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Biz Smart Account

This is a hybrid current account designed for Nigerian small and medium businesses. It can be opened with N60 000.

What does it offer you:

  • Zero current account maintenance fee if you keep a minimum balance of N50,000 in the account and do not withdraw more than 4 times at a branch
  • Earn interest of 1% per annum on available balance  
  • Free access to internet banking and mobile banking (transaction fees applies)
  • MasterCard Debit Card for single signatory accounts
  • A personalized Biz Smart cheque-book that you can only cash at Stanbic IBTC branches. Applies to third parties recipients too
  • Free e-mail alerts
  • Easy access to a domiciliary account
  • You will need a Business Current account to get a loan

How much it will cost you:

  • You need a minimum opening amount of N60,000
  • The minimum balance on the account is N50,000
  • You pay a Federal Government of Nigeria stamp duty charge of N50 for transactions initiated by a third party and above N1, 000. Salary accounts are exempted from this charge
  • SMS alerts at N4 per alert

What you need to apply:

  • A completed account opening form Please download here (PDF)
  • Two completed reference forms
  • Referees must be business account holders and not officers of the company or related companies
  • Two signature cards filled by each signatory to the account
  • Two clear recent passport photographs of each signatory with their names written on the back
  • Any one of a valid international passport, driver's license, permanent voter's card or National ID card of each signatory
  • Proof of residential address (e.g. utility bill issued in the last three months)
  • Resident permit (where applicable)
  • Bank Verification Number (BVN) of each signatory
  • Applicable business registration documents i.e. Co7, Co2, certificate of registration, memorandum and article of association
  • Applicable specialized business or trade licenses (e.g. SCUML)

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