It is usually not an easy task when considering choosing the right bank for your business in Nigeria. You have to know how to choose the right bank for your business in Nigeria. That is if you do not want to grow your business with one hand and smash into the other.
Your business in Nigeria needs a supportive and reliable bank. This is because moving from one bank to another won’t be the best strategy. For you to know the right bank to choose for your business in Nigeria, You need to read carefully through this article.
What To Consider Before Choosing the Right Bank for Your Business in Nigeria
There are three (3) things you need to consider before you can choose the right bank for your business. They are as follows:
Know Your Needs
Before you can choose the right bank for your business in Nigeria, you need to know your needs first, considering the reason you need them. Have you been looking for a particular service, like business or investment help? You are free to go online and search for local banks that are particularly interested in small business working capital or apparatus loans.
You need to compare and contrast what varieties of banks give in your area immediately after you know what you need in a bank. Search for particular banks that offer what you need and call to ask for some specific information like fee structures, interest rates, and additional services. Generate a list of some specific questions before you set up a meeting with bankers.
At some point in your business life, there are chances that you are going to borrow money to get your business to the next level or keep it going strong. When the time comes or if the time is now, the task may seem close to insuperable if most banks are clamping down on credit. The point is that there are still a lot of banks that believe in business like you.
What to Inquire Before Choosing the Right Bank for Your Business in Nigeria
Before you can choose the right bank for your business, you need to ask yourself some questions, which include:
Is the bank small business friendly to make it right?
Several banks are particular to certain types of businesses. Banks that are known for managing the needs of your business should be the best ones you can choose. There are some questions you need to ask yourself to know if a bank is small business-friendly, which are:
- Has the bank handled a similar type of business account in the past?
- What is the reputation of the bank in the market?
- Do they offer solutions and financial advice tailored to your industry?
- How does the bank handle chargebacks and other business problems?
- What is the fee structure offered by the bank?
Accessing the value of the fee structure gets difficult because some information tends to be indefinite. Information like;
- ATM fees.
- Management fees.
- Inactive account fees.
- Account fees.
- Credit card processing fees.
- Service fees.
- Overage fees.
- Withdrawal/deposit fees.
You need to find out the amount of the information given above and compare rates with the numbers of banks.
Are there any rewards or incentives offered by the bank?
Preferably, you want a bank that provides basic business banking products and services like cash management services, debit cards, online business banking, and much more. But the number of banks gives more, like payroll services, low-interest rates to keep a certain small amount in your account always, attractive introductory offers, and a lot more.
Does the bank have a hassle-free loan process?
If you are looking forward to funding your business now or even in the future because you might not need a small business loan now, it would be helpful if one bank could give you the loan. Some banks also specialize in small business administration (SBA) loans, which have some of the longest-term loans and lowest interest rates.
What is the bank’s customer service like?
Choosing a bank with a customer service team that is accommodating, helpful, and friendly is a very important thing to do, as you will be associating with them often. These are some questions that can help you evaluate the customer service of a bank:
- What is the turnaround time to receive a reply to queries?
- What are the hours of operation of the bank?
- Is there a 1:1 relationship manager?
- Is there 24/7 support?
As a good businessman or businesswoman, you need to consider or follow the guidelines listed above to choose the right bank for your business in Nigeria. You would need a reliable bank and a helping bank for your business in Nigeria.