Top 10 Best Digital Banks in Nigeria 2023
Are you a Nigerian? Have you ever gone to the bank for any transaction? How did you feel? Obviously, it was tiring.
You know, we are all familiar with the difficulty and stress that we sometimes have to put up with when going to the bank for transactions.
It is for this reason that a large number of people in Nigeria despite being required to physically visit a bank branch.
However, there is a new kind of bank which provides Nigerians with a more pleasant banking experience. These financial institutions are referred to as digital banks.
The provision of banking services online is referred to as “digital banking.” You can conduct banking transactions quickly and conveniently online with the help of digital banks, eliminating the need to visit a traditional bank branch.
The use of digital banking is on the rise in Nigeria, and many of the newer services provide enticing advantages that traditional banks cannot offer.
However, most people think internet banking and digital banking are synonymous with each other but the truth is, internet banking and digital banking are two different concepts.
Internet banking, which banks make available to their consumers, may assist customers in finishing transactions, but digital banking goes far beyond that.
The primary goal of digital banking is to completely digitalize the banking transaction so that it is no longer necessary to visit traditional bank branches.
If you despise standing in line for extended periods of time, you should consider switching to digital banking.
You will be able to open an account and complete all of your transactions without ever having to leave the convenience of your own home.
You will be provided with an ATM card in addition to the majority of the services that you are accustomed to receiving from traditional banks.
The interest rate on savings and fixed deposits is one benefit of choosing a digital bank rather than a traditional one. It is typically higher than what is provided by traditional banks.
The reason for this is that digital banks do not have to spend as much money on maintaining a large staff or a physical location, which allows them to offer higher interest rates.
If you are concerned about the safety of your money, you should know that the Central Bank of Nigeria regulates all of the main digital banks in Nigeria and that these banks also offer deposit insurance.
The money that customers deposit is protected by insurance in the event that something goes wrong.
In general, the digital banks in Nigeria tend to be superior to the conventional banks in Nigeria in the aspects of the traditional banks in Nigeria that are lacking such are reduced transfer fees and excellent support for customers.
Now, if you’re fed up with using a traditional bank and are thinking about switching to one of the digital banks in Nigeria, you should keep reading because we’re going to analyze the top 10 best digital banks in Nigeria 2023.
Without further ado, let’s dive in. Here’s the list of the top 10 best digital banks in Nigeria 2023.
The first on our list of the top 10 best digital banks in Nigeria 2023 is Kuda bank.
Kuda bank is an online financial institution that positions itself as “the bank of the free.”
It is a bank in Nigeria that does not charge the regular transfer fees and other fees that a conventional bank in Nigeria does charge for transferring money.
When you sign up for the Kudabank app, you are entitled to a free debit card, which will also be sent to you at no additional cost. In addition, there are no fees associated with the card’s maintenance.
Kuda bank makes it possible for you to construct effective budgets and a savings account that earns an annual interest rate of 15%. In addition, you will receive 25 free transfers on the Kuda app each and every month.
Both Android and iOS versions of Kuda are currently available.
Sparkle Digital Bank
Uzoma Dozie, a former CEO of Diamond bank, which is now a part of Access bank, is the man behind the creation of Sparkle.
Both a personal and a business account are maintained by Sparkle. The personal account provides you with a debit card, an expense tracker, and savings that may be customized, in addition to allowing you to pay bills and perform other standard banking operations.
With a Sparkle business account, you will be able to monitor your inventory, send out invoices to your customers, and review your payments in detail. You can also manage other aspects, such as your taxes.
The process of opening a Vbank account can be completed in fewer than two minutes. You will be able to manage your finances and carry out any financial function with a V bank account.
The V bank mobile app allows you to open a V bank account with just your phone number and BVN in order to get started.
When you sign up for an account with Rubies Bank, you will have the ability to generate virtual dollar cards.
It is one of the few digital banks in Nigeria that would let you manage recurring payments, that’s why we have included it in our list of the top 10 best digital banks in Nigeria 2023.
The ability to make payments and send invoices, as well as save money and invest it, are two of the additional capabilities that come standard with a Ruby account.
Rubies can be downloaded on both iOS and Android.
The next on our list of the top 10 best digital banks in Nigeria 2023 is Fundall.
Fundall is a digital bank in Nigeria that enables you to conveniently manage your finances, including creating a budget, making plans, saving money, and investing it.
On this platform, you also have access to services pertaining to loans and insurance, as well as services pertaining to estate planning.
In addition to this, Fundall provides its users with a personal wealth manager in the form of an AI bot.
Both Android and iOS versions of Fundall are currently available.
You may send money, spend money, get money, save money, and borrow money all with just your phone number if you use the digital bank Eyowo in Nigeria.
On Eyowo, you also have the option of creating digital dollar cards to use for online shopping.
Eyowo also provides financing options with no interest attached.
The digital bank known as Mintyn (formerly known as Mint) has the goal of putting more Nigerians in charge of their own financial lives.
You are able to place spending caps on your account, freeze your card, generate virtual cards and load money onto them, and establish recurring payments when you choose Mintyn as your digital bank.
Additionally, Mintyn Bank enables customers to open a current account with as little as N2000 already in their account.
Both Android and iOS versions of Mint are available.
In Nigeria, the ALAT digital bank is managed by a conventional financial institution (WEMA Bank).
The ALAT Bank prides itself on being Nigeria’s first fully digital bank. ALAT, just like the majority of other digital banks, provides free debit cards that are mailed to their customers. In addition to that, they provide virtual cards.
You can choose to save by yourself or as a group using ALAT. Additionally, you are able to carry out standard banking operations.
If you utilize ALAT, you not only have access to low-interest loans but also instant financing.
goMoney is one of the top 10 best digital banks in Nigeria 2023. Users of goMoney digital banks have the ability to easily send and receive money, send payment requests, send payment reminders, and share payment receipts.
You can divide the cost of purchases with family, coworkers, or even complete strangers when you have a goMoney account.
When you sign up for a goMoney account, you will not only receive a virtual card but also a physical one.
The goMoney app not only monitors your spending but also keeps you up to date on your financial reports and monitors your expenses.
Umba is another digital bank in Nigeria that aims to assist its individuals in transitioning away from conventional banking methods.
Having an Umba account can assist you with all of your banking requirements in various ways.
With an Umba account, you can pay bills, send money, receive a loan, and get cash back. Umba also provides its customers with the ability to make unlimited free transactions.
You can earn up to 5% cashback on every bill you pay when you spend using Umba, and you can earn an additional N500 when you recommend a friend to the service.
Also read: Types of bank accounts in Nigeria
New banking options are now available in the form of digital banks in Nigeria. And each day, an ever-increasing number of Nigerians are warming up to them.
If you do not already have a digital bank account, you really ought to get one as soon as possible.
So, don’t hesitate to choose from our list of the top 10 best digital banks in Nigeria 2023 and you will be glad you did.