Business owners often scavenge for the ideal business account to meet their business needs. It’s pertinent you open a business account that aligns with your financial goals and helps you manage your finances with tailored features. 

In this short guide, we cover 5 online business banks for small and medium-sized businesses in Nigeria. 

Before introducing the five business banks, we look at the importance of a business account to businesses.

Importance Of Opening A Business Account 

A business account I designed with unique perks and features to ensure businesses fully maximize their funds. Major reasons to open a business account include:

• Finance Management: It’s essential to separate your account from your business account. You can easily track your business spending and set budget or revenue goals. 

• Credibility: Having a business account demonstrates the legitimacy of your business as a genuine entity to customers and business partners.

• Increasing Creditworthiness: A business account allows you to build your credit score. This aids faster loan applications with low-interest rates.

5 Best Business Accounts For Businesses in Nigeria 

This list will help you easily make a quick choice in choosing a business account to upscale your finances. While our list doesn’t follow any order of ranking, we chose based on these criteria:

• Ease of Use: We focused on banks with easy, online account opening and no paperwork needed. 

• Features and Integrations: Your finances need extra tools and resources for impeccable results. We prioritized business accounts that showcased unique features, CRM tools, and key in-app integrations to boost productivity and manage business workflow.

In no particular order, here are the top five online business banks for businesses in Nigeria:

1. Opay: Opay is an online mobile bank known for fast transfers, loans, and savings features. Opay has a business account, Opay Merchant which is open to all types of businesses irrespective of your revenue generation and business size. Here are the key features of Opay Merchant:

• Send and receive payments 
• Manage employee salary
• Easily download account statements and reports 
• Business POS available 

2. Vbiz Business Account: Vbank is a digital bank owned by VFD Microfinance Bank. VBank introduced Vbiz, a business bank for MSMEs (Micro, Small and Medium-sized Enterprises). Here’s what you can do with a VBank business account: 

• Send and receive payments 
• Access loans without collateral
• Schedule recurring payments
• Add team members to the business dashboard
• Manage, collaborate, and access information analytics in real time

3. Sparkle Business Account: Sparkle is a microfinance bank launched in 2019 to serve SMEs (Small and Medium-sized Enterprises). Here are a few unique characteristics of opening a business account on Sparkle:

• Create and send invoices and receipts
• Inventory management 
• A dashboard that presents insights into your top-selling products and highest-interacting customers 
• Register a new business and apply for a new tax identification number (TIN)

4. Prospa Business Account: Prospa was created with the sole purpose of empowering businesses in Nigeria to financial prosperity. Here are a few reasons you should open a business account on Prospa:

• Open a business account in 5 minutes with no paperwork
• Register a new or existing business and receive a business account 
• Create and schedule a recurring payment 
• Invest business savings with a Fixed investment account 
• Apply for a new TIN 
• Split accounts and manage spending with sub-accounts 
• Access loans up to N1,000,000 within 24 hrs with flexible repayment plans
• Utilize revenue and budget goal
• Download account statement and in-depth business analytics 

5. Brass: The business banking platform serves business accounts to sole traders, NGOs, partnerships, and limited liability companies. Here are the amazing benefits of opening an account with Brass:

• Open a business account online 
• Create and receive invoices 
• Add team members to the business dashboard
• Access loans
• Inventory management and payroll features 
• Access a dashboard that shows business insights and performance 

Harnessing tangible financial standing starts with choosing the right platform to manage your business funds. To ensure you make the right decision, go for online business banking with a variety of features that meet your business needs.

Open a business account in 5 minutes on Prospa! Save, budget, invest funds, and access collateral-free loans with your Prospa account. Businesses can also access funding and capital development opportunities to upscale and position their business for prosperity. 

To get started, download the Prospa App or use the website to open your corporate account and explore our features today! 
If you have any questions or need assistance in opening your business account, contact us at 018890240 or send us an email to help@getprospa.com