Top 10 Best Digital Banking Apps in Nigeria – Customer’s Guide

 

You are probably here looking for the best digital bank that suits your business. Of course, it's a good idea to do a little research on what you're about to get into. 

Let's start with the basics.

What is digital banking? Digital banks are not online banking platforms that commercial banks use to facilitate their operations, but they are independent online banks.

By this, we mean that they are virtual banks that exist only online, without building or physical banking. Digital banks may have a physical head office but they do not have branches like other commercial banks. The only way to access these banks is through their mobile app, website, or USSD (Unstructured Supplementary Service Data) code.

However, they can perform all the functions such as buying airtime, getting money, depositing money, transferring money, saving money, giving loans and all other things that are done by a normal commercial bank.

 

How to Choose the Best Digital Bank

This article will guide you through the best digital banks in Nigeria. But as you go through this article, there are some things you should pay great attention to so that you can make the right choice about the bank to choose be careful that

1. Financial products: it is important to know the products and services offered by the bank. Is the bank based on credit, income based or expense management? Ask and answer this question.

2. Digital tools: Know what digital tools the bank has or doesn't have. Does the bank offer debit cards, virtual dollar cards? Do they have a mobile friendly app? Ask and answer this question.

3. Bank Fees: You will also need to consider how much or how little bank fees are for each transaction. 

4. Interest Rate: Also see the interest rate added on their loans and savings. It will help.

 

Read: Types of Bank Accounts - New Discovering

List of Top 10 Digital Banks in Nigeria

• Kuda Bank

• V bank

• goMoney

• Sparkle

• One Bank

• ALAT

• Mint

• Rubies

• Eyowo

• Fundall

Let's take a closer look and study them

 

• Kuda Bank

Although it is difficult for many people to give their money to the tellers online, you do not have to be afraid if it is in Kuda bank. Kuda Bank was founded by long time CFO, Babs Ogundeyi. It is authorized by the Central Bank of Nigeria. And your money is safe in Kuda because every deposit is covered by the National Insurance Deposit Insurance (NDIC).  The Kuda Bank app is available on the Google Play Store and the Apple Play Store.

Kuda is a simple banking platform that enables many brand-name features

1. Allows you to top up your mobile phone, transfer money, receive money and check your balance like any commercial bank.

2. Free debit cards delivered to your door as soon as you ask for them.

3. There are no unpaid card maintenance fees.

4. Offers 25 free transfers per month before paying #10 per transaction.

5. Offers loan or overdraft services at an interest rate of 0.3% per day.

6. There is no added cost to politics

7. You can also earn #200 for every person you refer to the app.

8. Kuda's financial plan earns 15% interest per annum.

9. Provide short term loans.

10. The application interface is very user-friendly.

11. Budgeting tools help manage employee expenses and support savings.

 

• V bank

V bank is one of the best digital banks. It was launched in April 2021 and is owned by VFD Microfinance Bank, but has already acquired 250,000 customers. With your full name, email, BVN, password, valid ID and phone number, you can open an account with V bank. V bank does all kinds of transactions without fees. With V bank, you can

1. Make cardless withdrawals in their 3.0 version.

2. Protect from another V protection target.

3. Get instant loan

4. 14% interest on every deposit in the term account.

5. Have a joint account

 

• goMoney

With the digital banking app to money, you can create an account with the money bank and perform all kinds of banking transactions with low banking fees.

1. goMoney Bank is highly secure and NDIC insured.

2. A debit card approved by a master card is issued to the customer upon request.

3. Provide regular business reports and provide detailed account statements

4. Payments are made easy with payment requests, reminders and sharing of payment receipts available.

 

• Sparkle

Sparkle is one of the best digital banks in Nigeria and offers quality banking services. It was founded in 2019 by the former CEO of Diamond Bank, Uzoma Dozie. The bank offers personal and business accounts to its customers. The digital bank has more than 20,000 customers. Opening an account with sparkle on your mobile phone is easy. The app is available for iOS and Android systems.

Other Sparkle  features are

1. a Sparkle  secret place; helps you save money by taking a percentage off all your debit transactions or save it with other Sparklers. Another savings option allows you to earn 3.75% annual interest if you have a minimum deposit of ₦100,000.

2. Sparkle offers virtual and physical cards that you can use for physical and online purchases.

3. Sparkle has features to help businesses perform management tasks such as inventory access, billing tools, taxes and payment tools using apps or websites.

 

Read: Top 10 Futures of Work Jobs and Skills in 2030

• One Bank

The only bank is an online bank owned and operated by Sterling Bank. You can pay, receive money and make payments using digital banking applications. It is available for Android and iOS. With the One Bank app, you can open current and savings accounts.

The checking account has sub-account types in Classic and Classic, while the savings account has Trybeone for college students and Kia Kia for those without valid ID and documents.

Loans of up to 5 million naira can be provided by banks without a contract.

 

• ALAT

ALAT is one of the oldest digital bank developed by Wema bank and launched in 2017. The bank requires mobile number, BVN, full name and address. The app is available for Android and iPhone.

With ALAT, you can;

1. create a virtual dollar card that you can use to quickly convert Naira to dollars.

2. Support savings that leave you with 10% annual interest.

3. Benefit from a maximum loan of 200,000 with the ALAT application.

4. Deliver free prepaid cards to customers' doorsteps.

5. Business and banking are easy.

6. With your details available, account creation happens in minutes.

 

• Mint

Mint is another neo bank that offers unstoppable banking services to Nigerians. Mint was established by Finex Microfinance Bank LTD and authorized by the Central Bank of Nigeria. You will not be afraid of your deposits as they are covered by the National Deposit Insurance Cooperation (NDIC).

The characteristics of mint is;

1. No bank fees or card holds

2. No transaction fees.

3. Payment and transfer can be arranged.

4. Lets you budget with a customized budget.

5. Providing instant loans to customers with bank accounts such as salary accounts for more than two months.

6. Create and lock the virtual card.

7. Have a checking account with at least #2000

8. Allows you to invest; #5000 can earn you 30.5% interest per year.

9. Available for Android and iOS.

 

• Rubies

Rubies are a fully digital banking system based in Nigeria. There are no fees for transactions within the same bank, but #10 fees for interbank transfers. The bank has a fully functional mobile application for iOS and Android, giving customers access to all banking services.

You can easily send and receive money using the money request feature.

1. Rubies Bank offers naira debit cards for ATMs and transactions and virtual dollar cards for online transactions and payments.

2. With Rubies you can also invest.

3. Saving on rubies earns you 20% interest.

 

• Eyowo

Eyowo Bank was launched in Lagos, Nigeria in 2019. Iowa has a plan that allows you to send, receive, save, spend, and borrow money using just a phone number.

 Its features include;

1. Free rental rates.

2. Issuing virtual cards.

To access Eyowo, you can use their website www.eyowo.com, mobile app, USSD code *4255#

 

• Fundall

Fundall Bank, like other digital banks, allows you to send and receive money, get loans and even buy things online. The bank is registered with the Nigerian Securities Regulatory Commission. Headquartered in Lagos, Nigeria, Fundall Bank serves 14,000 customers.

In this bank you can;

1. Find the easiest tool for the budget.

2. Open an account with zero balance.

3. Manage your money well

4. Prepare well

5. Set up a bill payment

6. Professionals manage

7. Get bonuses per transaction.

8. Get insurance and manage your money with spending analysis.

You can do all the banking transactions without hidden fees.

 

Read: Reasons why Nigeria is still Underdeveloped: 16 Key Points

Final Thought

Similarly, there is no better digital bank in Nigeria. All the digital banks listed above have their mobile apps on both iOS and Android. Most importantly, each of the digital banking applications and service providers do their best to make sure that their customers get the best service, which is what we think and believe is the best important.

After talking about the top 10 best digital banks, I noticed a common feature among them. All of them have little or no banking associated with their business compared to the commercial banks we use. Switching to digital banking is not a bad option at all. I believe that you have taken my first advice into consideration and can look for some strategies to help you choose the best one.