“Is your bank at your fingertips?” This is the question that defines banking in the digital age.
Nairarush has curated a comprehensive examination of online banking in Nigeria, your guide to the top 20 online banks that bring banking right to your doorstep.
In this technologically advancing era, online banks in Nigeria have transformed the traditional banking system. No longer do you need to stand in long queues for basic banking services.
With digital banks approved by the Central Bank of Nigeria (CBN), you can now enjoy hassle-free banking from the comfort of your home.
Before we dive into our list of online banks in Nigeria, let’s understand what online banking really means in the Nigerian context.
About Online Banking in Nigeria
When talking online banking, it can be referred to in several different ways such as digital banking, internet banking, or mobile banking. Regardless of what you call it, allows you to conduct financial transactions via the internet on your smartphone, tablet, or computer.
Online banks in Nigeria have quickly gained popularity due to their convenience, user-friendly interfaces, and innovative services, playing a pivotal role in financial inclusion.
Check Out: Banks that Give Loan in Nigeria
A key highlight of digital banks in Nigeria is that they provide customers with round-the-clock access to banking services such as funds transfers, bill payments, account management, and even personal financial management tools, all at their fingertips.
However, some misconceptions about online banking in Nigeria often include concerns about security and ease of use. As we proceed, we’ll dispel these misconceptions, providing you with a detailed list of online banks in Nigeria that ensure the safety of your money and an excellent banking experience.
As we delve into the best online banks in Nigeria, we’ll explore how these banks, licensed by the CBN, are creating a revolution in the banking industry.
But first, let’s have a sneak peek of the top 20 digital banks in Nigeria.
Best Online Banks in Nigeria 2023
| Online Bank | Feature | Free Banking |
|---|---|---|
| V by VFD | Transfers, Bill Payments, Savings | No |
| Kuda | Transfers, Bill Payments, Airtime Purchase | Yes |
| ALAT | Transfers, Bill Payments, Savings, Loans | No |
| OPay | Transfers, Bill Payments, Savings | No |
| Sparkle | Transfers, Business Management, Virtual Cards | No |
| PalmPay | Transfers, Bill Payments, Savings, Loans | Yes |
| Rubies | Transfers, Bill Payments, Savings | No |
| Eyowo | Transfers, Bill Payments | No |
| Umba | Transfers, Bill Payments, Savings, Loans | No |
| Mintyn | Bill payments, Savings, Virtual Cards | Yes |
| GoMoney | Transfers, Bill Payments, Savings | No |
| Fundall | Transfers, Bill Payments, Savings | Yes |
| Kredi | Transfers, Bill Payments, Savings, Loans | Yes |
| OneBank | Transfers, Bill Payments | No |
| Moniepoint | Transfers, Bill Payments | No |
| Fairmoney | Transfers, Bill Payments, Savings, Loans | Yes |
| Carbon | Transfers, Bill Payments, Savings, Loans | Yes |
| Branch | Transfers, Bill Payments, Loans | No |
| Piggyvest | Bill payments, Savings, and Investments | Yes |
| Sofri | Transfers, Bill Payments, Savings | No |
How to Choose the Best Online Bank
Online banking in Nigeria has its advantages. However, choosing the best mobile bank for your needs requires careful thought.
Consider the services offered, interest rates, fees, security measures, user experience, and customer reviews. The best digital banks in Nigeria score well on these parameters.
Furthermore, the best online bank in Nigeria for you would depend on your specific banking needs and preferences.
Related: Investment Banks in Nigeria
A Comprehensive Review of the Top 20 Online Banks in Nigeria
Now, let’s uncover the list of digital banks in Nigeria, analyzing each for its unique features, services, and customer experiences. Here are the top 20 online banks in Nigeria:
1. V by VFD (Vbank)
V by VFD, popularly known as Vbank, is a leading online bank in Nigeria, providing a unique blend of traditional banking services with the flexibility and innovation that comes with digital banking.
Known for its stellar reputation, Vbank has positioned itself as a major player in the digital banking space.
Services & Features
Vbank stands out with an easy-to-use online bank app, loaded with a wide range of features. Whether it’s bill payments, airtime purchases, or fixed deposit investments, Vbank has you covered.
Also, if you’re seeking an online bank in Nigeria without BVN, Vbank allows you to open an account without a BVN, but with limitations on transactions.
Security Measures & Customer Service
Vbank takes the security of users’ funds and data very seriously. Its use of top-notch security measures is a testament to its commitment to providing a secure banking experience.
Additionally, Vbank’s customer service is responsive and helpful, reinforcing why it’s considered one of the best online banks in Nigeria.
Read Also: Top Fintech Apps in Nigeria
2. Kuda
As one of the licensed digital banks in Nigeria, Kuda is known for its innovative approach to banking. Recognized as a fully digital bank, Kuda has no physical branches but provides comprehensive banking services.
Services & Features
Kuda offers free transfers, a unique selling point that sets it apart from many other banks.
Its easy account setup and management make it an excellent choice for individuals seeking convenience and a seamless banking experience.
Also, its spending analysis tool helps you track your spending habits effectively.
Security Measures & Customer Service
Like other digital banks approved by CBN, Kuda employs advanced security measures to protect its customers. They also boast a dedicated and responsive customer service team, ready to resolve any issues that might arise.
3. ALAT
As Nigeria’s first fully digital bank, ALAT by Wema has made a significant mark in the industry.
The bank has a solid reputation for its forward-thinking approach and reliable services.
Services & Features
ALAT offers features such as savings plans, instant loans, and bill payments. Interestingly, the bank has a lifestyle platform that allows customers to enjoy discounts at partner businesses.
Security Measures & Customer Service
ALAT employs robust security features to protect users’ data and transactions. They also provide effective customer service, ensuring users enjoy a smooth banking experience.
See Also: How to Get a Bank Loan in Nigeria
4. OPay
OPay, a top digital bank in Nigeria, started as a mobile payment platform and quickly diversified into other areas, including digital banking.
The brand is recognized for its wide range of services beyond banking, which has helped it earn a solid reputation among users.
Services & Features
OPay’s offerings go beyond typical banking services. Apart from transfers, bill payments, and airtime purchases, users can also access services such as food delivery and bike hailing via the same online bank app, making it a comprehensive digital solution for many Nigerians.
Security Measures & Customer Service
OPay is diligent about securing its users’ transactions and personal data.
Its customer service team is highly responsive, ensuring users can solve issues and get answers to queries in a timely manner.
Check Out: How to OPen OPay Account
5. Sparkle Digital Bank
Sparkle Digital Bank is one of the exciting new entries on the list of digital banks in Nigeria.
With a strong focus on business solutions and individual banking, Sparkle has gained a reputation for its forward-thinking and customer-centric approach.
Services & Features
Sparkle provides a feature-rich platform that caters to the needs of small businesses and individuals alike.
From invoice creations for businesses to personalized savings plans for individuals, Sparkle Digital Bank stands as one of the best online banks in Nigeria for SMEs.
Security Measures & Customer Service
Sparkle uses cutting-edge security technology to keep users’ data and transactions safe. Their customer service team is also known for prompt and efficient responses to user queries.
6. PalmPay
Next on our list of free online banks in Nigeria is PalmPay, a major player in Nigeria’s digital banking scene. PalmPay stands out with its focus on seamless transactions and an engaging user interface.
Its reputation as a reliable payment platform makes it a worthy addition to this list of the best online banks in Nigeria.
Services & Features
PalmPay is more than a digital wallet. Beyond transfers and bill payments, the platform offers a range of services that promote financial inclusion, such as providing micro-loans.
Security Measures & Customer Service
PalmPay incorporates standard security measures to protect users’ transactions and data.
With a diligent customer service team, PalmPay works round the clock to address any customer-related issues.
Read Also: How to Open PalmPay
7. Rubies
Rubies Digital Bank has carved a niche for itself in the industry as a bank that democratizes banking.
Its innovative approach to banking services has earned it a spot as one of the best digital banks in Nigeria.
Services & Features
Rubies stands out with features like personalized account numbers and a platform for independent bankers.
Whether you want a personal account or to start your banking platform, Rubies offers a solution.
Security Measures & Customer Service
Rubies uses advanced security measures to ensure the safety of its users’ transactions and data.
Their customer service team is always ready to assist, enhancing their reputation as a reliable digital bank.
8. Eyowo
Eyowo, another reputable name on the list of approved digital banks in Nigeria, emerged with a vision to simplify banking services.
It has made a name for itself by providing straightforward financial solutions that cater to the needs of both individuals and businesses.
Services & Features
Eyowo offers an extensive range of services, from the basics of sending and receiving money to providing microcredit services.
The ability to transact via USSD codes, the web, or the mobile app makes Eyowo accessible to a broad user base, even those with low-end phones.
Security Measures & Customer Service
With Eyowo, users’ transactions and data are protected by standard security protocols.
And if you have any questions or issues? Their customer service team is ever ready to help resolve them swiftly.
9. Umba
Umba is a digital bank that’s making impressive strides in the Nigerian fintech industry.
With its customer-focused approach and impressive range of services, Umba is quickly building a reputation as a trusted online bank in Nigeria.
Services & Features
Umba offers a zero-fee banking experience, which sets it apart from many other digital banking platforms.
Customers can carry out transactions, pay bills, and even access loans through their platform.
Security Measures & Customer Service
Like other digital banks approved by the CBN, Umba employs top-notch security measures to protect its customers.
They also have a responsive customer service team that ensures users can resolve any issues quickly.
10. Mintyn Digital Bank
Mintyn Bank, though relatively new, has quickly earned a spot on the list of online banks in Nigeria.
Their fresh approach to digital banking has resonated with a large number of users.
Services & Features
Mintyn Bank provides a seamless, fast, and secure banking experience.
Features such as instant account opening, bill payments, savings, and investments are available to all users, making it one of the most promising online banks in Nigeria.
Security Measures & Customer Service
Mintyn Bank uses industry-standard security measures to protect customers’ transactions and data.
Its customer service is efficient, providing quick resolution to user issues.
11. GoMoney
GoMoney, a strong contender in the digital banking space, is a mobile-based platform that aims to facilitate seamless and inexpensive financial services.
Their mission is to create an all-encompassing financial platform, and this has positioned them as a reputable online bank in Nigeria.
Services & Features
GoMoney offers an impressive array of services, from the standard fund transfers to budgeting tools that aid in financial management.
Also, their split bill feature stands out, allowing friends and families to share expenses easily.
Security Measures & Customer Service
With GoMoney, users’ transactions and personal data are safeguarded with top-of-the-line security measures.
Plus, their customer service team is efficient, always on standby to resolve any issues.
12. Fundall
Fundall is on a mission to be more than just an online bank in Nigeria.
Their goal is to provide a solution that enables individuals and businesses to achieve financial independence, which has earned them a notable reputation.
Services & Features
Fundall offers services like automatic savings and budgeting tools, helping users reach their financial goals. They also provide access to financial education and personal finance tools to foster financial literacy among their users.
Security Measures & Customer Service
Fundall prioritizes the safety of users’ funds and transactions. And should you run into any issues, their customer service is just a click away, ready to assist.
13. Kredi
Next on the list is Kredi, one of the licensed digital banks in Nigeria, which stands out with its simple and clean interface.
Their straightforward approach to digital banking has quickly won over users, securing their spot on this list.
Services & Features
Kredi offers easy account setup, instant transfers, bill payments, and more.
Their straightforward approach makes banking quick and easy, ensuring users can manage their finances seamlessly.
Security Measures & Customer Service
Like all top digital banks in Nigeria, Kredi ensures the safety of transactions and personal data with robust security measures.
If you run into any issues, their customer service team is ready to help.
14. OneBank by Sterling
Owned by Sterling Bank, OneBank is a key player in the digital banking landscape in Nigeria.
It has leveraged the robust legacy of Sterling Bank to deliver top-tier online banking services.
Services & Features
OneBank offers a range of services, including instant account opening, funds transfer, bills payment, and more.
The ability to request loans and invest directly from the app adds to its appeal as one of the best online banks in Nigeria.
Security Measures & Customer Service
OneBank employs the latest security technologies to protect users’ transactions and data.
Furthermore, they offer excellent customer service, ensuring a smooth banking experience for all users.
15. Moniepoint
Though not a full-fledged online bank in Nigeria, Moniepoint is the mobile money platform of TeamApt Limited, a Nigerian fintech company.
It has made a name for itself in the digital space for its quick and efficient money transfer service.
Services & Features
Moniepoint provides a robust platform for seamless funds transfer, airtime purchase, and bill payments.
With Moniepoint, users can also carry out agent banking services, which include account opening and cash deposit.
Security Measures & Customer Service
Moniepoint makes use of secure technology to ensure users’ transactions and data are safe.
Their customer service is also commendable, with a team ready to address users’ concerns promptly.
16. Fairmoney
Fairmoney started as a lending platform but has since evolved into an online bank offering a range of financial services.
Their focus on providing quick and easy loans has earned them a spot on this list of free online banks in Nigeria.
Services & Features
While Fairmoney is known for its loan services, it has grown to offer more. Users can now open an account, send and receive money, and pay bills directly from the app.
Security Measures & Customer Service
Fairmoney implements high-grade security protocols to keep users’ transactions and personal data safe.
Their customer service team is always on standby to provide support whenever needed.
17. Carbon
Carbon, formerly known as Paylater, is one of the pioneering digital banks in Nigeria.
Carbon has successfully carved a niche for itself in the market with its wide range of services and a strong commitment to customer satisfaction.
Services & Features
Carbon offers services that go beyond traditional banking. These include savings and investments, quick loans, funds transfer, and even health insurance. This versatility makes Carbon a top pick in the list of digital banks in Nigeria.
Security Measures & Customer Service
Carbon employs high-level security measures to protect its customers’ transactions and data. If you encounter any issues, their responsive customer service team is readily available to help.
18. Branch
Branch started its operations as a lending platform but quickly evolved to offer additional banking services.
The online platform is highly recognized for its commitment to providing fast, fair, and flexible financial services, hence its spot on this list of best online banks in Nigeria.
Services & Features
Apart from providing quick and easy loans, Branch also offers users the opportunity to make investments, save money, and withdraw funds. This multi-functionality enhances the overall user experience.
Security Measures & Customer Service
Branch employs top-notch security measures to safeguard user’s data and transactions. Should there be any issues, their dedicated customer service team is available to resolve them promptly.
19. Piggyvest
Initially known as Piggybank, Piggyvest has expanded its services beyond the basic savings platform it once was.
Its commitment to helping individuals save and invest their money has established Piggyvest as one of the top online financial platforms in Nigeria.
Services & Features
Piggyvest offers digital savings and investment services that help users grow their wealth over time. With features such as Autosave and Safelock, users can build a healthy saving habit and earn interests on their funds.
Security Measures & Customer Service
Piggyvest ensures the safety of its users’ funds and transactions by employing robust security protocols.
Their customer service team is always available and responsive to user complaints and enquiries.
20. Sofri
Last on the list, but definitely not the least, Sofri is an emerging digital banking platform that aims to provide a comprehensive and seamless financial experience.
It’s quickly gaining a reputation as a reliable online bank in Nigeria.
Services & Features
Sofri offers an array of services such as funds transfer, bills payment, and savings. What’s more, its user-friendly interface enhances the overall banking experience.
Security Measures & Customer Service
Sofri, like the best digital banks in Nigeria, places a premium on the security of users’ data and transactions.
Plus, their customer service is top-tier, always ready to address any concerns users may have.
How to Open an Account with These Banks
Opening an online bank account in Nigeria is a relatively simple process. However, the process varies slightly from bank to bank.
Generally, you need to download the online bank app, fill out the registration form, upload the necessary documents, and verify your account.
Best Practices for Online Banking in Nigeria
As you make use of these Nigerian digital banks, it’s important to adhere to best practices for online banking, such as:
- Keeping your login details secure
- Regularly updating your banking app
- Monitoring your account for any irregularities
Digital Bank in Nigeria – FAQs
How do I open an online bank account in Nigeria?
Opening an online bank account in Nigeria is simple and straightforward. First, you’ll need to download the online bank app of your choice, then follow the prompts to open an account.
Are there digital banks in Nigeria without BVN?
All licensed digital banks in Nigeria require a BVN as it’s a mandatory requirement by the Central Bank of Nigeria (CBN) for account opening.
What are the advantages of using a digital bank in Nigeria?
Digital banks in Nigeria offer numerous benefits such as 24/7 access to banking services, lower transaction costs, high-interest rates on savings, and more.
What is the best bank in Nigeria for online transaction?
The best banks in Nigeria for online transactions include Vbank, ALAT By Wema, Sparkle, Opay, Kuda, Mintyn, Rubies, and Fundall.
Conclusion
Online banks in Nigeria have revolutionized the way Nigerians bank, providing convenience, efficiency, and secure banking services. It’s no surprise that more and more people are opting for digital banks approved by CBN, as well as regular virtual banks in Nigeria.
While this article has provided a list of Nigerian online banks, the best online bank in Nigeria for you would depend on your individual needs and preferences.
Now that we have armed you with this knowledge, we encourage you to dive into the world of online banking. Feel free to share your experiences or ask any questions in the comment section below. Happy Online Banking!
