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.
What Is Access Bank Trader Lite Account Or DBA Lite Account?
Access Bank DBA Lite Individual Account Vs Access Bank DBA Lite Business Account
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
- 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
Process For Upgrading DBA Lite Individual Account To DBA Lite Business Account
Access Bank DBA Lite Account Charges
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
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 |