LENCO – Everything you need to know
Lenco is a digital-only bank that offers business current accounts to startups and SMEs in Nigeria. It was founded in 2021 by a team of experienced bankers and entrepreneurs. Lenco’s mission is to make banking easier and more affordable for businesses.
Thank you for reading this post, don't forget to subscribe!What solutions does Lenco offer?
- Lenco Marine is a manufacturer of marine trim tabs, electric actuators, hatch lifts, switches, and the all new Auto Glide boat leveling system. Their products are designed to make boating fun, safe, and trouble-free.
- Lenco Technologies is a provider of banking and expense management solutions for businesses in Nigeria. Their products are designed to help businesses grow and succeed.
How can I open an account on Lenco?
- Go to the Lenco website or app.
- Click on the “Sign up” button.
- Enter your personal details, including your name, email address, phone number, and business name.
- Upload the required documents, which vary depending on your business structure. For example, if you have an incorporated company, you will need to upload your certificate of incorporation, board resolution, and directors’ identification.
- Verify your identity by taking a selfie and uploading a government-issued ID.
- Make an initial deposit of NGN1,000.
- Your account will be opened and you will be able to start using it immediately.
Here are the documents you need to open a Lenco account, depending on your business structure:
- Sole proprietorship: CAC Certificate, BVN, Utility bill, and passport photograph.
- Incorporated company: Certificate of incorporation, board resolution, directors’ identification, and passport photographs.
- Incorporated trustee: Form CAC IT/1, CAC/IT Number, information of two directors and two beneficial owners, utility bill, and passport photographs.
You can find more information on the required documents on the Lenco website.
Once you have submitted your application and the required documents, Lenco will review your application and approve or reject it within 24 hours. If your application is approved, your account will be opened and you will be able to start using it immediately.
Here are some of the benefits of opening a Lenco account:
- Free to open and operate: Lenco accounts are free to open and operate.
- No minimum balance requirement: There is no minimum balance requirement for Lenco accounts.
- Easy to use app: Lenco has a user-friendly app that makes it easy to manage your account on the go.
- Great customer support: Lenco has a team of customer support agents who are available to help you with any questions or problems you may have.
What do I need to open a business bank account with Lenco?
- A valid government-issued ID for the account holder(s)
- A utility bill or other document that proves your address
- A business registration certificate (if applicable)
- A Tax Identification Number (TIN) (if applicable)
- A proof of source of funds (for example, a bank statement or a recent payslip)
If you are opening a business account for a sole trader, you will need to provide your own personal ID and address documents. If you are opening a business account for a company, you will need to provide the ID and address documents of the company directors, as well as the company registration certificate.
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You can apply to open a Lenco business bank account online or in person at a Lenco branch. The online application process is quick and easy, and you can usually get your account approved and activated within 24 hours.
It is important to note that Lenco does not allow you to use your personal bank account to open a business account. You must have a separate bank account for your business. This is because a business bank account provides you with a number of benefits, such as:
- Separate finances for your business and personal expenses
- Easier bookkeeping and tax reporting
- Increased credibility with suppliers and customers
- Access to business-specific banking products and services
If you are a business owner, I recommend that you open a separate business bank account with Lenco or another bank. This will help you to keep your business finances organized and compliant, and it will give you access to the benefits that a business bank account can offer.
How can I download the Lenco app?
On your iPhone or iPad:
- Open the App Store.
- Tap on the search bar.
- Type in “Lenco” and tap on the search icon.
- Tap on the “Lenco Mobile” app.
- Tap on “Get” to download the app.
- Once the app is downloaded, tap on “Open” to open it.
On your Android device:
- Open the Google Play Store.
- Tap on the search bar.
- Type in “Lenco” and tap on the search icon.
- Tap on the “Lenco Mobile” app.
- Tap on “Install” to download the app.
- Once the app is downloaded, tap on “Open” to open it.
Here are the links to the Lenco app on the App Store and Google Play:
- App Store: https://apps.apple.com/us/app/lenco-mobile/id1571311372
- Google Play: https://play.google.com/store/apps/details?id=co.lenco&hl=en_IE&gl=US
In Conclusion:
by following these steps, you will be able to easily download and open the Lenco Mobile app on your Android device. Simply access the Google Play Store, search for “Lenco,” select the “Lenco Mobile” app, and install it. Once the app is downloaded, open it to start enjoying its features and functionality. Additionally, for those using Apple devices, the Lenco app is also available on the App Store, and the provided link will direct you to its download page.
