Nigeria’s tax system has undergone several changes in recent times, affecting both individuals and corporate entities. Whichever category you belong to, one key requirement you must be aware of is the need for a valid Tax Identification Number (TIN), especially when opening a bank account.
In this article, you’ll discover the banks that accept JTB TIN in Nigeria and what you should know before visiting any of them.
Taxes are compulsory levies paid by individuals and businesses to the government. They serve as a major source of revenue for funding public services such as education, healthcare, and infrastructure development.
In Nigeria, taxes are imposed on various activities, including personal or company income, property ownership, and the sale of goods and services.
To ensure proper identification and compliance, every taxpayer is required to have a Tax Identification Number (TIN).
TIN Overview
A Tax Identification Number (TIN) is a unique number issued to taxpayers in Nigeria. It serves as an official identity on the nation’s tax records and helps ensure that individuals and businesses comply with tax regulations.
Beyond compliance, having a TIN also opens access to essential opportunities such as business loans, government contracts, and grants.
Just as your (CAC) Certificate of Incorporation formally registers your business within Nigeria’s corporate system, and your International Standard Book Number (ISBN) identifies your book globally, your TIN marks your official entry into Nigeria’s tax system. It allows you to operate transparently and stay compliant with national tax laws.
In Nigeria, there are two main types of TIN: the Federal Inland Revenue Service (FIRS) TIN and the Joint Tax Board (JTB) TIN.
Difference Between JTB TIN and FIRS TIN
While both the Federal Inland Revenue Service (FIRS) and the Joint Tax Board (JTB) issue Tax Identification Numbers (TINs), they serve slightly different purposes within Nigeria’s tax framework.
FIRS TIN is assigned to companies and organisations that are registered with the Corporate Affairs Commission (CAC), and are subject to federal tax obligations, such as Company Income Tax.
JTB TIN, on the other hand, is issued to both individuals and non-individuals, including private limited companies, business names, and NGOs, and is subject to state tax obligations.
If you’d like to know more about JTB TIN and how to obtain or verify yours, check out our detailed post on JTB TIN Online Registration in Nigeria.
Why Banks Require TIN for Account Opening
Banks in Nigeria may require a TIN for the following reasons;
- Regulatory and Tax Compliance: Banks collect TINs to verify customers’ tax status and meet reporting obligations set by authorities like the FIRS or JTB.
- Credit Assessment and Approvals: TIN helps banks evaluate applicants’ tax history to determine creditworthiness and allows faster, paperless loan or overdraft approvals.
- Fraud Prevention: A valid TIN helps trace financial activities, reducing risks of identity fraud, illegal transactions, and tax evasion.
- Corporate Account Opening: For businesses, a TIN is mandatory when opening a corporate account, confirming that the entity is properly tax-registered and compliant.
Banks That Accept JTB TIN in Nigeria: Corporate Banking
Below are some of the banks that accept JTB TIN in Nigeria for corporate account opening for businesses, SMEs and companies.
1. Access Bank
As one of Nigeria’s leading commercial banks, Access Bank requires a TIN to open a corporate account.
With over 700 branches, 60 million customers, and $28.8 billion in assets, this giant Bank has been known for strong compliance
Access Holdings Plc, which is the parent company of Access Bank, has been listed on the Nigerian Stock Exchange since 1998
If you’re a business owner looking to open an account with your JTB TIN, this is a bank to consider.
2. First City Monument Bank (FCMB)
FCMB is another bank that accepts a TIN, especially for business accounts. If you’re looking to open a corporate account, this is worthy of your consideration.
The bank offers a wide range of services, including retail and commercial banking, investment banking, and asset and wealth management, and has a significant presence with over 275 branches across Nigeria.
3. Fidelity Bank
We Fidelity, we keep our world
Established in 1988 as a merchant bank, Fidelity Bank has grown into a universal bank and was listed on the Nigerian Stock Exchange.
The bank is known for its expansion into digital services and its support for Small and Medium Enterprises (SMEs).
If you’re looking for a way to use your JTB TIN for an account opening, Fidelity Bank, which prioritises innovation, is one bank you should keep an eye out for.
4. Wema Bank
For unique account openings, such as the Wema Treasure Account (WTA) for non-individuals and other international trade services, Wema Bank accepts TIN and should be considered on your list of approved banks.
5. Zenith Bank
Owned by Jim Ovia, Zenith Bank, one of the pioneers of digital banking in Nigeria, is another top commercial bank that has incorporated the use of TINs and is definitely one you should consider.
It is considered Nigeria’s largest bank by Tier 1 capital and is listed on the Nigerian and London Stock Exchanges.
Aside from corporate account opening with JTB TIN, the bank provides a wide range of services, including retail, investment, and digital banking, and has operations in several countries such as the UK, Ghana, e.t.c
6. Guaranty Trust Bank (GTB)
This renowned bank also accepts TINs for account openings in Nigeria, with a focus on using the best banking and accounting software and apps to revolutionise the banking industry
GT Bank began operations in 1991, providing commercial and other banking services, and has since grown into a major banking group with operations across various African countries and in the UK
7. United Bank of Africa (UBA)
As one of Nigeria’s oldest banks, UBA accepts TINs, especially for business accounts. It was founded in 1949 and serves over 25 million customers across more than 20 countries in Africa, as well as in the United States, the United Kingdom, and France.
As we all know, UBA is owned by Toni Elumelu. The Corporate Mogul, known for his swag, yoga activities and elegant style of personal branding, with his common tags #TOEWAY.
If you want to bank elegantly, then choose UBA Bank.
9. Jaiz Bank
As one of Nigeria’s prominent Islamic banks, Jaiz Bank requires a TIN for all new business accounts, making it an option to consider for your banking needs.
Being the pioneer of Islamic finance, Jaiz Bank is the first bank in Nigeria that issues loans at 0% interest in loans in accordance with Sharia laws and principles
Digital Banks That Accept JTB TIN For Corporate Banking
With the rise of digital banks, a lot of people prefer operating an account with these banks. This is because of the efficiency and flexibility that come with banking with these online banks
No paperwork, no long queues, no necessary back and forth. Just your CAC documents, TIN and board resolution letter, and you are good to go.
These banks have, in recent years, mounted so much pressure on traditional banks, therefore making them accept innovations and adopt digital banking and transactions just to stay competitive.
Below are some digital banks that accept JTB in Nigeria for corporate accounts
- Kuda Bank
- ALAT by Wema
- OPay
- Optimus
- Moremonee
- PalmPay
- V Bank
- Moniepoint
- Sparkle
- FairMoney
- Mintyn Online Bank
- Carbon
Common Issues When Using JTB TIN at Banks
It is not enough to know the banks that accept JTB TIN in Nigeria. Here are some issues that may arise when using your TIN at the bank:
1. TIN Not Recognised by Bank System
Sometimes, a bank’s system may not immediately recognise your TIN. This could be due to delays in the JTB database update or mismatched information.
2. Difference in Name or Details
If the name or details on your TIN certificate don’t exactly match your bank records, the bank may flag it for verification. Always ensure your details are consistent across all official documents.
3. Technical or System Glitches
Sometimes the issue isn’t with your TIN but with the bank’s system. Network errors, system maintenance, or software bugs can temporarily prevent TIN verification.
As with many other procedures in Nigeria, patience is key when resolving these issues. Most banks will resolve TIN discrepancies with proper documentation and verification.
4. Bank Policy To Reject JTB
While we have taken out time to list out some banks that accept JTB TIN, it is important to note that some banks may not accept it due to their banking policy on corporate accounts.
In this case, the FIRS TIN will be the most preferred option.
FAQs on Banks that Accept JTB TIN in Nigeria
Below are some frequently asked questions surrounding the use of the Joint Tax Board TIN for corporate banking in Nigeria, with both digital and traditional banks
Q: Can I open a business account with just a JTB TIN?
A: No. For businesses, you will also need your CAC Certificate and other corporate documents, and for individuals, your BVN and ID.
Q: Is JTB TIN valid for BVN registration?
A: No, a JTB TIN is not sufficient for BVN registration. BVN is linked to individual bank accounts, so you’ll need a valid bank account and personal identification.
Q: What should I do if the bank does not recognise my TIN?
A: Check that your TIN is correct and that the information matches your certificate. If it still isn’t recognised, ask the bank to initiate verification with the Joint Tax Board.
Conclusion
Navigating Nigeria’s banking system with a JTB TIN can be straightforward if you understand the requirements and potential challenges.
Remember to ensure your details are accurate, verify your TIN online, and choose banks that accept to save time and reduce frustration.
Whether you’re opening a personal or corporate account, being proactive about TIN compliance is a key step toward smooth banking and financial transparency.
