What is the best bank for small businesses in Nigeria?

Nifemi Aluko asked 10 months ago

What is the best bank for small businesses in Nigeria? I am looking for opinions based on experience from people that have set up corporate accounts. Things that I want to consider would be the bank’s customer service, access to credit facilities for the business and any other factors that makes you like or not like the bank you use for your business. I have heard Diamond Bank is pretty good, what do you think?

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2 Answers
David Uthman answered 10 months ago

I would probably go with Diamond Bank. I find that they have different packages which benefit small businesses from a cost approach. For instance, I have an account where I pay an affordable fixed COT based on the turnover on my account (other banks may have similar products). I find their mobile and e-platforms easy to use and efficient compared to other banks which I have used

Nifemi Aluko replied 10 months ago

Thanks, that’s very helpful. By the way, what exactly is a COT?

Nifemi Aluko replied 10 months ago

Never mind, I found the meaning – commission on turnover. Here is a news article talking about it if anyone is interested.


Magdalena Perdjon-Abel answered 9 months ago

GTB is one of my favourites (we work with almost all the banks) with its business account that withholds N20,000 and then you pay N5,000+VAT monthly, regardless of the turnover.
Nigerian banks are not friendly when it comes to accessing credit facilities. The rates are high. Collaterals required overwhelming. It’s difficult to get anywhere without a very good friend in the structures of the bank.