Opening a Business Account in Nigeria: The Complete Checklist

We process business account applications every day, and most delays come from missing one document. Here is the full checklist by business type, plus the few things people often forget.

Sole proprietorship / business name

• CAC Business Name certificate (Form BN/1) and CAC status report.
• Valid government ID for the owner (NIN, driver's licence, voter's card or international passport).
• BVN of the owner.
• Recent utility bill or proof of business address (not older than 3 months).
• Two passport photographs.
• Two referees who are current account holders with any Nigerian bank.

Partnership

• CAC Business Name certificate.
• Partnership deed or agreement signed by all partners.
• IDs and BVNs for all partners and signatories.
• Board / partners' resolution to open the account.
• Proof of business address.

Limited liability company

• CAC Certificate of Incorporation.
• CAC status report listing directors and shareholders.
• Memorandum and Articles of Association.
• Board resolution authorising account opening and naming signatories.
• IDs and BVNs of all directors and signatories.
• Tax Identification Number (TIN).
• Proof of business address.
• Two passport photographs of each signatory.

Things people forget

• Both sides of the ID — front AND back.
• Signatures on every page of the mandate form.
• Updating signatories when directors change — easier to do it now than during an emergency.
• Bringing originals for sighting, not just photocopies.

How long it takes

With complete documents, a Bompai SME Current Account is typically activated within 24–48 working hours. Corporate accounts with multiple signatories can take a little longer because of board verifications. You can track progress with your Bompai relationship officer at any time.