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FirstSME Classic
This is a specially designed accounts for customers whose businesses have been registered with CAC with a minimum opening and operating balance of N50,000.
Account Information
Description
Features
Who Can Apply?
How to Apply
Terms & Condtions
Description
Specially designed accounts for small-scale enterprises, providing the support you need to grow and scale your business with a minimum operating balance of N50,000
Features
- Minimum opening balance of N50,000
- Minimum operating balance of N50,000
- Zero/mile annual maintenance charge subject to minimum operating balance and turnover limit
- Turnover limit caps at N100m with annual maintenance charge on the excess at 0.50k/mile
- Drawing below operating balance attracts annual maintenance charge of N0.50k/mile on total transaction for the month
- Borrowing is allowed on the account
Who Can Apply?
Small & Medium Scale Enterprise Customers.
How to Apply
For more details, please contact
Terms & Condtions
- A minimum opening and operating balance of ₦50,000 is required to maintain the account.
- No Account Maintenance Charge (AMC) shall apply, provided the minimum operating balance is maintained and the prescribed turnover threshold is not exceeded.
- The account is subject to a monthly debit turnover threshold of ₦100 million.
- Where the turnover threshold is exceeded or an overdraft facility is requested on the account, an Account Maintenance Charge (AMC) of ₦50 per mille shall apply.
- AMC shall be charged at ₦50 per mille on applicable transactions in line with the account’s terms and conditions.
- Account holders will enjoy access to the Bank’s digital loan offerings, subject to eligibility criteria and approval.
- The Bank reserves the right to review, amend, or withdraw these terms and conditions in line with regulatory requirements and internal policies.
FAQs
No, the FirstSME Current account is meant for Small & Medium Scale Enterprise Customers.
No, the FirstSME Current account and Individual current account have different scheme codes.
Yes, it can be opened to these sets of customers.
Yes, the FirstSME Current account can be opened for new customers and No, it is not strictly for existing corporate customers with savings account who has been advised to migrate to current account.
