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A business bank account is not just a financial tool but a foundational necessity for every business. It is a secure platform to manage your business finances separately from personal funds, ensuring transparency and financial control.
However, opening a business bank account in Nigeria can be daunting for startups and small to medium-sized enterprises (SMEs). In this blog post, we will walk you through the process of opening a business account online easily with Bloc.
What is a Business Account?
A business account is a bank account that's used only for business transactions rather than personal finances. A business bank specialises in banking services and financial products tailored to the unique needs of small businesses and entrepreneurs.
The primary purpose of a business bank is to offer dedicated business banking solutions, including business bank accounts, and fund transfers.
Unlike personal bank accounts, which are intended for individual use, a business bank account is specifically designed to help entrepreneurs manage their business finances separately from their personal finances.
This separation ensures better financial transparency, simplifies accounting and tax reporting, and enhances the credibility and professionalism of the business.
Benefits of a Bloc Business Account
We understand the unique challenges faced by Nigerian entrepreneurs, and our tailored solutions are designed to meet your specific financial needs.
You enjoy unbeatable benefits like -
- A free current bank account in your business name and unlimited sub-accounts
- Simple and easy online payments with bank transfers, cards, USSD, QR and local offline payments with POS Terminals
- Make single and bulk transfers to up to 1000 people at once
- Pay electricity, TV and telecommunication bills and earn up to 3% cash back on each transaction
- Multiple Virtual Dollar and Naira cards for your business expenses
- Ditch all the paperwork with our comprehensive dashboard finance reporting
- Get verified in time with no hidden charges and enjoy reliable customer support.
Learn more about the benefits of a Bloc business account here.
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Requirements to open a Business Account on Bloc
You can open a Bloc Business Account online in a few minutes depending on whether your business is registered with the Corporate Affairs Commission (CAC).
There are two levels of accounts you can open with Bloc:
Starter Business
A starter business account is for businesses not yet registered with the Corporate Affairs Commission (CAC). You can send and receive money with your account, create payment links, pay bills and use NGN & USD cards.
This account type has a daily withdrawal limit of ₦500,000 and a payments collection limit of ₦2 million. To do more with Bloc, you can upgrade your business type on the dashboard anytime with your CAC business registration documents.
Starter Business Requirements
- Your business name (please note this will be the account name customers see)
- Details like your email address and phone number (please use functional details, as an OTP will be sent to verify your email address/phone number)
- Bank Verification Number (BVN)
- Valid means of Identification, this could be:
- Driver’s License
- National ID
- The information page of your Passport
- Nigerian Voter's Card
Registered Business
This account type is for businesses that have completed their CAC registration and requires verification. Registered businesses enjoy unlimited withdrawals and payment collection and can access all the business banking services. Also, you can start as a Starter Business and upgrade to a Registered Business later.
To upgrade to Registered Business, navigate to “Compliance” under the settings tab on your Bloc Dashboard and enter the required details. You’ll be verified and notified via email shortly once your verification is complete.
Registered Business Requirements
- Director’s valid ID
- Business registration documents
- Utility bill
- MEMART
Read more about Starter and Registered businesses on Bloc.
How to open a Bloc Business Account
- Click here to sign up for your free account
- Enter your details, set your password and click “Next”
- You’ll receive an OTP in the email address you provided. Type it in to verify your details
- Choose your business type from the options provided
- Complete the company and director’s information tab with your BVN, and a valid means of ID to start your business verification.
A Bloc business bank account offers a range of advantages beyond basic financial transactions. It is critical in building your brand image, financial management, and growth potential.
Sign up for your Bloc Business Account and get started in a few minutes here.
Need any help?
We are always here to support you and solve any issues you may have. Please reach our support team @blocHQsupport on Twitter (X) or at help@blochq.io.