The Nigerian banking system is saturated with top-achieving and innovative banks, among which is the United Bank for Africa, commonly known as UBA. These banks offer accounts tailored to the diverse banking needs of their clients, ranging from teenagers to adults, and from small businesses to major corporations. This article focuses on UBA Group Plc and will guide you through the requirements for the UBA Corporate Account Opening and the step-by-step process for opening the account.
About UBA
United Bank for Africa Plc (UBA) is a multinational pan-African financial services group, notably referred to as Africa’s Global Bank.
Headquartered in Lagos and reaching over 45 million customers, UBA maintains subsidiaries in 20 African countries, in the United Kingdom (London), France (Paris), the United Arab Emirates (Dubai), and the USA (New York), connecting Africa to the world and the world to Africa.
UBA group was established in 1949, a period when the banking sector faced precarious conditions, particularly among indigenous banks.
Breaking past the period during which it was birthed, the group has evolved significantly over the last 75 years.
Today, UBA is one of Africa’s leading banks, offering innovative banking services across the continent and internationally.
UBA Plc Leadership
The leadership of United Bank for Africa is currently dominated by respected and renowned figures, including Tony Elumelu, who serves as the chairman of UBA Group Plc and is also a major shareholder, and Oliver Alawuba, a seasoned banker, corporate business leader, and pan-Africanist who currently serves as the Group Managing Director/CEO.
With leaders like these at the helm of UBA Group Plc, it is no surprise that the institution continues to achieve remarkable milestones across Africa and beyond.
UBA Digital Banking Solutions
UBA delivers a wide range of innovative financial services, offering personal, business, and corporate accounts tailored to meet the needs of individuals and organizations at every level in this technological age.
The bank also provides seamless digital banking solutions. One of its most popular tools is Leo, a 24/7 virtual banker available on multiple platforms.
With Leo, you can send money, buy airtime, pay bills, check your account balance, and carry out several other transactions with ease, all through an intelligent, always-available smart assistant.
UBA Corporate Accounts
1. Corporate Current Account
This account is suitable for businesses that seek a seamless way to manage daily cash flow and operations.
It allows for transactions through cheques, cards, or digital banking channels, all at no additional cost.
This is also similar to features offered by Jaiz Bank
2. SME Business Account
Designed to support businesses, this account offers minimal fees and a range of value-added benefits. It is available in three variants (Micro, Small, and Medium), with each having specific monthly turnover bands and charges.
Key benefits of this account include:
- Fixed monthly charges
- Access to business loans
- Access to UBA SME capacity-building and advisory platforms
- On-boarding on digital collections and payment channels
- Access to SME Masterclasses
- Participation in SME Annual Summits and Fairs
- A free online shopfront on the UBA Marketplace
Please note that terms and conditions apply to this particular corporate account.
3. Corporate Domiciliary Account
For businesses engaged in international trade, this account allows for the receipt and management of funds in major foreign currencies such as US Dollars, Euros, and British Pounds.
4. Corporate Fixed Deposit Account
This account is mainly for investment purposes. It is suitable for clients looking for a means to maximize returns on lump sums of cash over a specified, fixed period.
5. Business Current Account
This is a standard transactional account suitable for sole proprietors, partnerships, and SMEs. It has features like a low opening balance, affordable monthly fees, and access to credit facilities.
Requirements for UBA Corporate Account Opening
To open a corporate account with UBA, these are the documents that should be prepared:
- Completed corporate account opening form
- Certificate of Incorporation
- Form C02 and C07 (particulars of directors and shareholders)
- Memorandum and Articles of Association (MEMART)
- Passport photographs and Bank Verification Numbers (BVNs) of signatories
- Means of identification of all directors and signatories (e.g., Int’l Passport, National ID Card, Driver’s Licence, or Voter’s Card)
- Board Resolution (for Limited Liability Companies) – This should be on the company letterhead, authorizing the opening of the account and appointing signatories. It must be dated, signed, and sealed with the company seal
- Utility Bill or Proof of Company Address
- Tax Identification Number (TIN) & Tax Clearance
- Depending on your business model or account type, you may also consider SCUML Certificate, NAFDAC or SON Certification, and Exporter/Importer Code
Steps for UBA Corporate Account Opening
Here are the steps to open your corporate account with UBA:
1. Pre-Application Preparation
You can start your UBA business account opening process online by accessing and filling out the official UBA Corporate Account Opening Form. After downloading it, print and complete the form carefully and clearly, ensuring you minimize cancellations or errors.
Alternatively, you may visit any UBA branch close to you to obtain the form directly.
2. Submission of Documents
Once all your documents are ready, visit any UBA branch near you to begin the account opening process. Ensure that every required document is complete and correctly prepared before your visit so that you can avoid delays, repeated visits, and unnecessary frustration.
3. Account Verification
After submitting the required documents, UBA will proceed with verifying the information provided.
During verification, the bank will confirm the authenticity of your documents, verify the identities of directors and signatories, conduct an address verification, and perform other verification processes.
This stage may require a brief waiting period, depending on document completeness and the accuracy of the details provided.
Ensuring that all documents are correct and up to date significantly speeds up the verification process and reduces the likelihood of delays.
Cost and Duration of UBA Corporate Account Opening
The cost of opening a UBA corporate account varies by country and account type.
In Nigeria, the process generally requires a minimum opening deposit of at least ₦5,000 and may include ongoing fees such as monthly maintenance charges.
However, the exact costs depend on your location and the specific corporate account you choose. For precise and up-to-date information, it is advisable to visit a UBA branch and confirm the applicable fees.
Opening a UBA corporate account can take from a few business days to several weeks. This is highly dependent on how quickly you can submit all the required documents and the complexity of your business.
Common Challenges in opening a UBA Corporate account
These challenges are commonly faced in the attempt to open a UBA corporate account:
- Incomplete or incorrect documentation – Missing documents, unsigned forms, outdated CAC certificates, or mismatched information often cause the biggest delays.
- Address verification delays – If the business address, utility bill, or location details do not perfectly match what was submitted, verification could take longer than expected.
- Multiple signatories not being available – Signatures and BVNs are often required from several directors. Delays can occur when one signatory is unavailable or slow to submit required details.
- Document inconsistencies – Any inconsistency between CAC documents, BVN, TIN, or ID cards, sometimes even a small spelling difference, can halt or delay the process.
FAQs on UBA Corporate Account Opening in Nigeria
Q: What is the difference between a business account and a corporate account at UBA?
A: A business account is usually for sole proprietors and small businesses, while a corporate account is for registered companies such as limited liability companies. Also, corporate accounts often require more documentation and offer more robust features.
Q: Can I open a UBA corporate account entirely online?
A: No. You can begin the process online by accessing and filling out the UBA Corporate Account Opening Form, but you will still be required to visit a branch to submit documents and complete verification.
Q: Can foreign-owned companies open a UBA corporate account?
A: Yes. Foreign-owned companies can open a UBA corporate account. However, they may have to provide additional documents such as residence permits, passports of foreign directors, etc.
Q: What happens if a director is not available to sign the form?
A: If a required signatory is unavailable, the company may need to amend its mandate or wait until all authorized signatories can sign.
Q: How long does BVN verification take during corporate account opening?
A: BVN verifications are usually instant, but occasionally, system delays or mismatches in personal details may require additional verification time.
Conclusion
As I said earlier, UBA Group Plc is a bank dedicated to solving your digital and financial services needs. Their corporate accounts have made owning and running a business easier.
From selecting your desired corporate account to its opening and usage, you have top-notch, innovative, and digital services at your disposal.
I hope this article has given you a clear understanding of the UBA corporate account, the requirements for opening one, and what to expect throughout the process.
Thank you for reading this article, and, please feel free to share your comments, reviews, or questions.
