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  SMEs need access to a range of financial services: payment collections, loans, payroll services, tax remittance and accounting, among others. This often requires that they have business bank accounts. The process of setting up such an account has traditionally been cumbersome. But this is no longer the case, thanks to the several apps for opening a business account in Nigeria that exist today.
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Instead of potentially spending hours at your local bank, you can set up a business account on your mobile phone in just a few minutes. The apps we’ll review here are built for this. So, if you would like to create a bank account for your enterprise in the shortest time possible, here are some FinTechs that allow you to do that:

Moniepoint

Moniepoint is one of Nigeria’s largest digital banks. It has two distinct service segments—personal and banking –and two separate apps that cater to each. At this time, it has over 10 million individual and business accounts, and processes about $17 billion monthly. Registering a merchant account with Moniepoint can take between 5 and 10 minutes. However, you will need to submit personal and business verification documents to upgrade to an account with your business’s name. If you haven’t registered your business with the CAC, Moniepoint can do so for you at a discounted fee to speed up the account upgrade process.

ALAT by Wema

ALAT is a digital financial services outfit pioneered by Wema Bank. In its early days, it gained traction because it made banking services accessible remotely. ALAT for Business, which is the business-facing arm of this digital bank, allows its users to run accounts for their enterprises across multiple devices. The bank says that over 500,000 businesses presently have accounts with it. People who intend to bank with ALAT can sign up on its app or website. Upon successfully registering on the platform, they will enjoy access to bulk transfers, multi-currency payments, and other corporate banking services.

Opay

Opay is used across Nigeria by individuals and businesses. Recent data suggests that over 1 million merchants have an account with it. And that’s besides the 40 million people who use it for personal banking. Opay helps these businesses manage payment collection, employees, stores, and bill payments. You can create an Opay account on its website or the Opay Business app. After completing KYC verification, you may apply for and receive a POS machine to enable you to collect payments. However, this is optional, and creating an account with Opay is free.
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Kuda

Kuda offers two types of business accounts. The first is the Freelancer Account, which is designed for freelancers and very small businesses. The second is the Full Business Account, catering to businesses that are registered with the CAC and FIRS. You only need a BVN, personal ID, and proof of address to set up the former; the latter requires that you have evidence of registration with the CAC and FIRS. By March 2024, Kuda had over 100,000 business accounts on its platform. It also boasted well over 7 million individual customers, making it one of the country’s largest digital banks.

Prospa

Prospa isn’t just a digital bank. It’s a full-service solution that encompasses loans, investments, invoicing, and spend management. Users can create a current account in their business’s name, set limits and approvals on spending, manage employee and vendor allocations, and access credit of up to ₦1 million. According to the team at Prospa, it takes just 5 minutes to open an account with them. Doing this gives the user access to the range of services available from them, including some that aren’t on offer from traditional banks.

Sparkle Business

The Sparkle Business Account is made specifically for individuals who have a Tax Identification Number (TIN) and want to create a full business account. Sparkle provides them with the account after they have signed up for it. This may be done on its app or website. They can also speed up the account setup process by registering your business with the CAC and FIRS, if you haven’t previously done so. With the Sparkle Business Account, you can view data for your top-selling products and the greatest source of patronage. Other things that are managed with Sparkle include tax remittance, payroll, and inventory.
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Final Words

Would you like to open a bank account for your business? Our list of the fastest apps for opening a business account in Nigeria is a resource that you should find useful. Be sure to weigh each option carefully in order to choose one that works best for your establishment.
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This article was first published on 21st May 2025
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ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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