Finance

Access Bank Trader Lite Account

Access Bank Trader Lite Account is the topic of today’s discussion. In today’s article, we’re going to discuss What Access Bank Trader Lite Account Is, How to set up an Access Bank Trader Lite Account, the Documents, and Requirements For the Trader Lite account, and many more.

Access Bank is on a mission of changing the narration of the digital loan in Nigeria by making loans available to Nigerians in other to improve their business. You might be wondering what this trader lite account is all about and how it works. Don’t worry, just keep reading to find out more.

The Access Bank Trader Lite account is also known as the DBA LITE account which was introduced by Access Bank in other to increase access to digital loans in 2022. Ever since the trader lite account was introduced, customers of access bank have been talking about it.

As the demand for digital loans in the country keeps increasing, Access Banks decided to introduce the DBA Lite Account to curb this and increase access to digital loans for new and existing businesses in Nigeria.

The executive director, retail baking of Access bank in the person of Mr. Victor Etuokwu. Made the announcement of the DBA Lite account during their last conference. 

During the Conference, Mr. Victor Etuokwu announces that Access Bank disburses an average of 12 to 13 billion Naira every month to its customer. In his speech, he mentioned that the bank controls over 60 percent of the digital loan landscape in Nigeria and this is one of the reasons the bank needs to do more. With this new development, Access Bank plans to increase its digital loans to  200 Billion Naira at the end of 2022 with the launch of the DBA Lite for youth entrepreneurs.

Access Bank Trader Lite Account


What Is Access Bank Trader Lite Account Or DBA Lite Account?

The Access Bank Trader Lite Account or DBA Lite account is a new type of account that was introduced by Access Bank to enable Small Medium Enterprise or Micro businesses to have access to digital loans so long as their business is able to generate from N50,000 to 1 Million Naira on a monthly basis. This account allows these businesses to operate their business with their registered business names. The whole idea why access bank is advocating that those small businesses should take the DBA Lite into consideration is to ensure that they contribute to the growth stimulation process of the Nigerian economy by supporting new and existing businesses.
With this new development, Access bank is trying to create a bridge that links the bank and its customer in other to build a relationship that is beyond the customer and bank relationship which can lead to a long-lasting partnership.
The DBA Lite which is a variant of the Access Bank Trader Lite Account is a business solution that the bank is using to target existing and prospective young entrepreneurs in Nigeria who are within the age range of 18-35 years. 

The DBA Lite account is also an avenue through which the bank connects entrepreneurs to potential investors who will like to invest in their business or ideas. The whole idea of the DBA Lite is to add value to these existing businesses.
Access Bank also promises young entrepreneurs who sign up on the DBA Lite business solution, access to digital loans, payment acceptance services of a bank like SwiftPay, and also join the entrepreneurial and networking community of other subscribers. They’ll also stand a chance to enjoy exclusive access to first-hand information and training as well as business registration for those who want to establish their business among other value propositions.
With the high success and breakthroughs, Access Bank has achieved over the years with other business support programs they introduced, such as women entrepreneurs and other SMEs, the bank is ensuring that it focuses on the young entrepreneurs, who need support to drive their businesses to another level. 

Access Bank DBA Lite  Individual Account Vs Access Bank DBA Lite Business Account

The DBA Lite individual Account and DBA Lite Business account are two different accounts. As the name implies, one is for business and the other is for individual use. These two accounts both have separate requirements for opening an account. If you want to open any of these accounts then you need to ensure you meet the requirements listed below.

Documentation requirements for DBA Lite Individual are:

  • Completed account opening form
  • Completed signature specimen form
  • 2 recent passport photographs of each authorized signatory
  • Valid Identification i.e. international passport, Driver’s license, National ID card
  • Proof of address (e.g., recent utility bill, rent agreement or rent receipt)
  • Bank Verification Number of signatories
  • Required minimum account opening amount
  • Important information form (T&C form).


Documentation requirements for DBA Lite Business are:

  • Completed account opening form
  • Completed signature specimen form
  • 2 recent passport photographs of each authorized signatory
  • Valid Identification i.e. international passport, Driver’s license, National ID card
  • Proof of address (e.g., recent utility bill, rent agreement, or rent receipt) Bank Verification Number of signatories
  • Tax Identification Number (TIN)
  • 1 reference form
  • Special Control Unit Against Money Laundering (SCUML) certificate (if applicable)
  • Copy of form CAC/BN/A1-form of application for registration of business name
  • Copy of certificate of registration of business name (original to be sighted
  • Proof of address of business premises (e.g. recent utility bill, rent agreement, or rent receipt)
  • Required minimum account opening amount
  • Important information form (T&C form).


The Features Of the DBA Lite Account

The DBA Lite account comes with amazing and beneficial features such as;
  • It gives you direct access to business loans
  • It gives you access to finance
  • You get to have access to payment acceptance services such as Swiftpay
  • It comes with less documentation
  • The service is very affordable
  • The service is super convenient
  • You get to have premium  access to the available market


Things You’ll Get From DBA Lite Account

  • Access to information, training, business courses, and much more on SMEZone
  • Make payments and cash withdrawals on any POS or ATM with a business debit card  
  • Build an online business presence for as low as ₦15,000 with the access bank discounted website service  
  • You’ll get to register your business name at a discounted fee
  • Access to finance at your fingertips through  Cashflow loans by Access or Quickbucks
  • Conveniently receive payments for your business sales on Instagram, Facebook, WhatsApp via the Access Swiftpay – To sign up, please click HERE  


How To Get A Loan As A DBA Lite Account Holder

For you to get access to a digital loan as a DBA Lite account holder, you’ll need to contact your account officer, any lending officer, or contact center by visiting any Access bank Branch close to you.

Process For Upgrading DBA Lite Individual Account To DBA Lite Business Account

The process of upgrading an existing DBA Lite account is pretty easy and straightforward. For you to upgrade your account, you’ll need to visit the bank and make a request for an account upgrade which you’ll need to provide all required documents.

Access Bank DBA Lite Account Charges

Here are the fees and charges for a DBA Lite account. These features can be changed anytime. You can always visit the official website of Access Bank for any changes.

DBA Variant  Opening Balance  Operating Balance  Monthly Fixed Charge  Monthly Debit Turnover Limit  Penalty for exceeding Monthly Debit Turnover Limit 

DBA Basic 

₦10,000 

₦5,000 

₦2,000 

₦4million 

0.3% 

DBA Growing 

₦20,000 

₦10,000 

₦4,000 

₦12million 

0.3% 

DBA Established 

₦35,000 

₦25,000 

₦7,500 

₦50million 

0.3% 




Core Features Of DBA Lite Business Account And Individual account

Below are the core features for both the individual and business DBA Lite account
 

Features

DBA Lite Individual

DBA Lite Business

Min Opening Bal

N5,000

N10,000

Min. Operating Bal

N2,000

N2,000

Monthly Fixed Charge

N75

N75

Segment Monthly Debit Limit

N1million

N1million

Penalty Charge

0.1%

0.1%

References

N/a

1




Why You Should Use DBA Lite Business Or Individual Account

These two accounts will support you tremendously in moving your business to the next level. Make sure you follow the article properly to understand the benefit of this account for your business and take advantage of it.

Conclusion

To get more knowledge on Access Bank DBA Lite account. Visit the official website of Access Bank to find out more.

I believe you now understand what an access bank trader lite account is and what the DBA Lite account is both for individual and business accounts.
If you have any questions or inquiries, you can drop them in the comment section. We’ll try and respond to them as fast as we can.
If you find this article helpful, don’t forget to share it on social media. This will encourage us to write more helpful and informative articles.


About the author

Mathias Amodu

Mathias Amodu, NIRA Award winner (Youth Dev), Quickteller Ambassador, Web designer, Blogger, son, and a business Man.
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