There are different requirements for opening a Flutterwave business account, depending on the kind of enterprise you operate. You can create Starter accounts (unregistered business), Registered Business accounts, or Other Entity accounts.

Requirements for Starter businesses (unregistered businesses)

• Website URL or social media page

• A residential address with proof of address:

  • An electricity meter number (prepaid or postpaid)

• Estimated monthly sales

• Business profile detailing the nature of business operations

• Bank Verification Number (BVN) and National Identification Number (NIN) of account owner

• Valid means of ID of Account owner (Clear and legible)

  • NIN Slip

Requirements for sole proprietorship

• CAC Certificate & Business name certificate

• Verifiable website URL/ social media page showing business activities

• Estimated Monthly sales

• Bank Verification Number (BVN) and National Identification Number (NIN) of Proprietor. 

• Operating License where business is regulated

• Residential address with proof of address for sole proprietor

  • Electric meter number for residential address of the sole proprietor

• Valid means of ID of Proprietor (Clear and legible)

  • NIN slip

Requirements for a Limited Liability Company

• Certificate of Incorporation

• Memorandum & Article of Association

• National Identification Number (NIN) and BVN of Business representative

• Residential address of the Business representative and Directors with proof of address

  • Electricity meter number 

• Verifiable website URL showing business activities.

• Operating license (where business is regulated)

• Estimated monthly sales

• Valid means of ID of all shareholders and directors( Clear and legible )

  • International passport

  • NIN Slip

  • Driver's License

Please Note: The expiry dates for your identity document should not be 6 months later than the day you create a Flutterwave account.

Requirements for Other Entities

To open an Other Entity account in Nigeria, you will need the following:

• Certificate of Incorporation

• Constitution/Memorandum of Guidance

• Directors/Trustee NIN and BVN 

• SCUML Certificate (see here for more details)

• Residential address of the Business representative and Directors with proof of address

  • Electricity meter number

• Verifiable website URL showing business activities

• Operating license (where business is regulated)

• Estimated monthly sales

• Valid means of ID (clear and legible), such as:

  • NIN slip

  • International passport

  • Driver's License

Please note: the expiry dates for your identity document should not be more than 6 months from the submission date.

FAQs about onboarding in Nigeria

Can I upgrade my unregistered business account to a registered business account?

If you need help upgrading your account, please contact our support team at hi@flutterwavego.com. Alternatively you can create a sub business account on your flutterwave dashboard.

Can foreign nationals open business accounts in Nigeria?

Yes, foreign nationals can open business accounts in Nigeria by providing identification documents, and other Nigerian account opening requirements.

What is a SCUML certificate and how do I get one for my business?

A SCUML certificate is a document issued to organizations that comply with the Money Laundering (Prohibition) Act. It is a measure to prevent money laundering and terrorism financing in Nigeria. The following are official SCUML resources:

• Visit the official SCUML website at https://www.scuml.org for more information.

• Register on the SCUML website here - SCUML registration To get a SCUML certificate.

• Check the requirements for obtaining a SCUML certificate on the SCUML requirements page here.

What should I do if I can't access the phone number or email linked to my BVN?

If unable to access the phone number associated with your BVN:

• If you have an email linked to your BVN, you can retrieve a One-Time Password (OTP) to complete the verification process.

If you cannot access the email address and phone number associated with your BVN:

• Try your bank's mobile app, online banking, or visit any designated BVN support center.

• Once your contact information is updated, you can continue the verification process at https://app.flutterwave.com/.

My home address is the same as my business address

You can complete the registration process if your business and home address are the same. You are required to submit a meter number and address that verifies your residential/business address. 

How do I get Settled as a Nigerian Merchant?

All Nigerian merchants will now be settled to their Flutterwave Microfinance Bank account provided by Flutterwave. Local settlements are completed in 1 business day while International settlements take 5 business days.

What payout (transfer) method is available to Nigerian merchants?

In Nigeria, we provide payment support to all banks listed on the Nigerian Inter Bank Settlements System. To make a transfer (payout), you need to provide the  bank account number and bank name of the recipient. Once the payment is processed, the funds are deposited directly into the bank account.

What Collection method is available to Nigerian customers?

There are multiple collection methods available to Nigerian businesses, including Card, USSD, NQR, Bank Transfer, Pay with Bank, and Wallet e.g. (eNaira, and Opay).