Top 11 Digital Banks In Nigeria

As a Nigerian, you probably have had one or two experiences with how stressful it can be to go to your bank’s branch to either make a transaction or lodge complaints. Even if you haven’t had such an experience, I’m sure you have heard someone lament when sharing their stories. If not all, most Nigerians detest going to their physical bank branch because of the stress involved and also because it robs them of their productive time. 

To save us all from the hassles of having to visit your physical bank, digital banks were created. The digital banks in Nigeria which are also named neobanks or internet – only banks should not be confused with mobile banking. Unlike mobile banking which makes it possible for users to make some transactions using the bank’s USSD code or the bank’s Mobile App, digital banking offers all banking activities online.

Digital banks are easier to use, readily accessible, and even offer less or zero transaction costs. At last, you do not have to deal with that customer service worker who gets up very frequently to do one thing or another. You can feel relaxed in the comfort of your home, your office, or even in traffic and still get all of your transactions done.

Now that you are aware that you can choose to not visit your bank branch to make transactions but instead go the digital way, don’t get confused on which digital bank to settle for and explore, as there are a good number of digital banks in Nigeria. We make it easy for you to decide as we narrow the list down to the top 11 digital banks in Nigeria and analyze it one after the other. Keep reading. 

In no particular order, this is the list of the top 11 digital banks in Nigeria. Read their features and make your choice. 

1. Kuda

2. Vbank

3. Rubies 

4. Carbon 

5. Eyowo 

6. ALAT

7. Mint

8. Sparkle 

9. Fundall 

10. Onebank 

11. goMoney 

KUDA

This is one of the top digital banks in Nigeria. KUDA has over 1M downloads on Google Play Store. Upon successful sign-up and registration on the app, KUDA offers you a free debit card which will be delivered to you for free. It also does not attract any maintenance fees or bank charges. If you are a dark mode lover, you will definitely love this feature on KUDA. One very interesting fact about KUDA is that every month, you get to make free transfers 25 times, isn’t that amazing? However, you do not get SMS notifications when credited.

Eyowo

Eyowo is another digital bank available to Nigerians. If you are in search of a digital bank that gives you loans with no interest rate, you should try this one. Transactions are made easy with just your phone number. Moreso,  Eyowo allows you to create virtual cards to shop online. 

Rubies

Just like Eyowo and some other digital banks, Rubies also allow you to create virtual dollar cards when you sign up with them. It lets you manage recurring payments and also request money invoices. You should check it out. 

Carbon

Carbon has an easy-to-use interface, offers you loans without collateral, and is fast. Although, it could have issues with updates. Carbon has over 1 million users in Nigeria. The Chief Executive Officer and Co founder of Carbon, Chijioke Dozie said that Carbon is focused on delivering an unparalleled banking experience that is safe and reliable across all touchpoints. 

Vbank

This digital bank is very fast to operate and easy to navigate. You only need your phone number and BVN to get started with Vbank. It is created by a Microfinance bank that offers users, cardless withdrawals, allows you login with your fingerprint ensuring you of user safety. One important thing to know is that you can earn by referring other people to use the bank. Vbank does not have an option for international transactions yet. They have over 500,000 thousand users. 

ALAT

ALAT claims to be the first digital bank in Nigeria with over 500,000 users. It is owned and run by WEMA Bank. Using ALAT digital bank qualifies you for access to instant loans, save in group or individually, offers virtual cards and free debit cards as well. ALAT is great though it might take a while to set up an update. Mr Tunde Mabawonku, the financial officer of WEMA Bank said that they have a clear mission and strategy of becoming the most dominant digital bank in Nigeria by year 2023. You might want to stick with ALAT by WEMA Bank. 

Mint

This is a really interesting digital bank for Nigerians to use. They offer awesome services such as setting your own spending limit so you don’t have to worry about overspending, setting recurring payments, locking your cards, and even creating virtual dollar cards as well. What’s more, with just #2000, you can open an account with Mint digital bank. Mint does not charge any transaction fees on bills payment however, you do not get any bonus when you refer someone to use the app. 

Sparkle 

With Sparkle, you have the option to open either a personal or business account. The personal account gets you all the regular banking activities and processes such as customizable saving, debit card, expenses tracker, and so on while the business account helps you track your inventory, analyze payment, help manage your taxes, e.t.c. Sparkle is safe to use, freezes your account when you lose your card, notifies you instantly on transactions but they have no international transactions yet. It was created by the former CEO of Diamond Bank, now Access Bank. 

Fundall

This digital bank offers you insurance services including estate planning. Fundall has amazing customer service, they have an AI bot acting as a manager for customers. They also offer easy bills payment and investments, savings, and more. It is fair to refer to Fundall as a smart digital bank. 

Onebank 

This digital bank gives their users a sophisticated user experience. It is easy and safe to use. You can get loans up to ₦5 million very fast. Also, you can receive money from another Onebank user using a QR code. Onebank is sometimes difficult when you switch devices. They have over 100,000 users. 

goMoney

Just like every other bank listed, goMoney is also a digital bank in Nigeria. Similar to Mint digital bank, goMoney enables you to track your spending so you don’t spend the money you have budgeted for other plans. It is easy to use to send, receive money as well as schedule payment and share payment receipts. goMoney is run by the conventional Sterling bank. 

Have you been using any of these digital banks available in Nigeria? 

We will be glad to hear from you, do share your experience with us in the comments and what you think they can do better.