In the past, getting a corporate or business account in Nigeria took physically visiting a bank and fulfilling overwhelming requirements. The process could take up to several weeks to complete. However, Bloc gives you comprehensive business banking offerings that can help you manage your business finances efficiently and completely stress-free.
From opening business bank accounts to making bulk transfers, we have thought of everything you need to start taking control of your business finances and brought them to your doorstep.
This article will walk you through accessing smooth business banking on Bloc and all the steps you need to take to get your account up and running.
Seamless Banking Solutions for your Business on Bloc
With Bloc, your business has access to unparalleled banking and payment features to scale at any level of growth you’re at.
- Business Bank Accounts: Once you sign up on Bloc and complete your business verification, you will automatically be issued a bank account in your business name for free. With this account, you can receive money from any bank into your account, enjoy free transfers to any bank in Nigeria and do much more.
To get assigned a bank account in your business name, sign up, and follow these simple steps to open your business account.
Once your business is verified (typically within 24 hours), navigate to the homepage and click on the main account tab to view your new account details instantly.
- Sub-accounts: Sub-accounts is a feature of Bloc that allows you to create multiple bank accounts for your business.
Say you need bank accounts for different purposes to separate your finances better, or you want to give your employees (or company departments) bank accounts so you can fund it with their allocated budget per time and track their business expenses— sub-accounts allow you to create as many account numbers as you want for those different transaction purposes.
To start using sub-accounts,
- Navigate to the sub-accounts of your Bloc Dashboard
- Click on “Create a new sub-account”
- Enter the name you want to give the account to generate a sub-account
- Repeat this for any other sub-accounts you wish to create.
Now , you can give your team members access to the dashboard to make transactions with the sub-account you have created or create a dollar or naira virtual card and link it to their sub-account.
- Single and bulk transfers: One of the powerful things you can do with your Bloc Dashboard is send money to up to 1000 people at once, no matter their bank. You can use this feature to pay employee salaries, pay vendors, and send money to many people without having to enter their details one by one.
To make a single transfer,
- Navigate to the “Make a Transfer” tab on your home page.
- Choose between a single or bulk transfer -
- Choose the Bloc account you’ll like to make the transfer from (if you have multiple sub-accounts)
- Select the recipient’s bank and account number and click on “send money”.
To make a bulk transfer,
- Click on bulk transfers on the transfers tab
- You will be provided with a CSV template to upload the details of your multiple recipients with.
- Download and make a copy of the CSV template.
- Enter the account numbers of the recipients into the duplicated CSV and choose their respective bank names in the options provided.
- Enter the amount you want to send to each person in the amount column and a narration.
- Make a final review and ensure all the uploaded details are correct.
- Save your completed spreadsheet as a CSV, and navigate to your Bloc dashboard to upload it.
- Click on send money, and your bulk transfer will be immediately processed, with an email notification sent to you to confirm the transfer.
- Virtual naira and dollar expense cards- Bloc cards are your most reliable way to perform global transactions without limits.
You can shop on your favourite websites, pay for goods and subscriptions, and even manage employee spending with a naira or dollar Bloc card. Similarly to the sub-accounts feature, you can create as many cards as you want.
To get a virtual USD or NGN card on Bloc,
- Sign up and navigate to “My cards” on your dashboard
- Click on “create a new card”.
- Choose whether you want a naira or dollar card and click on “create”.
- You can fund your card and view the details by clicking on the card. You can also perform other functions like freezing the card if you notice suspicious activities.
Apart from banking on Bloc, you can start accepting payments from your customers with your Bloc Dashboard via payment links, POS Terminals and earning cashback on airtime, TV and electricity bills payment on Bloc.
Learn about how to start sending and receiving payments easily with Bloc here.
How to Open a Bloc Business Account
To open your Bloc business account, follow the step-by-step guide in this article and you’ll be on your way to getting a bank account in your business name in five minutes.
Need our help? Send us a message @blocsupport on Twitter or mail us at email@example.com, and we’ll be in touch shortly. In the meantime, visit our help documentation at help.blochq.io for quick answers to any questions you may have.
*Your money is safe with us. Bank accounts on Bloc are powered by CBN-licensed and NDIC-Insured banking partners.
**Virtual cards are powered by Verve and Mastercard.