Hello! Welcome to my weekly newsletter where I share ideas on entrepreneurship and business development. Feel free to sign up for 1:1 Coaching or Group Coaching on starting, growing or scaling your small business.

Dear reader,

IN THIS ISSUE

• How To Choose The Right Bank For Your Business

• Fidelity Bank To Host 3rd FITCC Expo In USA

• Alaro City Is Coming To CANADA!

DEEPTHINK

How To Choose The Right Bank For Your Business

Opening a business bank account is one of the most fundamental financial decisions you’ll make as a business owner.

This isn’t just about finding a place to store your money – it’s about establishing a financial foundation that will support your business’s growth, facilitate smooth operations, and provide the banking relationship that could prove crucial to your long-term success.

Here are some factors to consider when choosing a bank for your business:

1. Transaction Charges

Banks generate revenue through various charges, and these costs can significantly impact your business’s bottom line over time. Understanding and comparing these charges across different institutions should be your priority when evaluating banking options.

Transaction fees encompass a broad range of charges that banks levy on business accounts. These may include minimum balance requirements that tie up your working capital, and monthly maintenance fees that create fixed costs regardless of your account activity.

Additionally, you’ll encounter fees for Automated Teller Machine access and surcharges, wire transfer fees, check processing charges, SMS alert fees, stamp duties, etc.

Your goal should be to conduct a comprehensive comparison of various bank offerings, analysing not just the individual fee amounts but how they align with your business’s typical transaction patterns. A bank with higher per-transaction fees might prove more economical than one with high monthly maintenance charges if your business processes fewer transactions. Conversely, high-volume businesses should prioritise banks offering favourable bulk transaction pricing or fee waivers based on account balances or relationship depth.

2. Ease of Securing Credit Facilities

Your banking relationship extends far beyond day-to-day transactions, it represents a potential source of growth capital that could prove crucial to your business’s expansion and survival. When selecting a bank, you must think strategically about your long-term financing needs and the institution’s capacity and willingness to support your business aspirations.

Your business will likely require various forms of credit throughout its lifecycle. Short-term financing needs might include overdraft facilities to manage cash flow gaps, lines of credit to fund inventory purchases, or equipment financing to upgrade operational capabilities.

Longer-term requirements could encompass commercial real estate loans, expansion financing, or working capital facilities to support sustained growth.

Banks vary significantly in their lending philosophies, risk tolerance, and sector expertise. Some institutions specialise in serving small businesses and maintain more flexible underwriting standards, while others focus on larger commercial clients and may be less accommodating to emerging businesses.

When evaluating potential banking partners, inquire about their lending criteria, typical approval timelines, and the range of credit products they offer to businesses similar to yours. Consider also the bank’s stability and lending capacity – a well-capitalised institution with a strong balance sheet will be better positioned to support your financing needs during economic downturns when credit often becomes scarce.

3. Physical Proximity

While digital banking has revolutionised how businesses interact with their financial institutions, physical proximity to banking facilities remains an important consideration for many enterprises. The relevance of location depends largely on your business model, cash handling requirements, and preference for personal relationship management.

Businesses that handle substantial amounts of cash – such as restaurants, retail establishments, or service providers still require regular access to physical banking locations for deposits and currency exchanges. Even with advanced digital capabilities, depositing large amounts of cash typically requires in-person visits to banking facilities. For these businesses, having branches conveniently located near their operations can save significant time and reduce the security risks associated with transporting cash over longer distances.

Beyond operational convenience, physical proximity facilitates relationship building with your account officer and branch management team. While digital communication handles routine transactions effectively, complex financial discussions, credit applications, and strategic planning conversations often benefit from face-to-face interaction. Having your banking team accessible for occasional in-person meetings helps maintain and strengthen the relationship between your business and the financial institution, potentially leading to better service, more favourable terms, and increased willingness to accommodate special requests or unusual situations.

4. Online Banking Infrastructure

In today’s business environment, a robust online banking platform is not a luxury -it’s an operational necessity. Your bank’s digital infrastructure will determine how efficiently you can manage routine financial tasks, monitor cash flows, and maintain control over your business finances without the time and expense of frequent branch visits.

A comprehensive online banking system should enable you to handle the majority of your banking needs remotely. Essential capabilities include real-time balance checking, detailed transaction history review, fund transfers between accounts, bill payment processing, and payroll management. Advanced platforms offer features like automated clearing house transfers, wire transfer initiation, mobile check deposits, and integration with accounting software systems.

The quality of online banking infrastructure varies significantly among institutions. Evaluate platforms based on their user interface design, system reliability, security features, and mobile accessibility. A well-designed system should be intuitive enough for daily use without extensive training, stable enough to handle peak usage periods without outages and secure enough to protect your business’s financial information from cyber threats.

Consider also the availability of customer support for digital banking issues. Technical problems with online platforms can disrupt your business operations if not resolved quickly. Banks with dedicated digital support teams, extended service hours, and multiple contact channels will minimise the impact of technical difficulties on your business activities.

5. Customer Service And Relationship Management

The quality of customer service you receive from your bank can significantly impact your business operations, particularly during challenging situations or time-sensitive transactions. Evaluate potential banking partners based on their service philosophy, response times, and commitment to business customer support.

Consider the availability of dedicated business banking representatives who understand commercial financial needs and can provide specialised guidance. Some banks assign relationship managers to business accounts, creating consistent points of contact who become familiar with your business and can offer personalised service and proactive support.

Response times for customer service inquiries, problem resolution processes, and the availability of after-hours support for urgent issues should factor into your evaluation. Businesses that operate outside traditional banking hours or handle time-sensitive transactions particularly benefit from banks offering extended customer service availability.

This article is extracted from The Small Business Handbook. Get a copy to get more practical insights about starting and running your business in Nigeria.

Action Steps

Selecting the right business bank requires balancing multiple factors against your specific operational needs, growth plans, and financial priorities.

It is important to choose an institution that can adapt to your changing needs and can support your long-term objectives.

If you need help evaluating your financial strategy for running a business in Nigeria, contact us today!

INVESTMENT OPPORTUNITY

Fidelity Bank To Host 3rd FITCC Expo In USA

Fidelity Bank Plc, a leading African financial institution, is set to host the third edition of its flagship market access event — the Fidelity International Trade and Creative Connect (FITCC) from September 18 to 20, 2025, at the Omni Atlanta Hotel at Centennial Park, Georgia, USA.

In a strategic effort to strengthen diaspora and transatlantic business ties, Fidelity Bank is partnering with Amplify Africa, the organizers of AFRICON, the premier African diaspora business and culture summit in the U.S.

This collaboration unites two influential platforms dedicated to connecting African enterprises with global opportunities.

Commenting on the upcoming event, Dr. Nneka Onyeali-Ikpe, Chief Executive Officer of Fidelity Bank, stated “Since our inaugural edition in 2022, FITCC has grown into more than a platform for promoting Nigeria’s non-oil exports – it is now a powerful showcase of the immense value Nigeria brings to the global market. As part of our commitment to fostering economic growth, creativity, and sustainable trade within and beyond Nigeria, we are proud to announce this year’s FITCC will take place in the dynamic city of Atlanta, USA.”

Following the resounding success of previous editions in London and Houston — which together generated a deal pipeline exceeding $500 million, FITCC Atlanta 2025 will feature over 100 Nigerian exporters, alongside U.S. buyers, investors, policy leaders, and diaspora-driven business networks.

The expo will spotlight key sectors such as agriculture, consumer-packaged goods, energy transition minerals, fashion, beauty, and the broader creative economy. Attendees can look forward to business exhibitions, B2B matchmaking sessions, policy forums, diaspora investment panels, and expert-led workshops aimed at expanding Nigeria’s footprint in global markets.

With an expected attendance of over 3,000 participants, including development finance institutions, chambers of commerce, trade promotion agencies, and multinational corporations, FITCC 2025 is poised to be a landmark event. It also aligns with current government initiatives to boost U.S–Nigeria trade and investment under new bilateral frameworks.

Alaro City Is Coming To CANADA!

From 1 July to 15 July 2025, Alaro City is visiting British Columbia, Ontario, and Alberta to connect with investors, homeowners, and diaspora leaders ready to secure high-yield property opportunities in Lagos’ fastest-growing city.

Alaro City is an integrated, mixed-use city planned on over 2,000 hectares in the Lekki Free Zone. Located in the North West Quadrant of the Lekki Free Zone, which is the logistics and commercial hub of the zone. Alaro City is situated on the Lekki-Epe Expressway and is in close proximity to the Lekki Deep Sea Port and the proposed International Airport.

Alaro City has areas for offices, logistics and warehousing, homes, schools, healthcare facilities, hotels, entertainment, and 150 hectares of parks and open space.

The first residential phase is being developed by Universal Homes (who are also building thousands of units in Rendeavour’s other project, Tatu City, in Nairobi, Kenya). The apartment consists of 576 contemporary two-bedroom (expandable to 3 and 4 bedrooms) powered by world-class amenities, and a modern living experience

Why Attend?

Discover investment opportunities in Alaro City, where land values have risen by 95% in just 6 years.

Learn how you can earn rental income in foreign currency (FX) through real estate in one of Africa’s fastest-growing mixed-use cities.

Gain early access to Didara Waters Phase II. A stunning residential enclave.

Be among the first to hear about a top global college opening in Alaro City and a world-class leisure centre.

How To Attend

Reserve your spot now! Qudus (+234 908 808 7668) or email us at [email protected].

RESOURCES

HOW TO INVEST

Get One-On-One With An Expert In Your Industry

The Experts-In-Residence programme is a business growth network that connects small business owners with seasoned professionals. Our community of expert advisors provides targeted guidance, comprehensive resources, and strategic support to accelerate business growth and overcome entrepreneurial challenges.

BOOKS

The Small Business Handbook

Get your hands on The Small Business Handbook today and unleash the full potential of your business!

Feedback

How would you rate this newsletter? Click here to share your thoughts