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10 Best bank for online business in Nigeria

Last updated on September 25th, 2023 at 12:15 pm

The choice of a bank for online business in Nigeria can prove to be daunting because of their abundance in Nigeria, therefore, you will need to get adequate knowledge about them to enable you to make a more intelligent decision.

The services provided by most of these banks are almost the same, most times, the difference is in their mode of service offering. 

Some of these banks focus more on providing digital services that can help to make your transactions easier, while others focus more on providing soft loans to individuals and businesses. This post will tell you about the traditional banks in Nigeria using tables to make you assimilate with ease. 

Furthermore, it will explain the digital banks in Nigeria that you can use for your online business in Nigeria.

Top banks for online business in Nigeria

1. Wema bank

Wema is a bank for online business in Nigeria

This bank has been in existence since 1945 with over 149 branches across Nigeria. 

Wema has online business services that make your transaction easy and fun. Some of these are listed below

  • Perform over 90% online real-time access to your business account,
  • Robust channels are up 24/7 for your convenience.
  • Gives you unlimited access to your accounts and allows you conveniently leverage our state-of-the-art technology-designed platforms such as ALAT & ALAT for Business

In addition to the above services, they also offer you bulk SMS services to allow reach out to your customers at affordable prices, a point-of-sale terminal for you to receive or make transactions, and an automated salary payment tool called Wema remit.

USSD code is *945#.

2. Guaranty Trust Bank ( GTB)

GTBis a bank for online business in Nigeria

Guaranty Trust Bank is a leading African Bank that offers Online/Internet Banking, Retail Banking, Corporate Banking, Investment Banking and Assets, management and payments services. It has about 11 subsidiaries ( with a presence in 11 countries of the world).

The headquarters is Victoria Island, Lagos, it was founded in 1999 by the Central Bank of Nigeria.

GAPSis a secure web-based service using secured (HTTPS) connections over the Internet that facilitates the processing of Local and International payments. It also gives you 24/7 online, real-time access to your account.
Squadis a full-service digital payment company focused on empowering micro and small businesses as well as large corporates across Africa with high-impact, value-adding payment solutions that enable them to thrive and scale rapidly.
Squad POS affords increased convenience and flexibility as your mobile phone becomes a POS and a merchant acceptance device- online and offline. You can take your business online and connect to new markets effortlessly, set up a storefront with price tags and track sales with the Squad e-commerce platform.
Squad enables faster and more secure payments with USSD, virtual accounts, and shareable links.
Squad’s unique payment infrastructure is designed with in-built integration capabilities for developers seeking to create great payment experiences for their clients.
Link your Receivables with your Paymentse-Invoicing is an electronic billing platform that will enable Corporates and SMEs to generate electronic invoices in the form of recurring payment requests for their customers and push out the notifications via email and SMS. The platform guarantees end-to-end electronic processing of invoices, payments and remittances for your business.
GTCollectionsis a convenient, secure and reliable payment collection platform. It’s a unique web based feature that provides the channel for the bank’s customers to pay bills to anyone – school fees, visa fees, insurance, church donations, subscription, taxes, utility bills etc. at any time and from anywhere in the world.
USSD code*737#

3. Zenith

This bank is a large financial service provider in Nigeria and Anglophone West Africa. It is licensed as a commercial bank by the Central Bank of Nigeria. The company is listed on the Nigeria Stock Exchange and the London Stock Exchange.

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The bank engages in the provision of banking and financial services to corporate and individual customers. It operates through the Corporate Retail and Pension Custodial Services-Nigeria, and Outside Nigeria Banking-Africa and Europe. The Corporate Retail and Pension Custodial Services-Nigeria segment offer a range of banking and pension custodial services to a group of corporations, financial institutions, investment funds, governments, and individuals. It was founded in 1990 by Jim Ovia.

Collection Solution
Accepting card payments at a high street location or on the go, collecting subscription payments nationwide, or making the transition from local business to a global player, we can provide different electronic ways to keep the cash registers ringing no matter how your customers choose to pay.
Global payMake the transition from local business to global player with GlobalPAY, our online payment gateway that enables businesses with or without functional websites accept payments from customers globally.
XpathIf you provide a product or service for customers nationwide and their payments require unique identifying information, you can convert all or selected Zenith Bank branches into your payment centres with XPath, our customized branch collection solution. Our extensive branch network will provide you unparalleled reach while ensuring that your customers’ payment details are captured without error.
NIBSS E-BILLSPAYThis is an account-based, online real-time product that facilitates the payment of bills from an account. It ensures instant credit of payments and receipt of collections on behalf of Billers/Merchants recruited on the platform. Via the NIBSS e-Billspay platform, a payer initiates payments from the self-service channels of his/her respective bank. This could be the internet banking platform of a bank or via any participating bank branch.
BULK CHEQUE UPLOADIn striving to continually provide intelligent solutions to business challenges, Zenith Bank has developed a bulk cheque posting process that radically reduces the time required to process multiple clearing cheques.

4. Access bank

Access is a bank for online business in Nigeria

This bank is a wholly owned subsidiary of Access Holdings Plc (“Access Corporation”), a leading full-service commercial bank operating through a network of more than 700 branches and service outlets, spanning 3 continents, 17 markets and 52 million customers.

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The bank employs 28,000 people in its operations in Nigeria and has subsidiaries in sub-Saharan Africa and the United Kingdom, a branch in Dubai, UAE and representative offices in China, Lebanon and India.

Access Bank’s parent company, Access Corporation, has been listed on the Nigerian Stock Exchange since 1998 and has over 900,000 shareholders.

WhatsApp BankingIt is a service that allows you to fund transfers, airtime purchases, bill payments, balance enquiries, account openings and more.
Diamond extraWith just N5,000 you stand a chance to win amazing prizes like Salary4Life, Education Allowance, Rent for a year and other cash prizes. 18 Senior Citizens also stand a chance to win N250,000 and the grand prize of N100,000 monthly for a year!
USSD Code*901#

5. First bank of Nigeria

The First Bank of Nigeria Limited (“FirstBank”), established in 1894, is the premier Bank in West Africa, Nigeria’s number one bank brand and the leading financial services solutions provider in Nigeria.

The Bank was founded by Sir Alfred Jones, a shipping magnate from Liverpool, England. With its head office originally in Liverpool, the Bank commenced business on a modest scale in Lagos, Nigeria under the name, Bank of British West Africa (BBWA).

Product Description
First PayYou can conveniently effect payment of staff salaries, vendor/supplier and sundry third-party payments on behalf of your organisation with this service.
First Pay LinkYour customers can make payments online with FirstPayLink, a solution that enables internet payments on merchants/eCommerce websites.
e-Naira WalletThe eNaira is the new digital currency that is created and regulated by the Central Bank of Nigeria. It serves as both a medium of exchange and a store of value which offers speedy, safe, and simple transactional opportunities to customers and end-users You can send, receive and spend your eNaira from your eNaira wallet without charges.
First CollectOur robust e-collection platform, FirstCollect, enables organisations to receive payments for goods and services through our branches nationwide.
First MonieFirstmonie is an official service from FirstBank through which customers in unbanked or underbanked regions can process financial requests through registered Agents and existing businesses.
USSD Code*894#

6. Heritage bank 

Heritage is a bank for online business in Nigeria

The Heritage Bank is a financial services institution. It is one of the commercial banks licensed by the Central Bank of Nigeria, the country’s banking regulator, with a national operating license, that offers retail banking, corporate banking, online/internet banking, investment banking and asset management services; its head office is at 292B Ajose Adeogun Street, Victoria Island, Lagos, Lagos State, Nigeria.

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HB OnlineHB Online is our secure and convenient platform where you can execute banking transactions from the comfort of your home or office using an internet-enabled device. Take control of your transactions and safely transfer funds, pay bills, airtime top-ups etc. With HB Online, you get the full complement of our experience centres on your device.
Heritage Payis the perfect way to protect the reputation of your company. HeritagePay is our Corporate Internet banking Platform which enables Corporate Organizations and Government Agencies to automatically handle payments of salaries and payments to third parties right from the comfort of their offices. Meet all your company’s financial obligations with HeritagePay.
USSD Code*745#

7. Ecobank 

Ecobank is a bank for online business in Nigeria

It is a pan-African banking conglomerate, with banking operations in 36 African countries. It is the leading independent regional banking group in West Africa and Central Africa, serving wholesale and retail customers.

The Ecobank Group is a full-service banking group focused on Middle Africa. It provides wholesale, retail, investment and transactional banking services to individuals, small and medium-sized enterprises (SMEs), local corporates, multinationals, governments and financial institutions.

They deliver our services through three customer-focused business segments: Consumer Banking, Commercial Banking and Corporate and Investment Banking. An Integrated information technology platform operated by eProcess, the group’s Accra-based technology subsidiary, supports the three business segments.

MicrofinanceIf you’re a micro-entrepreneur or have a small income, our smart banking can offer you Micro savings micro-loans, bills payments, transfers and remittances, mobile Banking and advisory services
e-statementsThey are sent via email, paper saving e-Statements help you keep track of your account over periods of your choice.
EcobankassuranceIt makes certain you are insured from your home to your car right down to your bank cards.
USSD Code*326#

8. United Bank for Africa

The United Bank for Africa, or UBA, is the leading sub-Saharan African bank with over 20 million customers, 20,000 employees, and 1,000 branches across 20 African countries.

Headquartered in Lagos, Nigeria, UBA has been providing financial services to small businesses, corporations, governments, institutions and individuals globally for over seven decades.

Instant billThe platform allows you to collect payment online. Customers have the flexibility to make payments 24/7 and you will be able to download customized reports, in line with your business needs.
Corporate bankingThey offer a comprehensive portfolio of corporate and commercial banking services in the Energy, Manufacturing, FMCGs, Export & Import, Telecommunications, Agriculture and Public sectors of the economy, amongst others.
USSD Code*919#

9. Stanbic IBTC bank 

Stanbic IBTC is a bank for online business in Nigeria

Stanbic IBTC is a bank that offers their clients a wide range of personal, business and commercial banking products through their various branches spread across  Nigeria and their online banking platforms.

They offer current, savings, and domiciliary accounts; personal loans, vehicle and asset finance; MasterCard debit cards, Visa credit cards; home loans; internet banking; and small and medium scale enterprise (SME) loans.

Additionally, they cater for both individuals and businesses through carefully designed retail and business banking products. They also offer self-service channels powered by sophisticated technology to bring convenient banking to customers.

Home loanGet the house of your dreams with the Stanbic IBTC Home Loan, a flexible home financing solution that is available to business owners and salaried individuals with monthly, quarterly, biannual, and annual repayment options.
USSD Code*909#

10. Fidelity bank

It is a full-fledged commercial bank operating in Nigeria, with over 7.2 million customers who are serviced across its 250 business offices and various other digital banking channels.

Focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), Fidelity Bank is rapidly implementing a digital-based retail banking strategy which has resulted in exponential growth in savings deposits over the last 12 years, with over 57 per cent customer enrollment on the Bank’s flagship mobile/internet banking products.

Quoted on the Nigerian Stock Exchange (NSE), Fidelity Bank Plc began operations in 1988 as a Merchant Bank. In 1999, it converted to Commercial Banking and then became a Universal Bank in February 2001. The current enlarged Fidelity Bank is a result of the merger with the former FSB International Bank Plc and Manny Bank Plc in 2005.

PayGateplusis Fidelity’s flagship gateway that enables businesses and merchants to collect online payments.
It has been consolidated to be a one-stop product that empowers organizations (irrespective of the sector) to embed financial services within their businesses and offerings.
Fidelity CollectionsOur Electronic Collection payment system is configured for merchants (billers) on a specific platform or platforms to receive funds from numerous payers via our bank branches as well as other Banks in Nigeria.
Corporate PaymentTake control of your payments with our E-Payment solution, a secure platform designed for corporate organizations to make swift one-off individual or bulk payments to any Nigerian bank account.It is web-based and does not require any software installation. 
USSD Code*770#

Top digital banks for online business in Nigeria

1. Vbank

VBank offers you a streamlined digital banking experience, with easy access to amazing features on your personal and business accounts.

2. Mintyn

Mintyn is a bank for online business in Nigeria

Mintyn is a self-service platform developed for customers to carry out a range of digital and mobile banking transactions on their accounts. It is one of the top digital banks for online business in Nigeria.

3. Kuda

Kuda is a bank for online business in Nigeria

Kuda includes tools for tracking your spending habits, saving more and making the right money moves. It is widely used by many youths in Nigeria to save and perform digital transactions.

4. Opay

Opay is a bank for online business in Nigeria

OPay is a one-stop mobile-based platform for payments, transfers, loans, savings and other essential services for every individual. Currently, OPay boasts of over over 18 million registered app users and 500,000 agents in Nigeria who rely on OPay’s services to send and receive money, pay bills and many more.

OPay Digital Services Limited is a company founded by Opera Norway AS Group with footprints in emerging markets across Asia, Africa and Latin America in countries like Mexico, Nigeria, Egypt and Pakistan.

5. Palmpay

Palmpay is a bank for online business in Nigeria

It is an intuitive digital wallet with account opening, money transfer and bill payments in one.

6. Gomoney

Gomoney is a bank for online business in Nigeria

Gomoney is an inclusive financial platform that provides you with the features of a bank account without the hassle of paperwork and unfair charges; giving you full control of your money, within regulatory permissions. 

It allows you to send and receive one-off or recurrent payments to and from anyone—regardless of where they bank. As an individual or as a group, it enables you to share costs and, even better, spend together.


ALAT is a bank for online business in Nigeria

ALAT by Wema is Wema Bank’s full Digital Banking Platform that allows you to conduct all your banking transactions without ever having to visit any physical branch.

ALAT offers a simple, reliable, and convenient 360 digital banking experience. Their technology inspires you to manage your money differently while allowing you to bank on the move from anywhere. This makes it a good choice of bank for online business in Nigeria.

8. Rubies

Rubies is a bank for online business in Nigeria

Rubies is a fully digital banking platform, offering zero-fee banking targeted at millennials, young professionals, SMEs, quasi-financial institutions and FINTECH companies. Rubies bring new concepts to Banking Technology, Marketing and Engagements powered by Cloud Technology, AI and analytics.

9. Eyowo

Eyowo is a bank for online business in Nigeria

They are fostering financial inclusion by providing access to financial services to every Nigerian with a phone number. You can create multiple accounts for you and your business, all in one place.

Beyond a bank account, Eyowo helps you to keep track of where your money is going and who it is going to in new and simple ways.

10. Sparkle

It is a lifestyle and financial ecosystem providing seamless solutions to Nigeria’s retailers, SMEs and individuals.

Leveraging technology and data, Sparkle is leading a new generation of digital-only businesses licensed by the Central Bank of Nigeria.

List of banks you can open online in Nigeria

Don’t want to move?

Here is a list of banks that you can open an account with online in Nigeria:

  • Access Bank Nigeria
  • ALAT by Wema
  • Carbon
  • Kuda Bank
  • Paycom
  • Sterling Bank
  • Zenith Bank

Please note that this list is not exhaustive and there may be other banks that offer online account opening. It is always best to do your own research to find the best bank for your needs.

To open an online account with any of the banks listed above, you will typically need to provide the following information:

  • Your name
  • Your date of birth
  • Your address
  • Your phone number
  • Your email address
  • Your National Identity Number (NIN)
  • A copy of your Bank Verification Number (BVN)

Once you have provided this information, you will be able to create an account and start using it immediately.

Please note that some banks may require you to visit a branch in person to verify your identity and complete the account opening process.


The banks explained in this post are among the top banks for online business in Nigeria. You can pick from any of them to get started. 

Caveat; this post is not sponsored by any bank, it was written to enlighten you.

Finally, if you looking for an online business to start, read how to start an online business in Nigeria without capital.

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