Nigeria has no automatic switch guarantee that moves your payments for you, so switching a business account is a manual process. You open the new account, run both accounts in parallel, redirect inflows and mandates yourself, update your details with customers and on payment links, and close the old account once a full cycle has cleared. Figures here are as of 28 April 2026.
- Automatic switch service
- None. Moving payments is a manual process you manage yourself.
- Safer approach
- Run the old and new accounts in parallel until salary, supplier, customer and tax flows have moved.
- Bank Verification Number
- Stays the same. It is tied to the individual, not the bank.
- Where to open
- 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 switching a business account works in Nigeria
Nigeria does not operate an automatic account switch guarantee that transfers your payments and mandates for you. That means switching is a manual move you plan and control. The safer approach is to open the new account at an established bank such as Guaranty Trust Bank, Access Bank, Zenith Bank, First Bank of Nigeria, or United Bank for Africa, or at a licensed fintech such as Moniepoint, Kuda, or OPay, and run it alongside your existing account for a period. You then redirect each inflow and outflow, confirm everything is arriving, and only then close the old account. As of 28 April 2026, confirm the current process with each provider.
Move your inflows and mandates
List every recurring item on the old account. That usually includes customer payments and collections, supplier transfers, salary payments, loan or financing repayments, standing instructions, and any recurring card or subscription charges. Update the account details with each customer and supplier, change the receiving account on your invoices and on any payment links or collection tools, and recreate standing instructions on the new account. Keep the old account funded until you have confirmed a full cycle of payments has cleared on the new one. As of 28 April 2026.
Documents and identity
Opening the new account follows the normal Nigerian process. You generally need the Corporate Affairs Commission registration certificate, the tax identification, identification and Bank Verification Numbers for the directors and signatories, a board resolution naming the signatories, and a recent utility bill. A Bank Verification Number is tied to the individual and does not change when you move banks. If you hold foreign currency, check whether the new provider offers a domiciliary account before you switch. As of 28 April 2026, verify the list with the provider.
Questions about switching a business account in Nigeria
Is there a current account switch service in Nigeria?
How do I switch a business account in Nigeria without missing payments?
What do I need to open the new business account?
Will my Bank Verification Number change when I switch?
Fees, features, and eligibility change and vary by region. This page was last reviewed on 28 April 2026. Confirm current terms with the provider before applying.