06/09/2021
Starting out a business, there are a few fornalities that must happen.
First, the business registration.
Next, the bank account opening.
Having a bank account is far more than a means of collecting and paying money.
It is a relationship that has very strong abilities to help the growth of your business.
A lot of business owners understand this; so they keep asking - which bank is best for my business?
Here's how we often advice business owners who ask us:
YOU NEED TO HAVE SOME GOOD REASON OR EXPECTATION, BEYOND HIGH OR LOW BANK CHARGES.
Your reason(s) determines what bank you choose.
Bank charges (which many people seem to worry about), are nothing, compared to the huge value your business can get by partnering with the right bank that fits your reason.
Here are some good reasons that made other business owners choose their bank:
1. Uchechi chose UBA because her business has locations accross 3 countries in Africa. She wanted an African Bank.
2. Tamora chose GTB because her friends who participated at the Fashion Fair said they made huge sales and massive connections that grew their business.
3. Nnamdi chose Providus bank because he said the banking halls are not crowded so he gets a lot of personal attention to do his many foreign currency transactions for his importation business.
4. Hadiza chose Access and FCMB. They both offer very strong female banking groups that support female-owned businesses.
5. Damola sells online. He is a techy. Each day he gets no less than 20 payments from people who buy from his ecommerce store. His target market are young people who mostly have GTB accounts. GTB was his choice so that they could transfer very easily.
6. Edosa is an accountant by training, but runs a big restaurant. He says he loves the way that Zenith POS transactions settle in the account. The full amount comes in and then the charges goes out. He says reconciliations are so easy, so he chose Zenith.
7. Kamoru is a farmer. He needs to access funds in the villages where his farms are located and the city. He says First bank has branch network across those villages. So he chose First Bank.
Did you notice that each of these business owners had some reason in mind and because of that reason, they chose their bank?
Every Nigerian bank has its uniqueness and a good reason why you should bank with them.
The job of matching their offerings with your need, is yours as the business owner.
We hope that this answers that question for you.
Please note: This post is NOT in anyway a list of preferred banks. The post is merely a compilation from the business owners that we interviewed. The banks not mentioned here are good banks and also have very good offerings that can match your reason(s).
