Fintech in Nigeria: Best Digital Banks in Nigeria

The popularity of the new generation digital banks in Nigeria continues to have game-changing effects on the country’s fintech and banking sector.

No doubt, the advent of modern technology has created a lot of opportunities and an enabling environment for digital banks to flourish in Nigeria.

In Nigeria, even microfinance banks that people used to overlook in the past, have now gone digital. They have benefited immensely from the introduction of modern technology into the country’s banking industry.

In other words, technology has brought about new generation digital banks in Nigeria. Consequently, this has enabled Nigerians to use their smartphones to instantly send or transfer money with ease.

SEE ALSO: Best Payment Gateways in Nigeria

Essence of digital banks in Nigeria

Table of Contents

Essence of digital banks in Nigeria
Best digital banks in Nigeria
References / Resources

Although not as well-established as their brick-and-mortar counterparts, microfinance banks and fintech companies in Nigeria consistently deliver excellent services by leveraging their dynamic and technology-focused approach.

Today, online banking is growing everywhere, and especially, in Africa. As a matter of fact, internet banking is the easiest way to bank nowadays. One of its benefits is that it offers convenience and a much better way to manage your money.

Additionally, they also offer a better alternative when it comes to banking fees and charges. In most cases, their fees are lower than what established banks charge their customers.

Furthermore, they also offer additional essential services such as making transfers, paying bills, data and airtime purchase. Also, some of them offer bonuses on airtime and data top-ups and fast bill payments at no extra charge.

Best digital banks in Nigeria

Although not as well-established as their brick-and-mortar counterparts, microfinance banks and fintech startups are some of the most innovative companies in Africa nowadays.

Most of these fintech startups can’t always compete with established banks in terms of their offerings. However, they are sometimes the only one offering a specific service that might be just what you need.

But how safe and secure are these fintech startups? The fact is that the majority of these fintech startups are registered, licensed, insured, and regulated by Nigeria’s designated authorities and banking regulators.

As a result, when it comes to security, these fintech startups are safe to use as they are authorised and supervised by the Central Bank of Nigeria.

Therefore, if you are looking for new generation digital banks in Nigeria, below are some of the top ones that you can use.

#1]. Kuda

Arguably the most popular new generation digital bank in Nigeria, Kuda is a Lagos-based microfinance bank with a branch in London, Cape Town, and Canada. It offers both personal and business accounts, and other services.

It’s one of the best online banks in Nigeria offering free Visa debit card, ATM withdrawals, cash deposits, free transfers to other banks, and others.

Furthermore, Kuda also offers fixed term saving plans, automated save-as-you-spend, and overdraft facilities. Also, you can budget and easily manage your money to stay on top of your personal finances.

Open free account & get 25 free monthly transfers to other banks.
Invest in US stocks with your Naira at affordable prices.
Enjoy cashless payment options and earn interest on savings.
Manage and save money automatically any time you spend.
Pay your essential bills and buy gift cards easily.

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#2]. ALAT by Wema Bank

Operated by Wema Bank, ALAT is a digital-only banking service that gives users access to their account from anywhere through their smart gadgets.

Wema bank is a well-known commercial bank with branches all over Nigeria. It offerings include bank account, savings account, loans, physical naira debit card, and one of the best virtual dollar cards in Nigeria.

Opening an account is free and you can easily do this online. With ALAT app, you can check your account balance, transfer funds, pay bills, and more.

Open free personal and business account with ease.
Fund your account, save, and pay bills from anywhere.
Versatile payment solutions, rewards & seamless transactions.
Insights & tools to optimize your banking experience.
Save for the future and manage day-to-day expenses.

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#3]. Opay

Opay is a popular fintech company in Nigeria that provides a range of financial services which include digital banking. The company primarily focuses on mobile payments, wealth creation and financial inclusion.

In essence, OPay is a multipurpose financial service platform for payments, money transfers, savings, loans and other essential services for users. Their app also offers tools for managing your bank account with ease.

Arguably, this is the best fintech in Nigeria that provides POS service and mobile payment services for agents and acquiring service for merchant. It boasts of over tens of millions of users, agents and merchants.

Open a bank account with your mobile number.
Omnichannel payment solutions for businesses.
Fund your account, make transfers, pay bills.
Over 24 physical branches across the nation.
Easily automate payment collection processes.
Use Owealth to create wealth and get daily interest.

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#4]. VBank

Powered by a well-established Lagos-based microfinance bank known as VFD, VBank offers free transfer with zero charge for the first 50 transactions.

Also, the bank offers a debit card, access to loans and interest-accruing savings accounts, swift and secure transfers, withdrawals and bill payment.

Furthermore, it also offers free account maintenance and with their app, you can enjoy easy-to-use budgeting features. You can open and activate your bank account in 2 minutes with your BVN and phone number.

Easily open free personal and business account almost instantly.
Streamlined mobile banking experience with easy access to your accounts.
Joint accounts available for couples to grow stronger together.
Open a fixed deposit account with up to 20% interest.
Easily create recurring transactions on transfers or bill payments.
Budget smartly and add limits to daily, weekly and monthly spends.

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#5]. OneBank

OneBank is a digital bank powered by Sterling Bank. The bank’s app lets you open an instant bank account, send and receive money. Additionally, you can also pay bills, buy airtime and data to top up your mobile phone.

Furthermore, it’s one of the best online banks in Nigeria with an app that offers smart budgeting tools to help you manage your finance, track spending, set goals, and personalize your financial strategy.

Also, it offers free Verve debit card and you can also get access to loans and investment accounts. Cardless cash withdrawals and foreign exchange transfers are also available to customers.

Create a wallet account instantly with your mobile number.
Swap currencies instantly at competitive rates.
Track your spending with ease and accuracy.
Create and share payment links effortlessly.
Send money in seconds with superfast transfers.
Request the Verve Ultra Card through the app.

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#6]. Fundall

Fundall is a new generation digital bank in Nigeria that offers a wide array of financial services to private and business customers throughout the country.

Also, Fundall app offers money management tools, education, and business support you need to start, manage and improve your financial lifestyle.

As an individual, you can send and receive money, save and invest, split bills, get insured and manage your money with spending analytics.