Glade Blog.

Get updates about what is happening in our company, our products and services.

How To Choose The Right Business Account

choose the right business account

If you run a business in Nigeria, opening a business account is non-negotiable. Not only does it give you credibility and help you look more professional, but it also makes expense tracking easier and makes it possible for you to accept card payments on your website and digital platforms. But with all the different options out there, how would you know how to choose the right business account?

That’s what we’ll talk about in this article.

You’ll learn:

  1. 5 key features you should look out for in a business account
  2. What is the best business account for you?
  3. How to open a business account in 5 minutes?
  4. Who can open a business account?

5 key features to choose the right business account

1. CBN approval:

There are several financial institutions around, So when you want to choose the right business account, ensure that the provider you choose is licensed or partnered with a licensed financial institution approved by the regulator (CBN) and insured by the NDIC. That way you can be sure that your funds are secure.

2. The benefits offered:

Besides giving you a platform to keep your funds and make transfers, your provider should offer you other tools to manage your business finances and expenses. Features such as payments, invoicing, payroll automation, expense management, and loans. That way you can manage your business and banking in one platform.

3. To choose the right business account, consider bank charges:

Bank charges can seem insignificant, but when you add up withdrawal fees, transfer fees, account maintenance fees, SMS notification fees and other hidden charges some financial institutions incorporate, it could eat into your business funds. So what you want is a business account that offers you transparent and low transaction fees.

4. Integrations:

If you work with other tools for your finances e.g Quickbooks or Xerox, you want to make sure they can be integrated seamlessly with your business account. Managing your banking and business finances in one platform will save you time and make you more efficient and productive.

5. Access to Customer Support:

If there’s an issue with a service your provider offers, you need to be able to easily access their customer support team. You might also want a unique service tailored to your business needs, and as such you’ll need a customer support team that cares about you and your business and is committed to resolving pending issues and ensuring your satisfaction.

What is the best business account for you?

Glade is the All-in-one financial operating system for growing businesses. We are a financial technology company partnering with licensed banks that are fully insured by the NDIC, which means your funds are safe with us.

When you open a business account with Glade, you get access to tools that will improve your productivity and help you grow. Such as:

  • The Multicurrency account feature which helps you hold, receive, and spend cash money in Naira, U.S Dollars, Pounds, Euros and over 20 other currencies.
  • Payments feature which saves you time by enabling you to make payments to multiple recipients locally and internationally, at once.
  • A Payroll system which helps you schedule and automate staff payments easily and seamlessly.
  • The Invoicing feature sends automated payment reminders to your customers, ensuring that you’re paid quickly without you having to chase pending payments.
  • Access to loans so you’re never out of funds to operate your business

You can also seamlessly integrate with Xerox and Quickbooks and have your financial processes synchronized.

On Glade, we don’t charge an account opening fee and there is no minimum balance requirement or monthly maintenance fee. You transact with transparent low fees, no hidden charges.

Our trained and dedicated Customer Support team is always available to answer your questions, attend to your requests and ensure you get the most out of your account.


How to open a business account on Glade in 5 minutes!

On Glade, all it takes is 5 minutes and you’ll have a bank account for your business.

What’s required is for you to provide the following documents:

  • Certificate of Registration (CAC Certificate)
  • Tax Identification Number (TIN)
  • Director’s Page (Stamped CAC registration form Aka status report). With all the pages of your CAC form that carries the names of all the directors of your business
  • Particulars of Shareholders (Form CAC 2)
  • Duly stamped Memorandum and Article of Association (2 copies)
  • Means of Identification of the Director

For the means of identification, you should provide the following:

  • A valid Government ID (international passport, driver’s license, permanent voter’s card, national I.D card, or NIN slip).
  • A valid proof of address (utility bill: NEPA bill, water bill, waste bill), or your bank statement for the last 3 months. These documents should have the same address as your account on Glade.

Who can open a business account?

Anyone can open a business account so it doesn’t really matter what line of business you operate. As long as you have a credible, legitimate business which has been registered with the CAC, you’re eligible to open a business account.

Need help registering your business? Save yourself the hassle and long procedures by allowing us to handle that process for you.

Do you have an already registered business? Click here now to open a business account in just 5 minutes.