The main aim of digital banks in Nigeria is to digitalized the entire banking activities, however, it completely different from internet banking.
Unlike traditional banks in Nigeria, they offers internet banking, that is, they provide mobile apps to manage all you banking activities on the go, which is kind of similar to digital banking that all its activities are done online, starting from opening of account, verification of your identity, getting ATM card, performing transactions and many more. You do not need to go to any physical location or office to access your account.
Also Read: Ultimate Guide to Use the Eversend App
Since digital banks don't possess any physical location (all activities are done online), they can offer higher interest rate on savings account and lower fees on banking transactions.
What can you do with Digital Banks?
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With Digital Banks, you can perform all kind of banking activities from your smartphone including transfer, bill payment (airtime top up, data top up), order ATM card, request statement of account, lend a loan and lots more.
These Digital Banks are regulated by Central Bank of Nigeria and deposits are insured by Nigeria Deposit Insurance Corporation, NDIC. So you are safe keeping your funds with digital banks in Nigeria.
Also Read: Ultimate Guides to Use the Eversend App
However, in this article, I have discussed the list of best digital banks in Nigeria. Remember to leave a comment after you finish reading and do more by sharing this article anywhere in the world.
Top 10 Digital Banks in Nigeria
1. Kuda Bank
Kuda Bank is owned by Kudi Microfinance Bank. It is a registered company with the registration No. Rc796975. The bank was first know as Kudimoney and later rebranded to Kuda.
Kuda is Bank of the free. That is, they offers their services for free. They offer free atm card, free transfer and Kuda doesn't charge for card maintenance.
Additionally, Kuda bank allow you to open an account in minutes. No paperwork is required, you will also be given an account number, free debit card and no fee will be charged when you make a withdrawal.
There are many more features in the Kuda mobile app such as savings, loan and budgeting. The app is available for download at Google play store for Android users and iOS app store for iPhone users.
Learn more about Kuda, know more about Bank of the Free.
2. ALAT
ALAT claimed to be the first digital bank in Nigeria. Don't get me wrong. Kuda happens to be the first mobile- only bank not first in the digital era.
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Just like most digital bank in Nigeria, ALAT offers free debit card deliver to your door step. They also offer virtual card that can be used to purchase anything online (online shopping). In conclusion, ALAT allows you to perform the usual digital banking transactions as well.
Download ALAT app here >>> for Android users and for iPhone Users.
Learn more about ALAT Digital Bank.
3. $Abeg
I can call this a digital bank too because all its activities are done on line via its mobile app.
Just like CashApp, $Abeg app works by using a special cash tag (Abeg tag) assigned to your account to receive fund from another Abeg user. Deposit can be done via your local bank account or mobile payment.
The digital bank is a baby company to Abeg Technologies which was founded in 2019.
Abeg App is available on both Android app store and iOS app store.
4. Rubies Bank
This digital bank offers current account, savings account, investment, money request, business banking and virtual cards.
Rubies offers zero-fee banking targeting businesses and most especially SMEs and Fintech companies.
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Additionally, Rubies bank let you mange recurring payment, ability to request money and ability to send invoice.
Rubies is available on Google playstore for Android users and iOS app store for iPhone users.
5. OneBank
OneBank is a digital bank that let you make use of your account immediately you register - make payment, invest and borrow money via its mobile app. The bank also offer business loan of up to 5-millions Naira - No collateral, No paperwork.
Other features you can access on OneBank are ability to pay bills such as airtime and data top up, opportunity to daily contribution (called Ajo scheme), and lots more.
OneBank mobile can be accessed on both Playstore and App store.
6. Vbank
Vbank is a digital bank that offers free virtual account for her customers. This account can perform all activities that a traditional or local bank offers.
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The Vbank mobile app comes with many benefits. Is it to talk about the zero transactions charges they offers, or about the zero card maintenance charges.
In the app, you can also do Cardless withdrawal, pay for bills, do budget planning, target savings and additionally, set up biometric for stronger security.
Lastly, vbank digital bank allows it users to track expenses and income, group budgets and set up spending limits.
Vbank app is available on the Google play store and iOS app store for easy download.
Learn more about Vbank.
7. Sparkle
Sparkle offer free personal and business account for its users. For the personal account, normal banking activities are offered. And for the business account, you'll be able to keep track inventory, send out invoice to your customers, as well as analysis your transactions history.
Other features/activities that are available on sparkle app are ability to pay bills, view transactions history, send money, block ATM card, do cashless withdrawal etc.
Download the Sparkle mobile app on Google Play Store or Apple app store.
Learn more about Sparkle Digital Bank.
8. Mintyn
The Finex Microfinance Bank is licensed by Central Bank of Nigeria and deposition is insured by NDIC - Nigeria Deposit Insurance Corporation.
Mint bank card is insured by providus bank licensed by MasterCard.
To register or sign up on Mint doesn't require any paperwork. All you need to do is download the My-Mint-App on Google playstore for Android users or iOS app store for iPhone users.
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Mint Digital Bank offers it users current account, personal savings account, with some amazing features like personalised money tracker, scheduled transfer, instant loans, mutual funds at 30.5 percent per annual and lots more.
9. Fundall
However, on Fundall App, you can easily get access to lending and insurance service, plus estate planning [wills and trust] service.
The digital bank provide a AI bot that act like personal-wealth manager for its users.
Fundall is available for download on Google play store or iOS app store.
Learn more about Fundall Bank.
10. Eyowo
Eyowo digital bank offer loan at zero interest rate. They also offer a free virtual card on Eyowo app for online purchases.
Eyowo app is available on Playstore and App store.
Conclusion: Best Digital Banks in Nigeria.
Thanks for reading my Top 10 banks in Nigeria. Please do more by sharing this article anywhere in the world. Best regard.
