Zenith Bank Business Account: A Thorough Review

Continue reading and find out if it is worth it to sign up for Zenith Bank business account.

As is the case with many traditional African banks, Zenith Bank has personalised business accounts. The bank has a wide variety of business account packages based on the size of your business. 

  • What are the features of these accounts?
  • Is it advisable to use any?

This article comprehensively answers these questions to guide you through making a wise choice and choosing the right package for your business. 

Zenith Bank Business Account Packages

  • SME Grow My Biz Account
  • Sole Proprietorship / Enterprise Account
  • Partnership Account 
  • Clubs, Societies, Associations 

SME Grow My Biz Account 

Zenith Bank’s SME Grow My Biz Account Package partners with micro, small and medium enterprises (MSMEs) to expand their potential and attain business success. 

The Basic SME-GMB Account does not require you to have an openi9ng balance. It also has a minimum operating balance of N20,000 and a monthly account management fee of N2,000. The SME Grow My Biz provides various loan options to help you make a difference in your business. 

The loan options include SME loans, Mortgage loan, Auto loan, Asset Finance and several others. On choosing this business package, the bank provides you with a customised SME card to keep track of your business expenditure. 

The package comes with support to digitise your business operations. It also offers Business Protection Insurance for your business assets at a discounted price. 

Sole Proprietorship / Enterprise Account

This package provides resources as well as solutions that are sure to help you reach your entrepreneurial goals. You must sign an account opening form and two signature cards to access this package. You will also be required to provide passports and documents of identification. 

This package gives you access to mobile banking, email/SMS Alerts, and corporate internet banking. Paying for goods and services will be a breeze as this package provides you with a mobile banking app and a debit card. 

Partnership Account

When you start a business jointly with a friend or relative, many things could go south, and your bank account should not be one of them. Zenith Bank’s Partnership Account Package is straightforward. 

The package requires an account opening form duly completed, forms of identification and resident permits. It also requires you and your partner to sign a partnership agreement. 

A mandatory initial deposit is required to run the account, and an original public utility receipt must be sighted. 

On choosing this package, you stand to benefit from corporate internet banking, Email/SMS Alerts and an optional debit card. The issuance of a debit card mainly depends on whether you and your partner request one. 

Clubs, Societies, Associations

When your book club forms a registered association, or your soccer pals decide to take the group to the next level, Zenith Bank’s accounts for Clubs, Societies, and Associations will be of great use. 

It might also interest you to know that this account sends reports to each member in a clearly defined manner, thereby keeping everyone in the loop. 

This package requires an account opening form duly completed, passports of each signatory and a signed resolution letter b the chairman and secretary of the group. 

It also requires an initial deposit, a risk assessment form and an additional KYC form. The bank will need a copy of the rules and constitution of your group for future purposes. 

Independent corporate references are also required as they are crucial to access this package’s benefits. Access to corporate internet banking, Email/SMS Alert and a debit card is assured. 

Are These Accounts Worth It? 

The answer to this question mainly depends on the businesses and organisations that want to choose from them. There are disparities in each package, and they explain their requirements and benefits. 

It is incredibly beneficial for a business or organisation to have a central account where all the funds go for them to be easily accounted for. 

That is what Zenith Bank is committed to achieving through the various business packages listed above. The onus lies on you to go for the package that best suits your business needs. 

If you are particular about a business account that not only keeps your money intact, but also manages your expenses and automates services on your behalf, Lenco’s current business account is the perfect choice for you.

Sign up on Lenco today and get more out of your business account.