Following some recent CBN policies about business accounts, there are various requirements to open a company bank account in Nigeria.
In this article, I will teach you how to own a business/company account in Nigeria without To be able to own a business account without Companies and Allied Matters Act (CAC) using Vpay Merchant.
What Is Vpay Merchant
VPay is a payment solution that enables cashiers and online shopping carts to increase customer loyalty by accepting payments via bank transfer and instantly confirming these payments without depending on the business owner or accountant.
Must Read: Characteristics of a quality business plan
Why You Should Open A company Account with Vpay Merchant Bank
1. Transaction History Search (Filter transactions by amount, description, date).
2. Notifications (In-app inbox for general announcements).
3. Unique USSD Code (Offer your customers your personalized USSD code so they can pay quickly without going through tedious USSD menus).
4. Fixed Issue With Disappearing Push Notifications.
Vpay Merchant Services
Sen and receive money, pay bills, buy airtime and Internet data plans anytime.
Adopt a professional outlook and stop using personal accounts to receive payments for your business. Sign up on VPay and set up a bank account for your business in minutes.
How To Open A Company Account In Nigeria Using Vpay Merchant
Step 1: Download Vpay Merchant from the Google play store.
Step 2: Open the App, Click on “GET STARTED”
Step 3: Fill in Your information, then click the register
Step 4: Fill in Your Business Information, then click finish
Step 5: Login into your account
TO INCREASE YOUR TRANSFER LIMIT
Step 6: Click on Add Bank Details
Step 7: Click upload KYC document.
(reason for KYC is so that you will be able to make a transfer from the app to another bank account)
Step 7: Set Transaction Pin
How To Know Your Business Account Information
Step 8: Tap your Profile to view your account information
How To View Your Business Account Transaction Details
Step 9: Tap on History to check your transaction history.
TO GET YOUR UNIQUE USSD CODE
Step 10: Tap on the notification icon to get the unique USSD code that your customer can use to send you money
Vpay USSD CODE
Dail *5037# in the register phone number to make use of the USSD Code
BANK NAME is VFD Microfinance Bank
Remember when you make enough sales, endeavor to register your business with CAC, that way you can open a business account with any bank of your choice.
If you register your business with CAC and also open a bank account with any bank you will have access to contract, government, and non-governmental funds
Remember you should use the Vpay for a short while and then open a bank with any bank of your choice.