Apart from commercial banks, there are a lot of the top best digital banks in Nigeria that serve the same purposes. Today, we had been looking at the list of the best digital banks in Nigeria with services offered.
About Digital Bank
Digital banks are also called online banks or virtual banks. These fintech companies provide digital payment and management services to small businesses and individuals.
Unlike, commercial banks where you may need to visit their branches to make transactions. With these virtual banks in Nigeria, you can perform any transactions in the comfort of your home. Also, these online banks do not have any physical branches not do they have physical infrastructure or hall. With just your mobile phone and the Internet, you will be able to perform almost every transaction with these banks.
Furthermore, a digital bank is different from internet banking. As internet banking is used by commercial banks to ease customers the stress of visiting banks for transactions. While digital banks operate fully online and do not have any halls where transactions are being performed.
Now that we have understood what a digital bank is, below is the list of the best digital banks in Nigeria
List of Top Best Digital Banks in Nigeria
1. Kuda Bank
This is one of the best fintech companies in Nigeria that offer banking services virtually. With over 600,000 customers, they overpayment services at a free rate.
Kuda bank allows customers to send money without charges. They also offer debit cards which are delivered free to the doorstep of the customers. Unlike commercial banks, Kuda does not charge any card maintenance fee and they give free 25 transfers every month. Also, Kuda gives loans to users which are termed overdrafts at 0.3% interest daily. Which is quite cheap compared to the interest rates of traditional banks. Read everything you need to know about Kuda here.
Here is another online bank in Nigeria that offers financial services to individuals and business owners. With just your phone number and BVN, you can open a VBank within 2 minutes.
The VBank was established in April 2021 and since then it has gathered over 250,000 customers. With a bank account, you can perform all types of transactions that can be done with a traditional bank. This is including bank transfer, bill payment, withdrawal as well as savings.
You can download the latest 3.0 version of the VBank to be able to do cardless withdrawal, multiple funds transfer, and other features. See how to perform Access Cardless Withdrawal
3. Alat by Wema
Have you heard of Alat by Wema? It is one of the best digital banks in Nigeria which was established in 2017 by Wema bank. The virtual bank which prides itself as the ‘first digital bank in Nigeria’ was created to make transactions easy for Nigerians.
You can create an account with Alat at the comfort of your home without any paperwork. With an Alat account, you can access an instant loan, make payments or even be safe with friends. With Alat by Wema, you can get up to N200,000 loans from the online banking app.
Similar to other virtual banks in Nigeria, Alat delivers free debit cards to customers. Also, you can create a virtual dollar account with the digital bank. See the full list of Wema branches in Nigeria
Being one of the best digital banks in Nigeria, Sparkle offers online banking services to business owners and individuals. Sparkle is currently part of Access Bank as its former CEO Uzoma Dovie (Diamond bank) joined hands together with the bank. See how to open a business bank account in Nigeria
With just your phone number and BVN, you can create both business and personal accounts. Also, the digital bank encourages users to perform different transactions like saving, bill payment, and so on. There is also a provision for debit cards for interested users.
When it comes to creating a stress-free account online, Eyowo is one of the best digital banks in Nigeria. With just your phone number, you can create an account with Eyowo.
It works similarly to other best online banking apps in Nigeria as you can perform all transactions on it. You can receive money, save with an Eyowo account. Surprisingly, they offer an interest rate of 5% to 13% on savings and charge N10 to N52.50 on interbank transfers.
The next virtual bank on our list of top best digital banks in Nigeria is Rubies. The fintech company is popularly known for its virtual dollar cards and quality services. It is created for the use of both individuals and businesses.
Registering with Rubies gives you access to save money, invest and pay bills with your account. Rubies also charged N10 on interbank transfer and give up to 2% to 10% on savings. Rubies app is compatible with both Android and iPhone devices.
Like every other virtual bank in Nigeria, Fundall provides financial services to individuals and businesses. You can save, invest and pay bills with the digital bank. Fundall also gives users access to loans, insurance as well as estate planning.
8. Go Money
The last digital bank in Nigeria on our list is Go Money. It is a virtual bank that allows users to receive money, pay bills, make payments as well as tracking expenses.
You can create an account with Go Money at the comfort of your home. Also, it doesn’t require any paperwork and it is stress-free.
Which Digital Bank is the Best?
Which is the digital bank is the best? There is no such thing as the best bank in Nigeria because there are a lot of the best digital banks in Nigeria. All of them have their strength as well as weakness. You are the one to decide which digital bank suit you best.