Top 10 Digital Banks in Nigeria

Digital Banks in Nigeria
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Digital banking is an online banking service offering. With digital banks, you can easily do online banking without the need for a physical bank. Digital banking in Nigeria is growing, and many of them offer juicy benefits that you might not get from regular banks.

The difference is between online banking and digital banking. While online banking services provided by banks can help customers complete transactions, digital banking goes further than that. The main goal of digital banking is the digitization of all aspects of banking without the need for a physical structure.

If you hate long lines, digital banking is for you, and here you can have the top digital banks in Nigeria to use. You can open an account and complete all transactions from the comfort of your home. You will get ATM cad and most of the services you get from regular banks.

The advantage of using a digital bank is the interest rate on savings and fixed deposits. It is generally higher than those offered by banks. This is because digital banks don’t spend money on too much staff and facilities so, they offer higher interest rates.

If you are concerned about security, all of the major digital banks in Nigeria are regulated by the Central Bank of Nigeria and have deposit insurance as well. Deposit insurance protects customers’ money in the event of a problem.

Table of Contents

Here are the top digital banks in Nigeria

V for VFD (Vbank)

vBank digital bank
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V by VFD, also known as Vbank, is Nigeria’s leading digital bank. It is owned by VFD Microfinance Bank, which is a member of the VFD group.

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Users can open an account in just two minutes without the need for paperwork. They offer very impressive interest rates on savings.

What’s impressive is that customers can become agents known as Veelagers and earn money by referring people to the bank.

Main features of Vbank:

  • Open an account in 2 minutes
  • No paperwork required
  • You will receive an account number
  • Withdrawal without card
  • Fixed deposit
  • Create a budget
  • Loans
  • Targeted savings
  • Commercial products
  • And more

Vbank is available in the Google Play Store and the Apple App Store.

ALAT

alat digital banks
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ALAT is Nigeria’s first fully digital bank. It is owned and operated by Wema Bank. It is straightforward to use and has many functions. You can inaugurate an account with just a few clicks.

No paperwork is required to open an account. All that is needed of you is a phone number and a BVN. Other necessary information is things like your name and address.

Main characteristics of ALAT:

  • Open an account in minutes
  • No paperwork required
  • You will receive an account number
  • Savings
  • Transfers and payments
  • Instant loans
  • Commercial products
  • Virtual dollar card
  • And more.

ALAT is available on the Google Play Store and the Apple App Store.

KUDA

kuda digital bank
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Kuda Bank is among the best digital banks in Nigeria. It is owned by Kuda Microfinance Bank (RC796975) and is proud to be a free bank.

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They pride themselves on offering free items that regular banks charge customers. They provide free bank cards and transfers, which are things you pay for in a traditional bank. Kuda bank does not for charge card maintenance fees.

Main features of Kuda:

  • Open an account in minutes
  • No paperwork required
  • You will receive an account number
  • Free debit card
  • Free withdrawal
  • No card maintenance fees
  • Savings
  • Loans
  • Create a budget
  • And more

Kuda is available on Google Play and Apple App Store.

Rubies

rubies bank
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Rubies offer an excellent personal and professional experience of digital banking. With a straightforward app available for Android and iOS, customers can take advantage of Rubies’ incredible offers.

They are highly qualified and reliable. When opening an account, you are free to choose the account number. This will help you customize the appearance of your account number.

You can use your date of birth, phone number or any number that is important to you.

Main characteristics of rubies:

  • Open an account in minutes
  • No documentation required
  • Adjust your account number
  • Savings
  • Virtual card
  • Pay the bills
  • Corporate banking
  • Ruby insurance
  • Money request
  • Ready
  • And more

Click here to get rubies on Play Store and App Store.

OneBank

Onebank
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OneBank is a digital bank owned and operated by Sterling Bank. The process of opening an account is easy and straightforward for those new to technology.

It has an exciting feature known as the “garlic diet”. It’s a way to invite your friends to start their contribution. Garlic is widely used in major cities in Nigeria.

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Main features of OneBank:

  • Open an account in minutes
  • No paperwork required
  • Savings
  • Invest money
  • To borrow money
  • Payment of invoices
  • Transfer time and data
  • Garlic scheme
  • And more

OneBank is available on Google Play and Apple App Store.

Sparkle

sparkleNG bank
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Sparkle is a digital bank that has many promises of ease of payments and transactions. The man behind Sparkle is Uzoma Dozie, former CEO of Diamond Bank, which is now Access Bank.

They have a plethora of unique features that will make life more enjoyable for customers. You can share accounts with your family and friends and find details on spending money and more.

Main features of Sparkle:

  • Open an account in minutes
  • No paperwork required
  • Savings
  • Physical and virtual cards
  • Gloss reserve
  • Looking for money
  • Wear failure
  • And more

Sparkle is available on Google Play and the Apple App Store.

Eyowo

eyowo
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Eyowo is a very innovative digital bank with many outstanding features. The process of opening an account is easy and stress-free. You can use your phone number to open an account in minutes.

Many cool features include allowing customers to borrow money at 0% interest rate. It is sporadic in the banking world.

Main features of Eyowo:

  • Open an account in minutes
  • No paperwork required
  • Interest-free loan
  • Savings
  • Find a payment
  • Dollar cards
  • Debit cards
  • Withdrawal without ATM without card
  • Pay the bills
  • And more

Eyowo is available on Google Play and to Apple App Store. You can also use Eyowo’s USSD code: *4255#

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Gomoney

gomoneyglobal digital banks
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Like ALAT, Gomoney is also managed by a conventional bank called Sterling Bank. The functions of the Gomoney are distorted according to the responsibility (inbound and outbound).

They include split payments between friends, money tracking (it lets you know where you’re spending your money), pre-approval transaction notification, payment scheduler, and more.

Download Gomoney for Android and iOS.

Fundall

fundall bank
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For Fundall, they make your financial life “smart”, as it should be. Banking with Fundall grants you access to a Lifestyle card to process and track your payments. You also get instant transfers, savings while you spend, bill payments, and money request features.

Download Fundall for Android. iOS is currently unavailable.

Mint

bankwithmint
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La Monnaie is flexible and open to the client’s finances. This means that there are no hidden charges, no unreasonable charges, etc., and the Mint app provides input and output graphics to users. You can also set spending limits, lock the card, and plan ahead.

Download Mint for Android and iOS.

Conclusion

If you are currently or have used any of these digital banks in Nigeria, we would love to hear from you. Tell us about your experience with them. Let us know which one you prefer (digital or conventional banking) and why.

Digital Banks in Nigeria
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Fadehan Emmanuel
Moore is an Associate?Editor of TheXplorion. Got a NEWS TIP related to this story ? or to anything else in the world of big tech? Please e-mail him: mooreplug[at]gmail.com. You can also connect with him via the connections below the box.
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