Requirements for opening a business account in Nigeria
Updated 28 months ago
There are different requirements for opening a Flutterwave business account, depending on the kind of enterprise you operate.
Requirements for unregistered businesses
Website URL or social media page
Residential address with proof of address from the following:
Utility bill such as electricity and water receipts
Signed lease or tenancy agreement,
Bank statements not older than 3 months.
Personal bank account details that match the account owner's name
Estimated monthly sales
Business profile detailing the nature of business operations
BVN (Bank Verification Number)
Residence permit/authorization to live and work (only show if nationality is not same as home country)
Valid means of ID (Clear and legible)
International passport
NIN Slip
Driver's License
Important: The expiry dates for your identity document should not be 6 months later than the day you create a Flutterwave account.
Requirements for sole proprietorship
CAC Certificate & Application for Registration for Business Name form (CAC/BN/1 or Form A)
Proprietor's name, original colored ID, BVN-Colored, and Proof of address from the following:
Utility bills like electricity and water receipts
Signed Lease/tenancy agreement,
Bank statements not older than 3 months old.
Corporate bank account details
Proof or operational business such as:
Utility bills like electricity and water receipts
Signed lease or tenancy agreement
Bank statement 3 months old or older
Verifiable website URL showing business activities
Estimated Monthly sales
BVN (Bank Verification Number)
Operating License where business is regulated
Residence permit/authorization to live and work (only show if nationality is not same as home country)
Valid means of ID ( Clear and legible )
International passport
NIN slip
Driver's license
Please Note: The expiry dates for your identity document should not be 6 months later than the day you create a Flutterwave account.
Requirements for a Limited Liability Company
Certificate of Incorporation
Memorandum & Article of Association
Directors’ & shareholders' original colored IDs, BVN, and proof of address from the following:
Utility bills like electricity and water receipts
Signed lease or tenancy agreement,
Bank statements not older than 3 months
Shareholder structure & Valid ID - If the shareholder(s) is an entity, please provide the registration documents for the entity with the business owners' IDs
Corporate bank account details and BVN
Proof of Operational Business Address from the following:
Utility bills like electricity and water receipts
Signed lease or tenancy agreement, Bank statements 3 months old or older.
Verifiable website URL showing business activities.
Operating license (where business is regulated)
Estimated monthly sales
Residence permit/authorization to live and work (only show if nationality is not same as a home country)
Valid means of ID ( Clear and legible )
International passport
NIN Slip
Driver's License
Please Note: The expiry dates for your identity document should not be 6 months later than the day you create a Flutterwave account.
Requirements for Other Entities
To open an Other Entity account in Nigeria, you will need the following:
Certificate of Incorporation
Operating license/permit
Constitution/Memorandum of Guidance
Business owner/Trustee original colored IDs, BVN, and proof of address from the following:
Utility bill such as electricity and water receipts
Signed lease/tenancy agreement
Bank statement not older than 3 months
Trustees' resolution confirming approval given to open the Flutterwave account
SCUML Certificate (see here for more details)
Corporate bank account details and BVN
Proof of operational business address from the following:
utility bill [e.g., electricity bill, water bill]
signed lease/tenancy agreement
bank statement not older than 3 months
Verifiable website URL showing business activities
Operating license (where business is regulated)
Estimated monthly sales
Residence permit/authorization to live and work (only if nationality is not the same as the home country)
Valid means of ID (clear and legible), such as:
International passport
NIN slip
Driver's license
Please note: the expiry dates for your identity document should not be more than 6 months from the submission date.
FAQs about onboarding in Nigeria
Can I upgrade my unregistered business account to a registered business account?
If you need help upgrading your account, please contact our support team at hi@flutterwavego.com. You can also find the business requirements for your business type here. Alternatively you can create a sub business account on your flutterwave dashboard.
Can foreign nationals open business accounts in Nigeria?
Yes, foreign nationals can open business accounts in Nigeria by providing identification documents, work/resident permits or authorizations, a valid identity document, and meeting other bank requirements.
What is a SCUML certificate and how do I get one for my business?
A SCUML certificate is a document issued to organizations that comply with the Money Laundering (Prohibition) Act. It is a measure to prevent money laundering and terrorism financing in Nigeria. The following are official SCUML resources:
Visit the official SCUML website at https://www.scuml.org for more information.
Register on the SCUML website here - SCUML registration To get a SCUML certificate.
Check the requirements for obtaining a SCUML certificate on the SCUML requirements page here.
What should I do if I can't access the phone number or email linked to my BVN?
If unable to access the phone number associated with your BVN:
If you have an email linked to your BVN, you can retrieve a One-Time Password (OTP) to complete the verification process.
If you cannot access the email address and phone number associated with your BVN:
Try your bank's mobile app, online banking, or visit any designated BVN support center.
Once your contact information is updated, you can continue the verification process at https://app.flutterwave.com/login.
My home address is the same as my business address
You can complete the registration process when your business and home address are the same. You are required to submit documentation that verifies your residential/business address.
Acceptable documents include:
A utility bill such as an electricity or water receipt not older than 3 months.
A signed lease/tenancy agreement for your residence.
A bank statement not older than 3 months.
What payout (transfer) method is available to Nigerian merchants?
In Nigeria, we provide payment support to bank accounts. To receive payments, you need to provide your bank account number and bank's name. Once your payment is processed, the funds are deposited directly into your bank account.
What Collection method is available to Nigerian customers?
There are multiple collection methods available to Nigerian businesses, including Card, POS, USSD, NQR, Bank Transfer, Pay with Bank, and Wallet e.g. (Apple Pay, Google Pay, eNaira, and Opay).
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