Top digital banks in Nigeria

The banking industry has adopted new and creative business practices as technology develops. In most nations, digital or challenger banks are the newest trend. They dominate markets in the United States, the United Kingdom, Canada, and Nigeria by giving clients favorable deals.

These online banks in Nigeria provide the same banking services for lower or no cost, with superior customer service and an emphasis on innovative goods and features, in contrast to the country’s conventional brick-and-mortar banks. Here are several digital banks you may join if you live in Nigeria.

If streamlining your financial portfolio is one of your goals for the year, you may be considering digital banks to save money and time while wondering whether one is the ideal replacement for your pricey and inconvenient conventional checking account.

Kuda

A digital bank headquartered in Lagos, Nigeria, is called Kuda bank. Babs Ogundeyi and Musty Mustapha established this Central Bank-licensed microfinance bank to assist its clients in receiving the greatest banking services without paying exorbitant fees.

The Kuda Card, a free debit card with no management fees, is one of the core characteristics of Kuda. After you sign up, the Bank will provide you with the card free of charge, and you may use more than 3,000 ATMs to obtain your money without paying any further fees.

You may also transfer money via the Bank without providing an account number. Using a payment link, you may send quicker transfers to anybody with a smartphone. Your funds are secure at the Bank since the Nigerian Deposit Insurance Corporation insures all deposits (NDIC). Additionally, Kuda offers a Fixed Savings plan that allows you to lock down large amounts of money and earn up to 15% yearly interest.

Online banking services are provided via digital banking. You may conduct financial transactions online with digital banks without going to a physical bank. In Nigeria, digital banking is becoming more popular, and many of these services provide sweet perks that you would not receive from traditional banks.

Rubie

Rubies provide fantastic digital banking services for both individuals and businesses. Customers may access Rubies’ fantastic offers via a highly user-friendly app that is accessible for Android and iOS.

They are well-regarded and dependable. You are free to choose your account number when establishing an account. This will enable you to alter the appearance of your account number. Consider using your birthday, phone number, or any other special number.

Mint

Nigerian-based Mint is an online bank. Finex Microfinance Bank Ltd, a Central Bank of Nigeria license, offers the Mint account. Various products are available from this Bank, including current and savings accounts, low-interest loans, and a customized money tracking system.

A current account has no ongoing maintenance or transaction costs once it is opened. You can choose the goal-based savings plan with the savings accounts and start earning 36.5 percent interest. Your deposits must be kept secure at all times. The NDIC insures all deposits.

Nigeria’s first full-service digital Bank is called  ALAT. This Bank was established in 2017 and is founded and run by Wema Bank. In Nigeria, Wema was the first organization to offer mobile banking in 2011, and a few years later, the first digital Bank completely upended the market.

Creating an account only requires a short amount of time. The only information the Bank requires is your phone number, BVN, full name, and address. They offer a high-interest rate on savings accounts and the Savings Goal feature, about three times that of a typical bank. You can enroll in automated savings plan to receive 10% annual interest.

When customers open an ALAT account, they are also given a complimentary virtual dollar card. You can use this feature to convert your Naira to dollars at any chance to make payments or buy goods. If you already have one, you can easily fund your ALAT account from another bank, your savings, or a Wema Bank current account directly from the app to make transfers and payments.

Rubies

You may request the cash from someone using the money request tool. Your account will be credited as soon as you make the request and they approve it. Additionally, you have the authority to reject, accept, or blacklist requests made to your account. Setting goals requires access to a savings account. It offers adaptable strategies that let you keep track of your objectives.

The Rubies debit Naira card is free for payments and ATM withdrawals. One may be ordered using the app. You may also ask for a virtual dollar card to use for purchases and transactions digitally.

Eyowo

The Eyowo digital bank was introduced in Lagos, Nigeria, in 2019. Customers of this Bank may transfer, receive, save, spend, and borrow money using simply their phone number thanks to special features. Creating an account is simple; you only need a phone number.

Customers may also take advantage of the Bank’s very unusual zero-interest loans. Customers may use digital cards from them as well while purchasing online. These cards may be useful for micro, small, and medium-sized businesses.

 One Bank

Sterling bank owns and runs One Bank, a fully digital banking service. Once registered, you may use the app to accept transactions rapidly, make investments, and take out loans.

One Bank offers a variety of accounts, such as the Classic and Domiciliary current and savings accounts, TrybeOne for college students, and Kia Kia accounts for those without identification or other supporting papers. In the I May Save account, parents can save money mainly for their children.

The Bank also provides no-documentation and collateral-free credit facilities for up to 5 million Naira.

VBank

A digital bank headquartered in Lagos, Nigeria, is called Vbank, sometimes known as V by VFD. It is owned by the VFD Group member VFD Microfinance Bank. The Bank provides people and companies with a wide range of products, including fixed savings, quick loans, and cardless withdrawals.

Customers of Vbank receive a monthly interest on their savings, and no fees are associated with transactions or account maintenance.

Users may make between N30K and N2m per month by sharing a referral code with their network using a tool like Veelage. Your profits rise as more accounts utilize this code. One of the best-fixed account interest rates in Nigeria is offered by Vbank. Customers might receive up to 14% interest on their deposits from them.

The V Target Savings alternative is another choice. With this savings account, the Bank will match 20% of your first contribution toward the specified target amount and give an annual interest rate of 8% compounded.

The Bank has also just launched a new facility for spouses or consumers who want to save money jointly called a joint account. You can have numerous cards for the same account with the V Joint Account or multiple operators for the same account.

Umba

Nigeria’s Umba is a digital bank that aims to assist its citizens in abandoning traditional banking. Your whole banking needs may be met with an Umba account.

With an Umba account, you may send money, pay bills, borrow money, and receive cash back. Additionally, Umba provides consumers with limitless free transfers. Additionally, when you use Umba to make purchases, you can receive up to 5% cashback on every bill you pay and N500 when you recommend a person.

Sparkle

Uzoma Dozie, the former CEO of Diamond Bank, now a division of Access Bank, founded Sparkle. Sparkle has a corporate account as well as a personal account. You receive a debit card, an expenditure tracker, customized savings, bill payments, and other standard banking features with the personal account.

You may manage your inventory, issue bills to your clients, and examine your payments with the Sparkle business account. You may control your taxes as well.

goMoney

Nigerian customers of the digital bank goMoney may easily send and receive money, request payments, send notifications for payments, and share payment receipts.

Splitting payments with friends or anybody else is possible with a goMoney account. When you create a goMoney account, you also receive real and virtual cards. The goMoney app also maintains tabs on your spending and costs and updates you on your financial statements.

 Fundall

In Nigeria, Fundall is a digital bank that makes it simple to set up a budget, make plans, save money, invest, and pay bills. You may also access finance, insurance, and estate planning (wills and trust) services on this platform. Additionally, Fundall features an AI bot that serves as its users’ money manager.

Are digital banks safe?

Online banking is secure, yes. An online bank will provide the same protection as a nearby FDIC-insured bank as long as the Federal Deposit Insurance Corp. FDIC covers and protects each customer’s accounts up to $250,000.

Banks with free transfers in Nigeria

Kuda 

You can make as many transfers as possible on Kuda with no charges. After you sign up, the Bank will also provide you with the Kuda card free of charge, and you may use numerous ATMs to obtain your money without paying any further fees.

GoMoney

You can transfer without charges and download receipts virtual and physical debit cards by making use of the GoMoney digital banking . Also you can easily share bills and fix a one-off or recurring payments of bills.

Eyowo

Eyowo digital allows you make transactions such as sending and receiving  payment of bills, withdrawal, creation of digital cards,  collection of loads and you can also check your account balance without any charges

Carbon 

With Carbon digital bank, you can have access to loans with no collateral, purchase data and airtime and pay your bills with no extra fees , g

Fair money

Fair money also charges zero feed go every transfer you make and they also provide instant to customers loans with no collateral required 

Standard chartered digital bank

Another digital bank that allows you to make transfers with zero fee is the Standard Chartered digital bank, you can also make other transactions.

Conclusion

Nigerian digital banks are providing a new method of banking. And each day, so many more Nigerians are accepting them. You should create a digital bank account if you don’t already have one. Your regular bank account does not need to be closed. The finest of all worlds is possible.