Business

• Muna Tengi
• 3 Min Read
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Benefits Of A Business Account: How To Open A Corporate Bank Account Online In Nigeria

If you're in the business world, chances are you've come across the term corporate account. And as you climb the ranks at work, you might even gain access to one. But for new business owners, having a corporate account is a big deal. It helps you keep your personal funds separate from your business earnings.

What's a Corporate/Business Account?

Think of a corporate account as a special bank account designed just for businesses—whether you run a big company, a partnership, or your own small business. These accounts come with cool features like higher transaction limits, online banking, and the option to overdraft. But be aware, they might have different fees compared to regular personal accounts.

Types of Corporate Accounts

Let's break down the different types of corporate accounts and what makes each special:

• Business Checking Account: This is like your business's main wallet, making it easy to send and receive money securely.

• Business Savings Account: Picture this as your business's piggy bank. It's where you keep extra money and earn a little interest—more than what you'd get with a checking account.

• Merchant Account: Think of this as your business's cash register. It lets you accept payments from customers using credit and debit cards, making transactions quick and safe.

• Business Certificate of Deposit Account: Similar to a savings account, but with a higher interest rate. Not the best for everyday expenses, though.

• Business Money Market Account: This is like a mix of a checking and a savings account, offering the best of both worlds for managing your business money.

Benefits of Corporate Bank Accounts

Now, let's talk about why having a corporate bank account is a game-changer for businesses:

• Security: Your business funds are safe and sound in a corporate bank account. These accounts are held in banks with federal insurance, protecting your money from theft or fraud.

• Convenience: Corporate bank accounts make handling payments a breeze. You can transfer funds, pay bills, and receive payments from customers with ease. Features like automated payments and deposits save you time and money.

• Accessibility: Access your business funds anytime, anywhere. Online banking portals and mobile apps let you manage your money on the go, making transactions quick and efficient.

• Control: With a corporate bank account, you have more control over your business finances. Set up automated payments and deposits, monitor your finances in real-time, and address any issues promptly.

• Investment Opportunities: Corporate bank accounts open up doors to investing in stocks, bonds, and other financial products. Grow your business funds strategically and potentially increase your wealth over time.

Requirements for Opening A Corporate Bank Account in Nigeria

To open a corporate bank account in Nigeria, you will need the following:

►  Company Document (CAC certificate and Incorporation document)

►   Personal details and next of kin: Names, addresses, phone number, relationship with next of kin and all other identification.

►   If other proprietors/directors, they also need to be captured in the registration.

►   Valid Identification       

►   A clear Passport Photograph

►   Utility bill of the company’s registered address

►   Signature

How to Register a Corporate Account Online

Kashgain simplifies the process of creating a corporate account by providing users with a fast and reliable way of creating a corporate account online. This eliminates the need to endure long waits in Banks.

The process for creating the account is stated below

STEP 1:   Login to your dashboard.

STEP 2:   Click the cybercafé button.

STEP 3:   Locate open Corporate account.

STEP 4:   Proceed to order for the corporate account: To order for the account, you need to have a minimum of N5,000 in your wallet balance as this amount will be charged as payment for the corporate account opening.

STEP 5:   If you don’t originally have money in your wallet, you can first fund your wallet before ordering for the corporate account.

STEP 6:   Inform the admin of the payment you have made.

STEP 7:   The admin will process your order and create the account.