Ngozi NwaubaniDigital banking or online banks are constantly on the increase, and we can say it will only get more digital. Banking online has advantages; it’s easy, cheaper, and presents more features than non-digital banks.
Users can open an account within two minutes without any paperwork with these banks. Signing up for an account requires you to provide your phone number, email address, full name, BVN, password, and sometimes a photo for verification. Online banks offer very impressive interest rates on savings and fixed deposits.
Don’t worry your money is safe with the digital banks because all deposits are insured by the Nigerian Deposit Insurance Corporation (NDIC).
1. Bloomm
Bloom App is an online bank founded by Ampersand Microfinance Bank Ltd and thereby regulated by the CBN. The bank app is the latest on the list, and like traditional banks, it performs a range of functions. You can create an account with your phone number and send and receive money anytime.
This app has a referral earning system structure. There is a jackpot game feature that people can play with N1,000 daily to win N10,000. The game is called Jackpott; players pick a set of lottery numbers and get a ticket to play the daily Jackpott.
Google Play: 50k+ downloads
Key Features:
- Current account & Savings account
- Savings plan interest
- Personalized money tracker
- Referral bonus
- Instant Loans
- Jackpott draw
- No transaction fees
- No maintenance charges
Download it here.
2. Mintyn
Mintyn is a digital bank based in Nigeria. The Mintyn app is provided by Finex Microfinance Bank Ltd, licensed by the Central Bank of Nigeria. This bank offers a wide range of products from current and savings accounts, low-interest loans, and a personalized money tracker.
You can also choose to build emergency savings or round-up savings. You can also apply for instant loans before your payday with the app. The Mintyn account needs to be your salary account for about two (2) months to be eligible.
Google Play: 100k+ downloads
Key Features:
- Current account
- Savings account
- Savings plan interest (36.5%)
- Personalized money tracker
- Scheduled Transfers
- Instant Loans
- Mutual Funds at 30.5% per annum
- No transaction fees
- No maintenance charges
3. Kuda
Kuda bank is a digital bank based in Lagos, Nigeria, founded by Babs Ogundeyi and Musty Mustapha. The Central Bank-licensed microfinance bank aims to help its customers get the best banking services without excessive charges. And because of this, they have numerous customers among the youth.
They give a free debit card known as the Kuda Card, and it comes at no maintenance fee. Once you sign up, the bank will deliver the card to you for free, and you can access your cash over the ATMs at no extra cost. Kuda also has a Fixed Savings plan in which you can fix sums of money and earn up to 15% annual interest.
Google Play: 1M+ downloads
Key Features:
- Free Debit Card
- 25 free transfers every month
- Budgeting Tools
- Kuda Overdrafts
- 15% annual interest on savings
- Connects account to Payoneer
Download it here
4. Vbank
V by VFD, also known as Vbank, is the leading digital bank in Nigeria. It is owned by VFD Microfinance bank, a member of the VFD Group. Vbank grants its customers a monthly interest on savings. You can easily register using the mobile app available on Google Play and the App Store.
This bank also has a referral feature for users to become agents known as Veelagers, earning between N30K and N2m monthly by sharing a referral code with their network. As more accounts use this code, your earnings also grow.
The bank also has a joint account feature for couples or users who would like to save together. With the V Joint Account, you can have multiple cards or multiple operators for the same account.
Google Play Rating: 500k+ downloads
Key features of Vbank:
- Cardless withdrawal
- Fixed Deposit (14% interest)
- Budgeting
- Loans
- Target savings
- Business products
- No-fee transactions
- Cardless Withdrawals
- Referral (Veelage)
- Budgeting Tools
- Joint accounts
Download it here
5. Rubies
Rubies is a digital banking platform based in Nigeria that offers a zero-fee banking experience for businesses, millennials, young professionals, SMEs, Fintech companies, and financial institutions.
It has a money request feature that can be used to get cash from someone like the abeg app. You send the request, and when they accept your request, your account will be credited. Also, for those who don’t like collecting money from others, you have the power to decline, approve, or blacklist requests sent to your account.
The Rubies debit Naira card is free. You can order it from the app. You can also request a virtual dollar card for online transactions and payments.
Google Play Rating: 100k+ downloads
Key features:
- Current & Savings Account
- Investments
- Business banking
- Virtual cards
- Customize your account number
- Savings
- Virtual card
- Pay bills
- Business banking
- Rubies insurance
- Loan
Download it here
6. OneBank
OneBank is a 100% digital bank that is owned and operated by Sterling Bank. It has different types of accounts, even for students and kids, including the Classic and Domiciliary current and savings accounts,
The TrybeOne is targeted at campus students, and Kia Kia accounts for individuals without documentation or ID cards. The I Can Save account is for parents to save for their kids.
It has an interesting feature known as the “Ajo scheme” (similar to the popular Osusu), which is a way to invite your friends to start a contribution. Ajo is ubiquitous in major cities in Nigeria. It also offers businesses loans of up to N5 million naira without any paperwork or collateral.
Google Play Rating: 500k+ downloads
Key features:
- Savings & Current account
- Loans
- Cardless withdrawals
- Investments
- Savings
- Invest money
- Borrow money
- Pay bills
- Airtime and Data
- Ajo Scheme
Download it here
7. Eyowo
Eyowo is one innovative digital bank launched in 2019 in Lagos, Nigeria. The bank offers customers to borrow money at a 0% interest rate which is relatively uncommon. They also have virtual dollar cards for customers to use when shopping online. These cards are helpful for Micro Small Medium Enterprises (MSMEs)
Google Play Rating: 100k+ downloads
Key features:
- Zero-interest rate loan
- Savings
- Scan to pay
- Dollar cards
- Debit cards
- Cardless ATM withdrawal
- Pay bills
- Current & Savings account
- Cardless ATM withdrawals
- Virtual dollar cards
Download it here
Last Note
There has been a significant rise in digital banking in the last two years. Innovative businesses are taking advantage of their unique features that are better than traditional banks.
The traditional banks charge you monthly for maintenance, transactions, and ATM withdrawals. Let’s face it, digital citizens, the conventional banks are constantly milking us. Yes, they need to pay workers, but that doesn’t explain why money should be disappearing out of your bank account without prior notice or warning.
Get yourself a digital bank account today!
Muhammed Mustapha
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