What is a Consumer Merchant Account?
This account is designed for unregistered businesses, like artisans, freelancers, and
side hustlers, to manage their business finances separately from their personal accounts.
Why do I need a Consumer Merchant Account?
This account offers several benefits:
- o Separates personal and business finances for better organization and record keeping.
- o Builds credibility with customers, suppliers, and financial institutions.
- o Facilitates easier tracking of income and expenses for tax purposes.
- o To help with future business loan applications.
Who can benefit from this account?
This account is ideal for unregistered businesses like:
- o Artisans (welders, mechanics, hairdressers, tailors)
- o Social media sellers ("Instagram CEOs")
- o Side hustlers
Is C.A.C. registration required to open this account?
No, C.A.C. registration is not obligatory to open a Consumer Merchant Account.
What is the purpose of the Consumer Merchant Account?
We aim to support the large and growing number of unregistered businesses in Nigeria
by providing them with a convenient and accessible financial solution.
What are the different account tiers?
There are two tiers for this account: Tier 1 and Tier 3.
What are the differences between the tiers?
| Feature
|
Tier 1
|
Tier 3
|
| Cumulative Balance
|
Up to N300,000
|
No Limit
|
| Single Deposit Limit
|
Up to N50,000
|
No Limit
|
| Utility Bill Proof
|
Not Required
|
Required
|
| NIN/BVN Requirement
|
Requires either NIN or BVN
|
Requires both NIN and BVN
|
Which tier should I choose?
Tier 1 is ideal for businesses starting out or with lower transaction volumes. Tier 3 offers higher
limits and might be suitable for established businesses with higher turnovers.
Are there any monthly fees for this account?
No, customer enjoy zero account maintenance charges.
Do I earn interest on my account balance?
Yes, you can enjoy a monthly interest payment of 8.0% p.a where withdrawal is not more than four(4)
times a month.
What is the maximum transfer limit?
You can make single transfers of up to N25 million via mobile and internet banking
What kind of insurance can I access with this account?
This account provides access to health, fire, and burglary insurance to protect your business.
Do you offer any business development programs?
Yes, you can be invited to exclusive business empowerment programs and events to help you grow your
business.
Do you have any app I can use to run my Business?
Yes, you can download the MySMEapp on Playstore or appstore
Can I send money internationally with this account?
Yes, you can send money directly to 33 African countries and other non-African countries through our
mobile app.
What documents do I need to open a Consumer Merchant
Account?
The required documents depend on the tier you choose:
- 1. Tier 1: Requires either your National Identification Number (NIN) or Bank Verification Number
(BVN).
- 2. Tier 3: Requires both your NIN and BVN, and proof of residence through a utility bill.
What happens if I need customer support?
Our customer support team is available 24/7 to assist you with any questions or concerns.
How can I open a Consumer Merchant Account?
click here to download MySME app or XXXXXXXX (link for AOP) or scan
Insert Barcode
to get started