Fees, features, and eligibility change and vary by region. This page was last reviewed on 6 April 2026. Confirm current terms with the provider before applying.