Why you need to Open a second business account

WHETHER you’re starting up a business, looking to expand and grow or want to consolidate what you have, a second business bank account is vital.

From everyday hardworking business owners and entrepreneurs to corrupt politicians and even infamous kidnappers like Evans, it always makes sense to open a second business account.

Leaving the criminally minded to one side, if you’re an honest business owner and you’ve only got one business account then you’re severely limiting yourself and potentially preventing your business from growing.

Take this scenario for example, just say you’ve got an account with Heritage Bank, then this opens your world up to low interest loans, higher credit facilities and the ability to overdraw your account as well as a whole host of other corporate features.

But if you also have an account with Diamond Bank then you’ve basically double the amount of credit you can borrow to take the next step in your business.

According to the Nigeria Annual Banking Survey fewer respondents said they had a second business account than a second personal banking account.

Here are the top banks Nigerians are going to when it comes to opening a second business banking account.
1. Guaranty Trust Bank
2. Diamond Bank
3. Zenith Bank
4. First Bank Nigeria
5. Access Bank
6. Stanbic IBTC
7. Fidelity Bank; First City Monument Bank; and, United Bank for Africa
8. Ecobank Nigeria
9. Union Bank of Nigeria
10. Standard Chartered Bank; and, Sterling Bank
11. Skye Bank
12. Wema Bank
13. Heritage Bank
14. Unity Bank

*Banks that recorded zero were not included.