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Things To Know About Current Account Maintenance




Things To Know About Current Account Maintenance

Business people who do a greater volume of regular transactions with the bank open current bank accounts. Deposits, withdrawals, and countertransactions are all included. This is also known as a demand deposit account: 5 Things Every Small Business Owner Must Know About Current Account Maintenance.

Both cooperative banks and commercial banks allow current account opening. Any amount may be deposited or withdrawn from an existing account without prior notice. It is also appropriate for using checks to pay creditors. Customers’ reviews for collection may be placed in this account.

Meanwhile, there is a possibility of nobody taking you seriously if you are an entrepreneur in Nigeria without a current account. You can tell you’re ready to do business if you have an operational or active current or business account.

In Nigeria, a current or business version is almost necessary for every firm or person involved in commerce. It would pay to have an existing account to demonstrate creditworthiness. This is so that all company transactions will be more easily completed with a recent version.

A current account makes it easier to conduct financial transactions and removes any unusual or existing restrictions between users of savings accounts. Customers can operate current accounts at Nigeria’s traditional banks, including a few online ones.

Why Must Entrepreneurs Have A Current Account?

A current account is crucial for any business to manage its daily transactions with simplicity. The daily transaction limit for the current version is unlimited, and it also offers free electronic transactions, internet banking, and other advantages.

Unlimited Number Of Transactions

MSMEs or SMEs deal with various transactions and money transfers daily. This is made simple by current accounts, which have no limits on the number of withdrawals and transactions to ensure that your company’s daily activities go without a hitch.

With all-in-one banking apps, internet banking, credit/debit cards, and chequebooks, you can use payment and money transfer methods, which are available to you 24/7, everywhere.

Overdraft Facility

The overdraft feature of current accounts allows you to spend more money than is in your account up to a predetermined limit. This makes it possible for companies to handle short-term cash flow inconsistencies in their operations successfully. Even if your payments are late, it enables you to pay for those monthly expenses like salaries, bills, accounts payables, etc.

Bulk Payment Transactions And Foreign Transactions

Many current accounts also offer the ability to make payments in bulk, such as paying salaries and sending money abroad to expand your export business. This is not only efficient and cost-effective, but it can also make it simpler for you to grow your business overseas without having to worry about currency exchange. If you want to know if your current account has these features, ask your banking partner.

Meanwhile, entrepreneurs who used current accounts for their MSMEs and SMEs in the 1990s until late 2015 were required to pay returns on those accounts, known as Commission on Turnover (CoT).

As of April 2013, the Central Bank of Nigeria’s (CBN Revised) Guide to Bank Charges was in effect, and it replaced CoT with Account Maintenance Charges (AMC) or Account Maintenance Fees.

However, the Central Bank of Nigeria, which is the Nigerian apex bank, released a new guide called Current Account Maintenance Fee (CAMF) to improve banking conditions for company owners further. CAMF will be reviewed “to reflect changes in the business climate.”

Many MSMEs and SMEs owners close current accounts before what some described as “unbearable charges.” However, some complaint about fees after opening such accounts for their enterprises.

In this light, you can find everything you need to know about account maintenance fees in Nigeria in this post.

Things Entrepreneurs Must Know About Current Account Maintenance

Negotiable Fees

As an MSMEs or SMEs owner, having a current account comes with account maintenance fees that are negotiable and vary with the bank. In this instance, it is your volition to decide how much you wish to pay the bank to keep your current account active.

However, in the event of a bank declining your request, another bank might shift ground to offer you a reasonable account maintenance fee which will be a win-win situation for both parties. You also have the choice of putting the monthly turnover of banks on your account on a scale of preference to weigh your best chance with the benefit your account will experience with two or more banks of choice. It would help if you considered your monthly profit to avoid letting any bank tie you to excessive fees.

Credit Transactions Are Not Affected

Your account won’t be charged if you keep increasing your balance by making deposits because the current Account maintenance fee is based on the total number of debit transactions or withdrawals made from your account over a specified period.

Also, your account won’t be impacted if there isn’t an electronic, instant, online, or physical withdrawal using checks. For instance, Stanbic IBTC offers free account maintenance if you maintain a minimum balance of N50,000 and limit your branch withdrawals to no more than four times per month.

VAT Is Paid On the Current Account Maintenance

Value Added Tax (VAT) is a type of tax or levy levied by the government of Nigeria on the acquisition and use of products and services in Nigeria. In Nigeria, the current VAT rate is 7.5% of the entire cost of the products or services purchased.

However,10% of the amount charged as CAMF and sent to the federation account was paid in VAT on the current account maintenance fee.

For instance, when an entrepreneur makes a cumulative withdrawal of 100,000 NGN in a month, the current account will also be debited with a 10,000 NGN VAT sent to the federal government account.

Maintenance Fee Is Not Applicable To Savings Account

In Nigeria, not all SMEs have current accounts, particularly those whose monthly business transactions are less than N500,000.

You must know that CAMF is only charged on current accounts; savings accounts are unaffected. It should, however, be noted that some banking institutions secretly put a charge on savings accounts under the disguise of a card maintenance fee or cunning description. This is done once a month.

Current Account Maintenance Is Exclusive On Customer-Induced Transactions

One of the characteristics of a corporate account is transactions that customers cause. They are activities taken by the account holder on their performance.

The following fall under this category: cash outs, data purchases, transfers, direct debit orders, airtime purchases, and bill payments. The current account maintenance charge does not apply to some transactions, such as loan repayment.


The current account is the way for any entrepreneur who wants to run MSMEs or SMEs because it stamps a financial authority for the business. However, it is important to understand the current account procedural pattern of maintenance of banks before being their customer.

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How the Logistics Sector Can Improve On Payment Collection In Nigeria



How the Logistics Sector Can Improve On Payment Collection In Nigeria

How the Logistics Sector Can Improve On Payment Collection In Nigeria


The logistics sector in Nigeria continues to gather momentum, especially in the urban centers that are densely populated with people of varying demands. This business is a critical part of the supply chain as it collects, transports, and delivers products to customers. Hence making it a lucrative venture in Nigeria.


However, the advent of technology has amplified the logistics sector as it now tends to leverage digital tools to attract customers seeking to employ the service for product delivery to different parts of the country. This has increased online presence through websites and social media platforms like Instagram, Facebook, and X (Twitter).

How the Logistics Sector Can Improve On Payment Collection In Nigeria

Notably, the logistics sector already has a synergy with other sectors like the e-commerce industry, which is primarily populated by small and medium-scale enterprises (SMEs).


Therefore, its relevance becomes germane to fostering the customer experience of any business. This is because a timely delivery of products is the hallmark of any logistic business.


However, payment structure plays a significant role in the effectiveness and efficiency of the business as this propels it to pick up products and get them delivered to people. So, product delivery will always be delayed when a firm payment agreement between an SME and the logistic business is not met. While this can affect the reputation of the SME, it can also reduce the patronage of such logistics.


In light of bolstering the operation of the logistics sector in Nigeria, it is imperative to employ payment methods that are easy and simple to use such that it does not lead to delays that hamper related businesses. Therefore, Fincra has put in place sustainable payment innovation to boost the growth of the logistics business in the country.


Notable as one of the leading fintech companies in Nigeria, Fincra is a payment gateway committed to improving the payment strategy of different sectors in Nigeria, including the logistics business.


Ways Logistics Sector Can Collect Payments On Fincra


1. Virtual Account


Logistics businesses can create a naira (NGN) virtual account on Fincra, which enables them to collect payments from clients across Nigeria. This virtual account can be temporary in the instance of a one-off transaction or a permanent one, which can be used to collect payments like the local bank account.


This Fincra virtual account allows easy reconciliation and effective payment management for businesses and logistics.


2. Payment Link


There is a Fincra payment link that logistics businesses can quickly generate to collect payments from clients. This link can be customized and shared across various messaging tools – social media platforms and text messages. It includes all the necessary information, including the account details of the logistics business for their clients to make payment via bank transfer or cards.


3. E-wallet


This is using the Fincra wallet to collect payment by the logistic business. However, it is only conditioned that the other client has a Fincra account to facilitate this transaction. This is another effective way of collecting payments because it is simple and instant.


Therefore, logistics may need to create a Fincra account and encourage their clients to create the account to enable a seamless completion of payment without delay. This will be a win-win situation for both businesses.


4. Card Payment


This involves the use of credit or debit cards to make payments. As such, there is a Fincra POS terminal that logistics businesses can employ to collect card payments from their clients. This is a mode of agency banking designed by Fincra to increase the coverage for the payment system in Nigeria.


It facilitates an in-person transaction that ensures quick completion of payments between the logistics business and its clients.




Nigeria’s logistics sector is a booming economy, with many entities foraying onto the landscape. But as this sector continues to become competitive to stay afloat, it is important to adopt better payment strategies that would push the business to the fore of attracting more clients.


Fincra provides different options to collect payments for logistics businesses. You can take advantage of that when you create a Fincra account now.


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How E-commerce Businesses Can Build Trust With Fincra Payment Collection Methods In Nigeria



How E-commerce Businesses Can Build Trust With Fincra Payment Collection Methods In Nigeria

How E-commerce Businesses Can Build Trust With Fincra Payment Collection Methods In Nigeria


E-commerce is a burgeoning sector in Nigeria, with small and medium-scale businesses continuously entering the market to attract teeming online users who are potential customers. This can be owed to the widespread adoption of technology, which businesses are leveraging to grow sales.


Today, there is a proliferation of e-commerce platforms or stores across Nigeria designed to meet the purchasing needs of the larger Nigerian population. This has given rise to a competitive market with businesses adopting strategies that would give them a better position of generating and retaining leads (customers) in the dynamic business landscape.

How E-commerce Businesses Can Build Trust With Fincra Payment Collection Methods In Nigeria

There are many strategies e-commerce businesses employ in Nigeria and worldwide – from a user-friendly online storefront that is easy to navigate to a payment system at checkout. These are some significant factors customers consider to inform their buying decisions on an e-commerce platform.


We can not overemphasize the role of payment collection in e-commerce, as customers are always keen on ensuring that a system makes their payment at checkout seamless. This reinforces customers’ trust and confidence in completing their purchases on the e-commerce platform.


But, while bank transfers, card payments, and e-wallets are currently the popular methods of collecting payments in Nigeria, e-commerce businesses can harness different payment options on Fincra.


Payment Collection Methods On Fincra For E-commerce Businesses


Fincra is a leading fintech company in Nigeria that has become a trusted and reliable payment gateway for various business niches. As such, e-commerce businesses can use the payment options on Fincra or, better still, integrate with the payment API on the platform to ease the payment process on their respective platforms.


However, you can directly collect payments from customers across Nigeria on your Fincra account. You can achieve this with payment options that include:


  • Virtual account: this is a virtual naira account on Fincra that enables you to collect payment through bank transfers from your customers.


  • Payment link: there is a Fincra Payment Link, which is customizable – enabling you to share account details with product descriptions with customers on social or messaging platforms.


  • Direct API: this is a fully optimized payment system that provides a class array of different options on your e-commerce platform.


  • Checkout: a Fincra checkout can be tailored to your e-commerce platform, supporting your customers’ devices to provide an improved experience for your customers.


By and large, all these payment collection methods on Fincra are important to the payment strategy of any e-commerce business in Nigeria. They provide your company with a positive outlook to gain trust and confidence.


Benefits Of Payment Collection On Fincra By E-commerce Businesses


1. Low Fee


The fee is relatively low when you collect payments on the Fincra. It provides one of the industry’s best pricing such that you save more for your business while using the platform. This is with the understanding that the sole aim of business is to make profits. Therefore, Fincra is committed to maximizing your gains with its low fee structure on the platform.


2. Advanced Security


Fincra employs a state-of-the-art security system to keep your funds safe when collecting payments on the platform. It complies with industry standards to keep your financial information and funds from unauthorized access. Therefore, Fincra protects you from identity theft that could lead to a possible loss of funds.


3. Multiple Payment Methods


As a reputable payment gateway in Nigeria, e-commerce businesses can collect payment via different options that best suit them on Fincra. These are naira (NGN) virtual accounts, payment links, checkout, and direct API. Therefore, these make your business more trusted as you gain more customers.




People continue to use e-commerce platforms to buy their preferred products in Nigeria, even as others also offer a range of services. But the integral part of e-commerce is the payment system that is the best fit for customers. That is why these businesses need to use the various options on Fincra to collect payments in Nigeria.


You can create a Fincra account now to use different payment methods for your e-commerce business.


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AAS TOKEN (AAST): The Power of Early Cryptocurrency Investment



AAS TOKEN AAST The Power of Early Cryptocurrency Investment

AAS TOKEN (AAST): The Power of Early Cryptocurrency Investment

In the dynamic landscape of finance, one phenomenon has consistently captured the attention of risk-takers and forward thinkers alike — the world of cryptocurrency. Stories of astronomical gains and heartbreaking losses fill the digital realm, but amidst this volatility, a strategy stands out: investing in cryptocurrency at launch. This article delves into the advantages of being an early adopter, exploring the potential for substantial profits and the unique benefits that come with it.

AAS TOKEN AAST The Power of Early Cryptocurrency Investment

The First Mover Advantage: The undeniable perk of diving into a new cryptocurrency at launch is the first-mover advantage. Early investors gain exclusive access to potential gains before the wider market catches on. Securing tokens at lower prices paves the way for significant profits as the project gains traction and demand. This early entry positions investors at the forefront of groundbreaking digital currencies, offering a unique edge in the volatile crypto market.

Discovering Hidden Gems: Investing in cryptocurrency at launch opens the door to discovering hidden gems amidst the sea of digital assets. While established players like Bitcoin and Ethereum dominate headlines, emerging projects can provide unique features and innovative solutions to real-life problems. Being an early investor allows individuals to identify and capitalize on the next big thing before it becomes common knowledge, potentially reaping substantial rewards.

Timing the Market Waves: Timing is crucial in the cryptocurrency market, and investing at launch provides a unique opportunity to ride the initial market waves. As a project gains attention and momentum, early investors can strategically capitalize on price fluctuations, buying and selling to maximize returns. While navigating early market dynamics requires an understanding of volatility, the potential rewards outweigh the risks for savvy investors.

The Token Launch: A Privileged Opportunity: Introducing a token launch that presents a privileged opportunity for early investors. Pre-sale information is shared, including the dates (19th and 20th of November 2023) and the corresponding prices for each phase (15 cents, 20 cents, and 25 cents). The token’s total supply is highlighted as 10 billion, with 50% in circulation and the remaining 25% allocated for liquidity provisions, business development, and special projects.

Economics of the Token: A breakdown of the AAS token’s economic structure is provided, detailing the allocation of the 10 billion tokens. Categories include liquidity provisions, business development, special projects, an arbitrage system team, and marketing and operational costs. The reserve purposes are emphasized as a security measure, instilling confidence in potential investors.

Building a Long-Lasting Investment through AAST: The article emphasizes the advantages of being part of an early investment in the mentioned token through the AAS platform. The early investors are encouraged to sign up and leverage the potential benefits of being among the first to access the token when it hits the open market. The minimum registration amount is disclosed, and the article stresses the opportunity to earn a weekly return on investment.

Conclusion: In conclusion, the article is meant urges readers to seize the opportunity presented by the upcoming AAS token launch. Drawing parallels to the early days of Bitcoin and other successful cryptocurrencies, the author highlights the potential for substantial profits and the chance to be part of a revolutionary investment. The call to action encourages readers to subscribe, like, comment, and sign up for the AAS platform to embark on a journey of financial growth and success.

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