First City Monument Bank (FCMB) Business Account – Detailed Guide
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FCMB’s business account provides a seamless solution for anyone who needs flexibility and the most value in their savings. It is the ideal alternative for customers with short-term saving goals and businessmen and women who want to yield significant funds to finance future initiatives or endeavors.
What is FCMB Business Account?
The FCMB Business Account is the trademark’s innovative, cost-efficient Current Account package. You can open this account from anywhere worldwide and receive your account number instantly. This savings plan comes with a business debit card that can be used for local payments and other transactions.
Business owners can now manage their financials effectively while also enjoying the following key features:
Key Features of FCMB’s Business Account
Here are some of the most notable features of FCMB’s Business Account.
Business Debit Card
An FCMB Corporate Account comes with a Business Debit Card, which the account holder can use at any POS or ATM for local payments or withdrawals. You can apply for supplementary employee cards as required as a business owner.
FCMB Mobile and Internet Banking:
The Business account offers a seamless Mobile & Internet Banking solution that allows you to work on the go. Completing your FCMB Online Business Account Opening is easy. The app has various innovative features that make accessing and managing your finances effortless. It lets you transact your funds at any time of day, including weekends, and still offers the flexibility to add multiple users.
Access to Loans
With a Business Account, customers can access various overdraft and loan facilities with approval.
Zero Account Maintenance Fees
FCMB’s Business Account offers zero account maintenance fees and a debit turnover of up to N40,000,000 (forty million naira).
Minimum Operating Balance
The Business Account offers a competitive operating balance of N5,000 (five thousand nairas).
Minimum Opening Balance
You can open an FCMB Business Account with as low as N25,000 (twenty-five thousand nairas). Eligible customers can also complete their FCMB Business Account opening online.
Flexible and Transparent
Overall, FCMB offers transparent and reasonably estimated pricing options that are flexible and primarily established on debit turnovers.
| TURNOVER | MONTHLY CHARGE |
| Zero – N875,000 | N0.00 |
| > N875,000 – N4m | N1,750 |
| > N4m – N12m | N3,000 |
| > N12m – N40m | N6,350 |
| > N40m | N6,350 + N1 per mille of Account Maintenance Charge on excesses above N40m |
What Are the Requirements for Opening an FCMB Business Account?
FCMB offers standard requirements for opening a Business Account. The requirements include the following:
- BVN (Bank Verification Number)
- CAC/Registration certificates
- A Valid Identification Card (ID)
- A Recent Passport Photograph
- Your Scanned Signature
- Tax Identification Number (TIN)
General Requirements
- Two (2) References (preferably reputable companies)
- Board Resolution
- NIPC Certificate (applies to foreign investors)
- SCUML Certificate
Other Required Documents to Operate
The customer must submit or upload the following documents to their preferred, authorized FCMB branch before they can legally operate an FCMB Business Account:
Limited Liability Companies
- Board resolution.
- Certified true copy of the form of C.O.7 or C.A.C2-3
- Certified true copy of memorandum and article of association.
- Scanned copy of the certificate of incorporation or registration.
Non-Limited Companies — Services, Ventures, Enterprises, etc.
- Instruction to the bank to open an account.
- Scanned copy of business registration certificate.
Registered or Non-Registered Associates & Cooperatives
- Constitution, Rules and Regulations.
- Scanned copy of Certificate of Registration (if registered with state or CAC).
- Society / Club / Association / Cooperative Resolution to open Account (or Minute of the meeting where account opening with the bank was discussed).
Eligible customers who successfully meet all the above criteria can freely open, operate, and access all the benefits of an FCMB Business Account.
Do Business The Lenco Way
Do you need a current business account that’ll enable you to automate payments, attach invoices to payments automatically, help your business manage periodic expenses, attach comments to transactions, set up payrolls for every employee, manage your bill payment individually and as a team, as well as provide your customers’ instant payout? Lenco’s financial solution is the perfect package for you.
Opening Lenco’s business account is totally free for everybody. You should take advantage of it today and get more out of your business.
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