The CBN Cashless Policy has pushed more Nigerians into Embracing Digital Banks, also, low fees, the 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
Best Online Banks in Nigeria
- Kuda
- VBank
- Rubies
- Sparkle
- Mintyn
- Eyowo
- Fundall
- Gomoney
- ALAT
- One Bank
Kuda Digital 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
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
- 25 free transfers to other banks every month
- Receive 15% interest every year when you save automatically.
Transfer Charges on Kuda Account
- There is a 2% commission on all trades made on the Kuda app
- 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
Vbank Digital 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 App Store
- Launch and open the App
- Enter your phone number
- Highlight “my BVN” – linked phone number and click continue
- Select 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
Features of a Vbank Account
- You can also get a personal loan through a bank credit union and apply online or in person and will have to provide some basic personal and financial information.
Transfer charges on Vbank Account.
- Zero charges on all transactions to all banks, no strings and no hidden fees.
Rubies Digital Bank
Rubies Bank was launched in June 2019. It has garnered about 90,000 customers, records 50,000 daily transactions and supports 300 Fintech across the country.
How to open a Rubies Account
- Download the Rubies App from the Play Store
- Launch the App and you will be on the enrollment page
- Input your phone number and email address to register
- The next page will inform you to fill in your first and last name
- Set up your 6-digit PIN and confirm it.
- Rubies Bank will send you an OTP to your registered number
- You will be asked to either choose your account number or have one generated for you
- Then you have successfully created a Rubies Account
Benefits of Rubies Account
- Decide what your Account Number will look like
- Open an Account in a minute
- Get a free debit card and have it delivered to you at no cost
- Earn 20% income on friends you bring on board.
Transfer charges on Rubies Account
- 50% of the fees per transaction
- 5.00% of the amount you are transferring into your current account.
- 10 naira charge for a transaction below 5000 Naira.
- 26 naira for transaction of 5001 to 50,000 naira
- Transactions above 50000 Naira will be charged 50 Naira.
Sparkle Digital Bank
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.
Mintyn Digital Bank
Mintyn Bank formally called Mint Digital Bank was founded in 2020 using technology to transform the way people manage their money, and eliminate excess costs that come with owning a bank account in Nigeria. Mintyn Bank offers two types of accounts namely: the personal account and the business account.
How to open a Mintyn Account
- Goto Mintyn bank website https://mintyn.com/
- Navigate to the ‘Open an Account’ section.
- Select the type of account that suits your banking needs
- Fill out the account opening form where you will provide your personal information.
- Create a username and password that you will use to access your account
- You will be required to upload a clear scanned copy of your valid means of identification
- You will be required to upload a recent passport photograph
- Verify your identity by confirming your registration in your email
- Fund your account after it has been verified
Benefits of having Mintyn Digital Account
- Unlimited free transfer
- Instant notification
- Free debit card
Transfer charges on Mintyn Account
No monthly fees, unlimited free transfers, a daily transaction limit of 5 million maximum for personal accounts and no limit for business accounts.
Eyowo Digital Bank
Omoseindemi Olobayo is the CEO of Eyowo . Eyowo is a revolutionary peer-to-peer payment system that was created in an attempt to solve the financial inclusion problem in Nigeria. It was created in 2017 and the headquarter is located in Lagos State.
How to sign up for an Eyowo Account
- By dialling *4255# and follow the on the screen instructions
- By registering on Eyowo homepage
- Get access to mobile wallet
- Enter your phone number and click get started
- A six-digit activation one-time pin will be sent to your phone number, enter the OTP
- Set your own secret six-digit PIN
- Access your Eyowo account and you are around your dashboard to enjoy mobile banking on the go.
Benefits of having an Eyowo account
- Request and make payment
- Ability to fund your wallet with your credit or debit card and bank deposit.
- Pay for utility bills and recharge airtime on your phone
- Perform transactions using the USSD code *4255#
- Require no paper registration process.
Transfer charges on Eyowo Account
No hidden transfer fees, and free and instant transfer to any bank.
Fundall Digital Bank
Fundal is a Nigerian Digital Bank that allows users of their mobile app to access digital banking wealth. It was founded by Kolapo Joseph in 2019 and the headquarter is located in Lagos state. The following are the steps on how to open a Fundall account.
- Download the Fundall App from Play Store
- Begin your personalized banking experience with a financial partner that you can trust.
- Create an account by signing up with your name, email and phone number
- You can start transactions after your account has been created by Fundall
Features of a Fundall Account
- Save as you spend. We help you save a percentage of your expenses in your account.
- Fundall chest: your Fundall chest works exactly like any bank account where you can keep your money safe.
- Saving and investment
- Lifestyle card
- Budgeting and spending tracker
- Airtime, data and billing payment.
Transfer charges on Fundall Account
No hidden charges, Fundall operate with ZERO charges to transfer funds to any other banks.
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 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.
Features 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 Go money 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.
ALAT
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 privatised 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.
