An outcome of the rise of Nigerian fintech has been the emergence of fully digital banks. These platforms make basic banking services accessible to their users—savings accounts, debit cards, interest on deposits, transfers, and more.
They have an edge over traditional, physical banks in at least one respect: they let you do banking from wherever you are, saving you the stress of journeying to an actual bank hall. And they often come with lower or no maintenance fees.
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If you would like to enjoy these benefits, here are seven of the best digital banks in Nigeria that you can choose from.
Rubies
Nairametrics
Rubies promises a “twenty-first-century banking experience”; its range of services suggests that this is within its reach. On the Rubies app, you can set up and operate a savings or current account, transfer funds to other banks, send and receive requests for money, send invoices, and pay bills.
Users can get a naira debit card for free, set their accounts to run as they like, and grow their money by investing. They can also make money by inviting others to use the app; they’ll get 50% of the transaction fees paid by their invitees.
Businesses that choose to bank with Rubies may enjoy extra services such as payment collections, accounting software, and a payroll system.
Kuda
TechCrunchKuda styles itself as the “bank of the free”, a digital financial institution that helps its customers make the most of their money with no strings attached.
The bank provides customers with a free debit card, smart budgeting for spending, insights into expenditure, free transfers, and up to 15% interest on savings held with it. Savings target may be set for daily, weekly, or monthly.
What’s more, Kuda has a partnership with Payoneer that allows its users to receive international business payments with their accounts.
V Bank
Make Money NG
You can open a V Bank account in just two minutes with your phone number and BVN. This gives you access to multiple benefits, including card withdrawals, bill payments, budgeting and expense-monitoring, cardless withdrawal, and target savings. There’s room for investing your funds too.
Businesses that use V Bank can get loan facilities for salary payments, overdraft facilities for staff, and loyalty rewards of up to ₦2 million.
The V Bank app has a biometric login feature that secures the user’s account and reduces the chances that it’ll be broken into by a third party.
Sparkle
Naija Tech GuideSparkle presents as a lifestyle and finance platform, meaning that it caters to a broad set of everyday needs.
You can open a bank account on the Sparkle app in minutes; all that’s required are your BVN, email address, and phone number. The app allows you to send and receive money, fund your account through a debit card, see how much you’re spending daily or monthly, set savings goals, and request money from people you know.
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With the Sparkle card, you can make purchases online or in-person. And if you’d rather have virtual cards, Sparkle offers those as well.
ALAT
Technext NG
Powered by Wema Bank, ALAT self-identifies as Nigeria’s first fully digital bank. They offer the basics you would expect of this type of platform—a bank account, automated savings, plainly stated charges and free bank cards.
ALAT users are able to schedule bill payments and transfers, control their bank cards from their phones, and get a virtual dollar card for online payments. They also receive up to 10% annual interest on their savings.
If you need a loan, you may apply for one on ALAT. Collateral-free loans of up to ₦2 million are available from them. You don’t need to send in paperwork or visit a physical location to get the loan.
Eyowo
MediumEyowo lets you save, send, receive, and spend money on a single compact platform. You can even borrow money at a zero interest rate. These services are accessible via its mobile or web app or using its dedicated USSD code.
If you need to pay for internet, electricity, or cable TV subscriptions, you can do so with Eyowo. You even get to send money to people on their phone numbers. And if international shopping is your thing, you’d enjoy using the Eyowo dollar card.
Money held on Eyowo is protected by security features like two-factor authentication and 256-bit encryption.
Mint
Mint’s banking services cover personal banking, SME banking, corporate banking, e-business solutions, savings and current account opening, and bank cards.
Users may fund their Mint accounts directly from other bank accounts. After this, they’ll have access to instant money transfers, be able to track expenses and separate them into different categories, set multiple savings goals, and pay bills without incurring transaction costs.
Savings on Mint yield up to 8% annual interest.
Final Words
Each digital bank we have examined here has its unique strengths. You can do your due diligence by visiting their websites and assessing user reviews (which you’ll find on app stores).
These digital bank apps are all available on the Google Play store.
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