Welcome to this blog and thanks for checking in!
Overtime there have been massive improvement in Nigeria's technology and banking sector. Different online/ digital banks or fintech has been launched and gained access into the public market.
In today's article we will be looking at the ten best online banking apps in Nigeria which is approved by CBN and safe to bank with.
What Are Online Banks?
Online Banks which can also be called digital banks are Fintech's which are approved by the Central Bank of Nigeria CBN to offer banking services to citizens of Nigeria and beyond.
This means when you register with this digital banks you will be given a personal account number which will be used for transactions effortlessly. You can send, receive and save money with this digital banks using just your mobile phone.
Benefits Of Online Banks
Online banks or digital banks comes with a lot of benefits and we will be discussing a few in our next paragraph
1. Easy Access: Unlike traditional banks that requires users to go to the bank's branch to be able to create or open a bank account, digital banks made the process super easy as you just need a phone with an internet connection to create a bank account within 5 minutes. This will save you the stress of queuing up in the bank.
2. Safe and Secure: Digital banks are license by CBN, this means they cannot run away with your money just like traditional banks so you don't have to worry about security as you are been covered and insured by CBN already and it you ever encounter any sort of illegal activity on your digital bank you can always report to CBN fraud desk.
3. Fast Customer Service: Most of the digital banks we will be referencing in this article have a 24/7 live chat box that enables customers to have access to chat with support anytime regarding any issues they have.
4. No or Low Maintenance Fees: Are you sick and tired of the maintenance fee your traditional bank charges you monthly? If yes then digital banks got you covered as most does not charge a dime for maintenance or any sort of account fees.
5. Low Network Issues: Unlike traditional banks that usually have network downtime whenever the bank is on maintenance, digital banks almost doesn't have network issues of any sort and 80 percent of digital banks users can attest to smooth transactions.
Having known what digital banks is all about and the benefits that follows we can now proceed to the ten best digital or online banks in Nigeria
10 Best Online Banks In Nigeria
1. Opay
OPay is a one stop mobile based platform for payments, transfers, loans, savings and other essential services for every individual. Currently, OPay boasts of over over 35+ million registered app users and 500,000 agents in Nigeria who rely on OPay’s services to send and receive money, pay bills and many more.
2. Palmpay
PalmPay makes it easy to send and receive money and pay for airtime, bills and shopping, all while saving money through discounts and cashback.
Since PalmPay first launched in Nigeria and Ghana in 2019, they've provided over 5,000,000 customers with convenient and affordable digital payments. For around 20% of them, their PalmPay app is their first formal financial account.
3. Kuda
Kuda, also known as Kuda Technologies, is a fintech company operating in Nigeria and the UK. It was founded by Babs Ogundeyi and Musty Mustapha in 2019. Kuda was listed as one of the seven WEF African technology startups of 2021.
4. Rubies Bank
Rubies is a fully digital banking platform, offering zero fee banking targeted at millennials, young professionals, SMEs, quasi-financial institutions and many more.
5. Alat By Wema
With ALAT, Nigeria’s first fully digital bank, you can open an account and manage your money without ever going to a branch. This award winning app also gives you access to exclusive group and personal savings, a free debit card, lifestyle benefits and up to 4% annual interest.
6. Sparkle Bank
Sparkle is more than just an app, a bank, or your finances. It is about intersecting your finances, data, lifestyle, and a lot more! Sparkle is a lifestyle and financial ecosystem providing seamless solutions to Nigeria’s retailers, SMEs and individuals.
7. Vbank
VBank offers you a streamlined digital banking experience, with easy access to amazing features on your personal and business accounts.
8. Eyowo
Eyowo helps people and businesses to understand the peculiar language of their money and to use this insight to help them grow. Beyond a bank account, Eyowo helps you keep track of where your money is going and who it is going to in new and simple ways.
9. Moniepoint
Moniepoint Inc. (formerly TeamApt Inc.) was founded with the vision to create a society where everyone experiences financial happiness. They are the parent company of TeamApt Limited, a Central Bank of Nigeria(CBN) licensed Switch and Processor, and Moniepoint Microfinance Bank, a CBN-licensed Microfinance Bank.
Today, they are Nigeria's largest business payments platform, recognised by the Central Bank of Nigeria as the most inclusive payment platform in the country, and we process $170 billion in annual run rate transaction value.
10. Mint
Mintyn online bank is a licensed digital product of Finex Microfinance Bank built to give you a free, smarter and better alternative to the banks of the past. It offers Personal and Business current accounts, Mutual Fund investments, and Business Registration with Corporate Affairs Commission (CAC). Mintyn Marketplace offers customers in-app access to a selection of groceries and Fast moving goods at great prices. It is Headquartered in Lagos, Nigeria.
Conclusion
This ten best digital or online banks listed in this article should help you in choosing the best online banks for your personal needs, feel free to share and comment. Thanks For Reading!
Post a Comment