LENCO – Everything you need to know

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Sirmike Thursday, 19 September 2024, 10:53 pm

Lenco is a digital-only bank that provides current accounts for businesses in Nigeria. It was founded in 2021 by Solomon Ezoguan and is headquartered in Lagos. Lenco offers a variety of features that are designed to make it easier for businesses to manage their finances, including:

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Free current accounts with no monthly fees
Cashback on all monthly expenses
Expense management tools
White-glove customer support
Access to loans and other financial products

Lenco is currently available to businesses in Nigeria. It plans to expand to other African countries in the future.

Here are some of the key features of Lenco:

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Free current accounts: Lenco offers free current accounts with no monthly fees. This can save businesses a significant amount of money, especially if they have a high volume of transactions.
Cashback on monthly expenses: Lenco offers cashback on all monthly expenses. This can help businesses to save even more money.
Expense management tools: Lenco provides a variety of expense management tools, such as expense categorization, budget tracking, and expense approvals. These tools can help businesses to track their spending and stay on budget.
White-glove customer support: Lenco offers white-glove customer support. This means that businesses will have access to real human customer support representatives who are available to help them with any problems they may encounter.
Access to loans and other financial products: Lenco partners with a variety of financial institutions to provide businesses with access to loans and other financial products. This can help businesses to grow and expand their operations.

Overall, Lenco is a digital-only bank that offers a variety of features that are designed to make it easier for businesses to manage their finances. It is a good option for businesses that are looking for a free current account with no monthly fees, cashback on monthly expenses, expense management tools, white-glove customer support, and access to loans and other financial products.

What solutions does Lenco offer?

Lenco offers business banking solutions for startups, hotels, retail, logistics, and developers.

How can I open an account on Lenco?

You can open an account on Lenco by visiting their website and clicking on the “Open an Account” button. You will need to provide some basic information about yourself and your business, and you will also need to upload some documents. The entire process should take about 10 minutes.

What do I need to open a business bank account with Lenco?

To open a business bank account with Lenco, you will need a Certificate of Incorporation, Memorandum and Articles of Association (MEMAT), Form Co7, Form Co2, Tax Identification Number (TIN), information of all the directors of your business, utility bill of not over 3 months, SCUML, and a referee.

In Conclusion:

Opening a business bank account with Lenco requires several documents and information to be provided. These include a Certificate of Incorporation, Memorandum and Articles of Association (MEMAT), Form Co7, Form Co2, Tax Identification Number (TIN), details of all the directors of your business, a utility bill that is not older than 3 months, SCUML registration, and a referee. Once you have gathered all the necessary documents and information, the process of opening an account should take approximately 10 minutes.