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Business Banking - Frequently Asked Questions

Business Banking

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The ASO Corporate Account allows sole proprietorship; private and public limited liability companies, NGOs and Religious organisations transact business and deposit funds in a secure and conducive banking environment.

Please view the Corporate Account Opening check list.

You can open a business account by visiting any one of our branches locations or online.

To add another signatory, customer must write the bank indicating this interest, thus a new mandate card must be obtained and completed with all the signatories (both new and existing) sign on.

We don't issue debit cards for Corporate Accounts with more than 1 signatory, However, if there is a sole signatory, we will produce a debit card UPON REQUEST.

Please contact us immediately to report a lost or stolen ATM card or visit an ASO Financial center. You can order a replacement card at the same time.

CBN'S KYC Requirement For DNFBPs

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DNFBP is an acronym for "Designated Non-Financial Businesses and Professions".

SCUML means Special Control Unit against Money Laundering and is charged with the responsibility of monitoring, supervising and regulating the activities of Designated Non-Financial Institutions (DNFIs).

CBN/EFCC have classed the following categories of businesses and professions as DNFBPs:

  • Dealers in Jewellery,

  • Dealers in Luxury Goods,

  • Chartered/Professional Accountants,

  • Audit Firms,

  • Tax Consultants,

  • Clearing and Settlement Companies,

  • Legal Practitioners,

  • Trust and Company Service Providers,

  • Estate Surveyors and Valuers,

  • Hotels and Hospitality Industry Businesses,

  • Dealers and Miners of Precious Stones and Metals,

  • Pool Betting, Casino and Lottery,

  • Supermarkets,

  • Non-Governmental Organizations,

  • Consultants and Consulting Companies,

  • Construction Companies,

  • Estate Agents, Dealers in Real Estate,

  • Importers and Dealers in Cars and Vehicles,

  • Dealers in mechanized farming equipment and machinery,

  • Practitioners of mechanized farming and any other business(es) as may be designated from time to time by the Federal Ministry of Trade and Investment or SCUML

Registration forms are available in the branches for onward submission at SCUML offices or can be downloaded via this link; http://www.scuml.org.

No, customers should process and collect their certificates at SCUML offices and forward same to their branches

  • Certificate of Incorporation.

  • Article and Memorandum of Association.

  • Tax Clearance Certificate (Not Applicable to NGOs).

  • Audited Financial Report.

  • Authorised Operational License (Not Applicable to NGOs).

  • Company/ Organization Profile.

  • Constitution (For NGOs Only).

  • Agreement Signed between the NGO and the National Planning Commission (For International NGOs Only).

  • Head Office: No. 1 Obosi Street off Ladoke Akintola Boulevard beside PHCN Garki II office Abuja. Tel: (234) 09 7806364 Website: http://www.scuml.org E-mail: info@scuml.org

  • Lagos Zonal office: 15, Awolowo Road, Ikoyi, Lagos State

  • Kano Zonal office: GP 360 Bida Road, Civic Centre, Kano State

  • Port Harcourt zonal office: 8, Bank Road, (off Moscow Road), Port Harcourt, Rivers State.

  • Enugu Zonal office: Plot 106 Federal Government college road, Independence Layout, Enugu.

  • Gombe Zonal office: No.4, EFCC Street, New G.R.A Gombe, Gombe State.

For more information, contact SCUML Registration Office on (234) 09 7806364 or visit their website on http://www.scuml.org or visit our branches

Dud Cheques

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A dud cheque is a cheque that is written for more than what is in the bank e.g. a cheque for N200 when the person only has N150 in the bank will bounce (be dishonored) ­ the cheque is a dud

Your bankers are required to send names of its customers who have issued up to three (3) dud cheques to the CBN. So if you issue dud cheques up to three times, ASO will be constrained to send your name to the CBN.

Yes, you do. The CBN requires that you give your bankers a written pledge that you will never issue a dud cheque. ASO has made this easier by creating pledge forms you can use for this purpose. Please see your Relationship Manager or branch Customer Service Officer for a copy of this form for your use.

Please avail yourself of the Dud Cheque Pledge Form available at any ASO branch, and online (on the downloadable forms section of the ASO website)

Yes there are. ASO will be constrained to send your name to the CBN who could then forward same to EFCC for further action.

The CBN's action is geared to support its Cash Lite policy and improve customer confidence in the use of cheques as a medium of payment.

 

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