There are different requirements for opening a Flutterwave business account, depending on the kind of enterprise you operate. You can create Individual accounts, Registered Business accounts, or Other Entity accounts.

Requirements for unregistered businesses

• Website URL or social media page

• Residential address with proof of address from the following:

  • Utility bills such as electricity, waste and water receipts not older than 3 months.

  • Signed lease or tenancy agreement,

• Personal bank account details that match the account owner's name

• Estimated monthly sales

• Business profile detailing the nature of business operations

• Bank Verification Number (BVN) and National Identification Number (NIN) of account owner

• Valid means of ID of Account owner (Clear and legible)

  • NIN Slip

Requirements for sole proprietorship

• CAC Certificate & Business name certificate

• Proof of operational business address such as:

  • Utility bills like electricity, waste and water receipts

  • Signed lease or tenancy agreement

• Verifiable website URL/ social media page showing business activities

• Estimated Monthly sales

• Bank Verification Number (BVN) and National Identification Number (NIN) of Proprietor. 

• Operating License where business is regulated

• TIN or Tax certificate

• Valid means of ID of Proprietor ( 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

• Corporate bank account details 

• Valid means of ID and BVN of Business representative

• Proof of Operational Business Address from the following:

  • Utility bills like electricity and water receipts

  • Signed lease or tenancy agreement,

• Verifiable website URL showing business activities.

• Operating license (where business is regulated)

• CAC status report and Share holding structure for complex entities

• Estimated monthly sales

• TIN or Tax Certificate

• Valid means of ID of all shareholders and directors( 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 and BVN 

• Trustees' resolution confirming  approval given to open the Flutterwave  account 

• SCUML Certificate (see here for more details)

• Corporate bank account details 

• Proof of operational business address from the following:

  • Utility bill [e.g., electricity bill, waste bill, water bill]

  • Signed lease/tenancy agreement

• 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. 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/.

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 utility bill not older than 3 months.

• A signed lease/tenancy agreement for your residence.

How do I get Settled as a Nigerian Merchant?

We provide bank account settlements to all banks listed on the Nigerian Inter Bank Settlement System (NIBSS) portal. Collected funds are settled to the bank account provided during onboarding which has to match the account owner's name (for Individual accounts) or the Business name (for registered businesses). Local settlements are completed in 1 business day while International settlements take 5 business days.

What payout (transfer) method is available to Nigerian merchants?

In Nigeria, we provide payment support to all banks listed on the Nigerian Inter Bank Settlements System. To make a transfer (payout), you need to provide the  bank account number and bank name of the recipient. Once the payment is processed, the funds are deposited directly into the 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. (eNaira, and Opay).