For far too long, the conventional commercial banks did not work with their customers on issues that they faced. A lot of new business owners may know their craft, but are alien to concepts like banking, analytics, cash-flow projection, and credit. This had many small neo-businesses unable to connect with their banking styles and services.
For indigenous, struggling, but productive businesses who still manage to contribute up to 50% of Nigeria’s GDP despite the odds, that treatment from banks is tad underserved.
This necessitated the need for ‘neobanks’ like Brass. Launched in July 2020 by founders Sola Akindolu and Emmanuel Okeke, the Nigerian fintech startup – Brass has the vision to deliver seamless, flexible, analytical, accessible, enabling, and affordable banking services to Small and Medium Enterprises (SMEs) in Nigeria and beyond. They recently secured $1.7 million funding to facilitate their expansion into Kenya and South Africa.
This article highlights what exactly Brass Digital Bank is, how it works, how to open a Brass Account, what services are offered by Brass, and so many more.
What is Brass…and Why Brass?
Brass Digital Bank is a fully digitized new-age bank that provides simple current account services to Small and Medium Scale Enterprises (SMEs) with little or no account charges.
More importantly, apart from providing traditional banking services (in conjunction with Bancorp MFB & FCMB), Brass supports the businesses that they serve with commercial grade analytical tools and integrations that help business owners gain good view and control over their books.
How to Open a Brass Account
Speaking from firsthand experience, I’d say opening a Brass Account for a business is one of the easiest things you can do with your smartphone or PC. The sleekness and attractiveness of the platform makes the entire opening process very satisfying.
The account opening process can only be done by the proprietor or a director of the proposed business.
Entire time required to open/set up a Brass Account: 10 minutes
Here’s a step-by-step guide on how to create a Brass Account for your Small and Medium Enterprise (SME):
- Visit Brass’ Sign Up Page or
- Download Brass for your device here:
- Tap Open Account
- Enter your personal details (First name, last name, business name, email, phone number)
- Create your password
- Click Open Account
- A verification email is sent to your registered email. Verify the account using the OTP.
- Once done, enter the company type (LLC, NGO, Partnership, or Sole Proprietorship)
- Enter owner/director information
- Input the business documentation (BN/RC Number, TIN, utility bill, scanned copies of the CAC document)
- Review and Submit
What Services are Offered at Brass?
- Expense management
- Zero account maintenance current account
- Credit facilities
- Payroll services
- Third-party analytical service – Sage, Slack, Quickbooks, and Zapier
- Inventory management
- Create instant or scheduled payments
- ATM card services (issued by Sterling Bank)
- USD balance and transfer ..and so on
Frequently Asked Questions
Who can open an account at Brass?
Sole proprietorships, NGOs, partnerships, and Limited Liability Companies (LLC)
What do I need to open an account with Brass?
Your government-issued ID, BVN, contact details, and your CAC documents
What are the charges on Brass Current Accounts?
Brass runs a zero-charges current account for businesses. All transactions are done at 0.00. Although you’d still get to pay for SMS alerts because that is statutory.
Can Brass give me a business loan?
Yes. Brass rewards customers who are 6 months and above with access to credit facilities without collateral.
First time borrowers have a maximum tenor of 1 month, while returning borrowers may take a loan for a maximum of 3 months.
Is Brass safe?
Brass has Two-Factor Authentication (2FA) as an extra level of security after your password. You can connect your Brass account to OTP apps like Google Authenticator or Authy.
How can I contact Brass?
- Their physical officer is located at 21B, Modupe Odulami Street, Oniru, Lagos.
- Call 01-700-2000
- Email firstname.lastname@example.org or email@example.com or firstname.lastname@example.org
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