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The CBN Cashless Policy has pushed more Nigerians into Embracing Digital Banks, also, low fees, convenience of use and a seamless internet-based experience have increasingly allowed online banks to challenge traditional brick-and-mortar banks throughout Nigeria,  if you are looking for The Best Online Banks in Nigeria please read on

Factors to consider when choosing an Online Bank

When choosing an online bank in Nigeria, it’s important to consider several factors to ensure that the institution meets your specific needs and preferences.

Firstly, take into account the user experience. A well-designed and intuitive online banking platform can significantly enhance your banking experience. Look for features such as a user-friendly interface, easy navigation, and quick access to essential services. Additionally, consider whether the bank offers a mobile app that is compatible with your device, as this can further enhance convenience and accessibility.

Secondly, Security is another crucial factor to consider. Make sure the online bank you choose employs robust security measures, such as encryption and two-factor authentication, to protect your personal and financial information. Look for banks that have a strong track record of prioritizing customer data privacy and regularly update their security protocols.

The range of services offered by the online bank is also essential. Consider your specific banking needs and ensure that the bank provides the services you require. This may include features such as online bill payments, fund transfers, loan applications, and investment options. A comprehensive suite of services will allow you to manage your finances effectively without the need for multiple banking relationships.

Lastly, customer satisfaction should play a significant role in your decision-making process. Look for online banks with a positive reputation for customer service and responsiveness. Check online reviews and testimonials to gauge the overall customer experience and satisfaction levels. A bank that values its customers and provides excellent support is more likely to offer a seamless and enjoyable banking experience.

Best Online Banks in Nigeria

  1. Kuda
  2. VBank
  3. Opay
  4. Sparkle
  5. PalmPay
  6. Fundall
  7. Gomoney
  8. ALAT
  9. One Bank

Kuda Bank

Kuda Bank was founded by Babs Ogundeyi and Musty Mustapha in 2019. Kuda is valued at $500 million and has raised over $ 90 million from investors making it the 7th most valuable bank in Nigeria. It originated in Nigeria and the bank has offices in London, Cape Town, and Lagos. Kuda Bank is also known as “The Bank of the Free”. It is a digital bank that offers banking services to individuals and businesses in Nigeria.

How to sign up for a Kuda Account

  • Download Kuda App on Google Play or the App Store
  • Once the app is downloaded, open and click on Sign up
  • Kuda will request the following personal information such as email address, password, optional referral code, BVN (Bank Verification Number), your name, phone number, and a login pin to access the app.
  • Your account will be created once all the above information has been provided and you will assigned a bank account

Benefits of having a Kuda Account

  • Debit card delivery to your location at no cost.
  • Creating a smart budget to help you take control of your spending
  • Get a crystal clear visual analysis of your finances
  • Withdraw cash free of charge at over 3000 ATMs
  • Enjoy cashless payment options online and offline
  • Pay your essential bills and buy gift cards easily.
  • Receive 15% interest every year when you save automatically.
  • Save money automatically any time you spend.

Transfer Charges on the Kuda Account

  • Extra transfers after the 25 free transfers cost 10 Naira each.
  • Kuda Bank will charge 50 Naira for every 10,000 Naira or more made into the customer account

Kuda Bank Contact Details

The easiest way to reach Kuda is to tap More on the Kuda app and then tap Chat With Us. You can also send an email to [email protected] or call 01 633 5832 between 8:00 am and 5:00 pm on weekdays.


Vbank, also known as V by VFD, is a digital banking platform in Nigeria. It is offered by VFD Microfinance Bank. Vbank was launched on March 25, 2020. It was created to offer free online banking. Currently, Vbank has over 500,000 active individuals and businesses on its mobile banking platform across Nigeria.

How to open a Vbank Account

  • Download the App from Google Play or the App Store
  • Launch and open the App
  • Enter your phone number
  • Highlight “my BVN” – linked phone number and click continue
  • Select the BVN linked number option
  • Enter OTP sent to BVN number via SMS
  • Enter email address
  • Set the password, confirm the password, and click continue
  • Take a photo or select the photo for validation
  • Allow VFD bank to take pictures and record video
  • Click Send a photo of a face
  • Create 4 digit PIN
  • Get the ‘ your account has been created successfully’ notification
  • Get a welcome message via email

Benefits of a Vbank Account

  • Transfer, Receive, and Withdraw Funds: Utilize the V mobile app for seamless money transfers, whether it’s moving funds within your own accounts or sending money to third parties. Additionally, experience cashless withdrawals at ATMs nationwide through a feature that enables you to generate a code for card-less transactions directly within the app.
  • Manage Budgets: Take control of your finances on the V Bank mobile application by creating and saving monthly budgets. These budgets can encompass various expense categories, including food, work, family, shopping, lifestyle, utility, and transportation. This feature serves as a helpful tool to monitor and regulate your spending from your mobile account.
  • Analytics Insight: Gain valuable insights into your account’s inflow and outflow with the analytics feature on the application. Customize the analysis for specific periods, providing a comprehensive overview of your financial activities. This analytical tool assists users in understanding their spending patterns relative to their income, allowing for informed financial decisions.
  • Bill Payments: Simplify your life by paying for utilities, cable TV, internet services, travel expenses, transportation fees, school fees, betting, gaming, and other miscellaneous products and services directly from your mobile app. V Bank has partnered with various merchants to streamline payment processes. Additionally, you can conveniently purchase airtime and data directly through the app.
  • Giveaways: As part of its customer acquisition strategy, the application occasionally offers cash prizes to potential customers. Users can participate in these in-app giveaways by downloading and registering on the V Bank Nigeria mobile application. Don’t miss the opportunity to win some extra cash.

Transfer Charges on Vbank Account.

  • Zero charges on all transactions to all banks, no strings, and no hidden fees.

Opay Bank

Opay is a financial technology (fintech) company that operates in Nigeria and provides a range of services, primarily focused on mobile payments and financial inclusion. Opay is a subsidiary of the Opera Group, an internet services company known for its web browsers, particularly the Opera browser. Opay focuses on providing financial services, including mobile payments, ride-hailing, and other related services.

How to open an Opay Account

  • Opay services are often accessible through a mobile application. You can download the Opay app from the official app store on your smartphone. Search for “Opay” in the Google Play Store for Android devices or the Apple App Store for iOS devices.
  • After downloading the Opay app, install it on your device. Once installed, launch the app to begin the registration process.
  • During the registration process, you will likely be required to provide some personal information, including your full name, phone number, and email address. Make sure to enter accurate details
  • Opay may have a verification process to confirm your identity. This could involve verifying your phone number through a code sent via SMS.
  • Set up a secure password for your Opay account. Make sure to choose a strong password that combines letters, numbers, and symbols

Benefits of Opay Account

  • Purchase Airtime: Utilize Opay to easily buy airtime for yourself or others, regardless of whether you are an MTN, GLO, Airtel, or 9mobile user—Opay currently supports all major networks.Acquire Data: Opay allows you to purchase data seamlessly for yourself and others, irrespective of your network provider. It caters to GLO, Airtel, MTN, and 9mobile users.Top-Up Your Betting Account: Fund your betting account effortlessly with Opay, which currently supports popular platforms such as livescorebet, Bet9ja, Sportybet, Betking, 1×bet, betway, Merrybet, Melbet, Bet9ja agent wallet funding, Nairabet, Mylottohub, Cloudbet, Paripesa, Naira million, Naijabet, and Bangbet.TV Subscription: Enjoy the convenience of subscribing to Startimes, DStv, and GOTV through Opay.Pay Electricity Bills: Opay now facilitates the payment of electricity bills to distribution companies. This service is currently available in Kano, Abuja, Ikeja, Eko, Ibadan, Kaduna, Jos, Enugu, and Port Harcourt.Savings: Explore Opay for seamless money transfers, food ordering, QR-based payments, and receipt of payments through QR codes.Financial Services: Easily access loans with OKash, make investments, and establish your online presence through OLeads. Opay provides a comprehensive platform for various financial activities to meet your diverse needs.

Transfer charges on Opay Account

  • The first 3 transfers of the day are free after which you will be charged 10 Naira per Transaction

Sparkle Bank

Best Online Banks in Nigeria

Uzoma Dozie is a Banker, Tech investor and Financial advocate. He is the CEO and founder of Sparkle and also the son of Pascal Dozie, the founder of Diamond Bank. Sparkle is a Microfinance Bank and it is licensed by the CBN. It was founded in 2019 and the headquarters is located in Lagos.

How to open a Sparkle Bank Account

  • Download the App from the Play Store
  • Launch the App and confirm your email
  • Input your phone number and complete the OTP verification
  • Verify your BVN and take a photograph of yourself which must show only your face
  • Upload a photo and BVN will be confirmed and checked if it is linked to your details
  • Wait for approval and start cruising on the Sparkle App.

Benefits of using Sparkle Account

  • You can open an account and start making transactions in five minutes
  • You can keep track of your expenses and also get the daily, weekly or monthly report.
  • The Sparkle Mobile App allows you to send and also request money
  • You can top up your airtime, and data subscription, and pay cable bills and other utility bills.

Transfer charges on Sparkle Account

The per transaction fee can vary depending on the service provider but usually ranges between 0.5% and 5% plus certain fixed charges. In transfer, charges are N10 charged for transactions below N5000, N26 for transactions of N5001 to 50,000 while transactions above N50,000 will be charged N50.


PalmPay, has gained popularity as a digital platform for financial transactions. Offering a user-friendly interface, the app simplifies tasks such as money transfers, bill payments, and airtime purchases with a focus on security through features like biometric authentication.

How to Open a PalmPay Account

There are two main ways to register for a Palmpay account: through the app or the website. Here’s a breakdown of both methods:

Using the Palmpay App:

  • Download the Palmpay app: You can find it on the Google Play Store or Apple App Store.
  • Open the app and tap “Sign Up.”
  • Enter your phone number and tap “Send Verification Code.”
  • Enter the verification code you receive via SMS.
  • Fill in your personal information: This includes your first name, last name, password, and date of birth. You can also add an optional invitation code.
  • Set a 4-digit PIN: This PIN will be used for logging in and authorizing transactions.
  • Tap “Create My Account.”

Using the Palmpay Website:

  • Visit the Palmpay website:
  • Click on “Create an Account.”
  • Enter your phone number and click “Send Verification Code.”
  • Enter the verification code you receive via SMS.
  • Fill in your personal information: This includes your first name, last name, email address, password, and date of birth. You can also add an optional invitation code.
  • Set a 4-digit PIN: This PIN will be used for logging in and authorizing transactions.
  • Click “Create My Account.”

Additional Tips:

  • Make sure you have a stable internet connection while registering.
  • Choose a strong and unique password for your Palmpay account.
  • Remember your 4-digit PIN as you will need it for most transactions.
  • You can link your bank account to your Palmpay account for easier withdrawals and deposits.

Features of the PalmPay App

PalmPay offers a range of features to manage finances conveniently and securely:

1. Sending and Receiving Money

  • Easy transactions to any bank account in Nigeria.
  • Instant transfers with low transaction fees.
  • Various funding options for the PalmPay wallet.

2. Bill Payments

  • Convenient settlement of utility bills such as electricity, cable TV, water, internet, and more.
  • Automatic discounts on bill payments, enhancing affordability.

3. Buying Airtime and Data Bundles

  • Seamless purchase of airtime and data bundles directly from the app.
  • Eliminates the need to visit airtime recharge centers.

4. Savings and Investment Options

  • Multiple savings plans with competitive interest rates.
  • Flexibility for users to choose plans that suit their financial goals.

5. Affiliate Program

  • Users can earn from the app’s growth through a referral program.
  • Cash rewards for successful referrals and potential bonuses for referrers of new users.

Benefits of using the PalmPay App

PalmPay offers several advantages:

  • Ease of sending and receiving money.
  • A broad network of merchants and vendors accepting PalmPay payments.
  • Diverse financial services, including bill payments and airtime purchases.
  • Access to loans and attractive savings options.
  • Conversion of airtime to cash for cross-network transfers.
  • A user-friendly interface for seamless navigation.

PalmPay Nigeria Customer Care

PalmPay prioritizes customer support with dedicated channels:

  • Phone Number: +234 813 888 6888 (9:00 AM to 6:00 PM WAT).
  • Email: [email protected].
  • Social Media: Facebook, Twitter, Instagram
  • Online Chat: Available on the PalmPay website and app.
  • Postal Address: 20 Opebi Road, Lagos, Nigeria.

Queries are typically addressed within 24 hours, with resolutions for more complex issues aimed within three working days.

In summary, PalmPay emerges as a versatile fintech solution, providing users with a comprehensive platform for digital transactions and financial management.


Moniepoint is a Nigerian fintech company that is revolutionizing the way people access financial services. Founded in 2015, Moniepoint has grown rapidly to become one of the leading providers of mobile banking, payments, and business banking solutions in Nigeria.

Moniepoint has played a significant role in promoting financial inclusion in Nigeria. By providing affordable and accessible financial services, Moniepoint has helped to bring millions of Nigerians into the formal financial system.

Moniepoint’s Awards and Recognition

Moniepoint has been recognized for its innovative approach to financial services. In 2022, Moniepoint was named one of the most promising fintech startups of 2022 by CB Insights. Moniepoint also won the Financial Inclusion Award from the Central Bank Of Nigeria at the International Financial Inclusion Conference 2022 edition.

How to Open a Moniepoint Account

There are two main types of Moniepoint accounts: personal and business. The steps involved in opening each type differ slightly, so it’s important to identify your needs first.

Here’s a breakdown of how to open each type of Moniepoint account:

Personal Account:

Method 1: Mobile App

  • Download the Moniepoint app from the Play Store or App Store.
  • Tap “Sign Up” and enter your email address and phone number.
  • Verify your phone number with the OTP sent via SMS.
  • Enter your BVN (Bank Verification Number) and date of birth.
  • Create a username and password.
  • Set up a 4-digit PIN for secure access.
  • Optionally, enable biometrics for additional security.
  • Provide your residential address and complete a face verification step.
  • Your account is created! You can now fund it and start transacting.

Method 2: Online Portal

  • Visit the Moniepoint website:
  • Click on “Create Account.”
  • Enter your email address and phone number.
  • Follow steps 3-9 listed under the “Mobile App” method.

Business Account:

  • Visit the Moniepoint Business website:
  • Click on “Get Started.”
  • Enter your business details, including email, phone number, BVN, and business name.
  • Upload your government-issued ID and utility bill.
  • Verify your phone number with an OTP.
  • Create a username and password.
  • Set a business PIN.
  • Your account is created, and you can request an expense card after funding.

Additional notes:

  • You’ll need a valid Nigerian phone number and BVN to open either type of account.
  • Data charges may apply when using the mobile app.
  • For detailed instructions and troubleshooting, refer to the Moniepoint official website or contact their customer support.

Benefits of Moniepoint

Moniepoint is a microfinance bank licensed by the Central Bank of Nigeria (CBN). It offers a wide range of financial products and services to individuals and businesses, including:

  • Mobile banking: Moniepoint’s mobile banking app allows users to send and receive money, pay bills, top up airtime, and more.
  • Payments: Moniepoint provides a variety of payment solutions for businesses, including point-of-sale (POS) terminals, online payments, and mobile wallets.
  • Business banking: Moniepoint offers business banking solutions such as current accounts, savings accounts, and loans.

Moniepoint Transfer Fees

Moniepoint charges different fees for transfers depending on several factors, including the transfer amount, recipient’s bank, and transfer method. Here’s a breakdown:

Transfers to Moniepoint wallets:

Free: Transfers between Moniepoint wallets are free of charge. This applies to both individual and business accounts.

Transfers to other banks:

₦20 flat fee: Transfers from your Moniepoint wallet to any bank account in Nigeria incur a flat fee of ₦20. This applies to both individual and business accounts.

Additional fees:

Cashback fees: If you choose the “cashback” option when sending money to someone without a bank account, they will be charged a cashback fee to collect the money at a Moniepoint agent. The fee varies depending on the amount sent.
International transfer fees: Moniepoint does not currently offer international money transfers.

It’s important to note that these fees are subject to change, so it’s always best to check the Moniepoint website or app for the latest information before making a transfer.

If you are looking for a convenient and affordable way to access financial services in Nigeria, Moniepoint is a great option.

Go Money Digital Bank

Go money is an online bank that makes provisions for integrated third-party service and peer-peer payment. It is developed by Go Financial Services through a collaboration with Sterling Bank plc.

How to create a Go Money Account

You can create a Go money account in less than 5 minutes, all you need is your phone or PC.

  • Download the Go Money App from your App Store or Play Store
  • Follow the instructions to input your name and details such as BVN, Email etc.
  • Your account will be created after your details have been confirmed.

Benefits of Go Money Account

  • Virtual card for secure stress-free and trackable online payment
  • Split bill payments and group purchases in just a few taps.
  • Track your spending more accurately
  • Schedule bills and other payments
  • In-app help to keep your business private
  • Retrieve your account easily but securely

Transfer charges on Go money

Sending money from Gomoney to other banks will cost you N8.50 naira. Fulfilling payment requests via the payment pages, the sender will be charged a 1.5% transaction processing fee by the payment processor. All subsequent virtual cards after the first one will incur a fee of N1000 Naira.


Best Virtual Dollar Cards in Nigeria

It was launched on May 2nd 2017 by Wema Bank plc, a Nigerian Commercial Bank. During its first year, AlAT by Wema acquired more than 250,000 customers responsible for over N1.6 billion naira in general deposits.

How to sign up for an Alat Account

  • Download the App on Google Play for Android phones or on iOS app store for iPhones.
  • If you have a Wema Bank account sign up on Alat and follow the prompt on your screen.
  • If you don’t, follow the prompt on your screen to sign up on Alat.

Benefits of Alat Account

  • It is easy and convenient to use
  • You can open your account and manage your money without ever going to a branch
  • It gives access to group or personal savings
  • Free debit card
  • It has lifestyle benefits and up to 4% annual interest

Transfer Charges on ALAT

In-app is 40 naira, and deposit by transfer from other banks using the respective banking apps attracts a charge of 52 Naira. Alat cards are delivered for free. ALAT account is also restricted to a balance of 300,000 Naira and a daily transaction limit of 30,000 Naira.

One Digital Bank by Sterling

Sterling Bank Plc was licensed as Nigeria’s first merchant bank in 1969. In 1992, the bank was partly privatized and listed as a public company on the Nigeria Stock Exchange. One bank is a 100% Digital Banking App brought to you by Sterling Bank.

How to Sign up on One Bank by Sterling

  • Visit Sterling Bank’s online page to get started with the registration process
  • Click on sign up
  • Enter your Bank Account Number if you already have an account but if you don’t open one.
  • Click on continue and fill in all the required information as required by the bank.

Transfer charges on One bank.

Sterling by one bank has waived all personal account transaction fees over the scarcity of naira until further notice.

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