Sterling Bank Nigeria

Sterling Bank Nigeria offers business bank accounts for small and medium enterprises, including the Zero AMF package for new businesses, a regular Business Account and foreign-currency accounts. The address is Sterling Towers, 20 Marina, Lagos Island, Lagos.

Account options The Zero AMF account has no minimum opening deposit (NGN 0) and a daily minimum balance of NGN 0, which helps newly set up companies. The standard Business Account is opened in the name of a company registered with the CAC. Foreign-currency accounts in USD, EUR and GBP are opened separately and require a minimum deposit of 100 units of the currency.

Documents The bank needs CAC registration and the account to be in the registered company name. Further KYB documents were not described in the available facts and should be requested.

Currencies Supported currencies are NGN, USD, EUR and GBP.

Who it suits Nigerian start-ups and SMEs that want a zero-cost entry account and, as they grow, a business account with an option to hold dollars, euros or pounds for import payments or foreign-currency receipts. Fees for transfers, cards and other services should be requested from the bank.