Top 10 digital banks in Nigeria
Read all about the top 10 digital banks in Nigeria.
Digital banks offer banking services online, without any need for a physical establishment. You can perform all banking transactions from your device, including transfers, bills payment and many more.
The main aim of digital banks is to digitalize the entire banking process; it is completely different from internet banking.
Since digital banks don’t operate any physical establishments, they can offer higher interest rates on savings and lower fees on banking transactions.
These digital banks are regulated by the central bank of Nigeria, so you are definitely safe leaving your money with them.
In this post, I am going to be writing about all you will need to know about the top 10 digital banks in Nigeria.
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Let’s get into it then…
Kuda bank is Nigeria’s first mobile only bank that is licensed by the central bank of Nigeria. Kuda bank comes in with many amazing features, like zero card maintenance fees, free transfers, automatic savings and more.
Kuda bank started some few years back as Kudimoney, their aim was to solve the numerous problems that users had with traditional banks.
They later changed their name to Kudabank, and grew their team to help them achieve their goal.
Kuda bank is registered and licensed by the Central bank of Nigeria (CBN) and their registration number RC796975. It is headed by CEO Babs Ogundeyi.
Kuda bank is mobile first and they have no physical bank to carry out transactions. This means that all its transactions are carried out on mobile.
Vbank is like a virtual bank or digital bank, this means that there is no need for any physical transactions and you don’t need to go to any banking halls.
On Vbank, a virtual account is opened for you and you can carry out all transactions that a traditional bank offers to you.
The benefits of using the V bank app are:
- Zero transaction charges. Much about this will be discussed in the later part of this article
- You do not necessarily need ATM card to withdraw money which means you also will not be charged card maintenance fees.
- Competitive interest rates on savings
- Flexible fixed deposit
- Cardless withdrawal
- Payment of bills
- Budget planning
- Target savings
- Biometric security
- V bank allows its users to track their expenses and income, group budgets, and set spending limits.
Mintyn digital bank
Mintyn Account is provided by Finex Microfinance Bank Ltd. Finex Microfinance Bank is licensed by the Central Bank of Nigeria.
All deposits are insured by the Nigerian Deposit Insurance Corporation (NDIC). Mintyn card is issued by Providus Bank under license by MasterCard.
To register/sign up on Mintyn, you will need to download the app and register with your details. In a few minutes, you can have a Mintyn account.
A Mintyn account needs no paperwork to get you started. In a few simple steps, you’ll be all set to go.
Sparkle was created by the former CEO of Diamond bank, now part of Access bank; Uzoma Dozie. Sparkle has a personal and a business account. With the personal account you get a debit card, an expense tracker, customizable saving, as well as bill payments and the usual banking functions.
For the Sparkle business account, you’ll be able to keep track of inventory, send out invoices to your customers as well as analyze your payments. You can also manage your taxes too.
Rubies bank lets you create virtual dollar cards when you sign up with them. It is one of the few digital banks in Nigeria that lets you manage recurring payments. Rubies other features include savings and investment services, as well as the ability to requst for money/send invoice.
Rubies is available on Andriod & iOS
Fundall is a digital bank in Nigeria that allows you to easily budget, plan, save, invest and pay bills. You also get access to lending and insurance services on this platform as well as estate planning (wills and trust) services.
Fundall also has an AI bot that acts as a personal wealth manager for its users.
Fundall is available on Android and iOS.
ALAT is a digital bank in Nigeria that is run by a traditional bank (WEMA Bank). ALAT claims to be the first digital bank in Nigeria. Just like most digital banks, ALAT offers free debit cards delivered to you. They also offer virtual cards too.
ALAT also allows you to save alone or in groups. You can perform the usual banking transactions as well.
goMoney is a digital bank in Nigeria that allows it users to simply send money, receive money, send payment requests, send payment reminders, and share payment receipts.
A goMoney account also allows you to split payments with friends or anyone.You also get physical and virtual cards when you open a goMoney account.
The goMoney app also tracks your expenses and spending and keeps you up to date with your financial reports.
Eyowo is a digital bank in Nigeria that allows you to send, spend, receive, save and borrow money with just your phone number. You can also create virtual dollar cards on Eyo for online shopping.
Eyowo also offers loan at zero-interest rates.
Mint is a digital bank that wants to give more Nigerians control of their money. With Mint as your bank, you can set spending limits on your account, lock your card, create virtual cards and fund them and also set recurring payments.
Mint bank also allows you to create a current account with just N2000 in your account.
Mint is available on Android and iOS.
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