Last Updated on January 19, 2023
We all know the hassle and stress we sometimes go through when we have to go to a bank branch in Nigeria to sort out issues. It’s why a lot of people detest having to go to a physical bank branch in Nigeria. Meanwhile, there’s a new type of bank that offers a better banking experience to Nigerians. These banks are called digital banks.
Digital banks in Nigeria are also called online banks, neobanks as well as internet-only banks.
These types of banks do not have bank branches or halls. They have no physical infrastructure, unlike traditional banks.
These digital banks in Nigeria tend to be better at the things traditional banks in Nigeria are bad at. Like lesser or no transfer fees and great customer service. Instead of focusing on bank branches, there is a more laser focus on apps websites and digital channels.
It’s easy to confuse digital banking with internet banking or mobile banking.
With internet or mobile banking, you can perform most transactions remotely either through the internet (internet banking) or through a mobile app or USSD services. Which can be used offline.
While digital banks the entire banking process for a digital bank is done entirely online.
Also See: Best Domiciliary Account in Nigeria
If you’re tired of using a traditional bank and are considering using one of the digital banks in Nigeria then you should read on as we analyse and summarise the features of the best digital banks in Nigeria currently.
List of Digital Banks in Nigeria 2023
Here’s a list of the best digital banks in Nigeria right now:
1. Kuda bank
Kuda bank is a digital bank that claims to be the bank of the free. It is a bank in Nigeria free of the usual transfer fees and charges that a typical bank in Nigeria charges.
Kudabank offers a free debit card when you sign up for the app, delivered to you for free. You also dont pay for any card maintenance.
Allows you to create smart budgets and a savings account where you can earn 15% every year. You also get 25 free transfers every month on the Kuda App.
Kuda is available for Android and iOS.
Also See: Best Money Saving Apps in Nigeria
2. Sparkle Digital Bank
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 savings, 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 analyse your payments. You can also manage your taxes too.
3. Vbank by VFD
You can open a V Bank account in under 2 minutes. A V bank account lets you do your budgeting and perform any banking function.
You can open a V bank account through the V bank app with just your Phone number and BVN.
Also See: Best Bank Loans in Nigeria Without Collateral
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 request for money and send invoices.
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.
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 loans at zero-interest rates.
7. Mintyn Digital Bank
Mintyn (Formerly Mint) is a digital bank that wants to give more Nigerians control of their money.
With Mintyn 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.
Mintyn bank also allows you to create a current account with just N2000 in your account.
Mint 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.
You also have access to instant loans if you’re an ALAT user.
Checkout: Best Bank Loans in Nigeria without Collateral
goMoney is a digital bank in Nigeria that allows its 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.
See: Best Investment Platforms in Nigeria
Kredi is another promising digital bank in Nigeria that allows you to perform financial transactions from anywhere.
WIth the Kredi app, you can perform all types of banking transactions, save as well as access loans.
Umba is a digital bank in Nigeria that’s looking to help Nigerians move on from traditional banking. An Umba account can help you with all your banking needs.
You can pay bills, send money, get a loan and cash back with a Umba account. Umba also offers unlimited free transfers to Umba users.
When you spend using Umba you also earn up to 5% cashback on every bill you pay, and N500 when you refer a friend.
Digital banks in Nigeria are offering a new way to bank. And more and more Nigerians are embracing them every day. If you dont have a digital bank account you should definitely open one. You dont need to close your normal bank account. You can have the best of both worlds
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