This article covers digital banks by fintechs and by traditional banks.
Putting your funds or valuables in any of the best digital banks in Nigeria to create an account is a nice thing, but would you want to conduct your financial activities in a more convenient way? With digital banks, you may perform financial transactions without ever visiting a traditional bank.
Digital banking is the process of providing banking services through the internet. In addition, in Nigeria, digital banking is gaining popularity. Many of these digital banks in Nigeria offer attractive benefits that aren’t available at regular banks.
Let’s see which digital banks in Nigeria, especially those operated by fintech companies and traditional banks, are the safest and most secure places to invest your money.
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We recommend that most wealthy locals and expats invest offshore despite this list, and we can help with that.
Digital Banks in Nigeria by Fintechs
Similar to microfinance banks, fintech companies, although not being as well-established as traditional banks, frequently provide exceptional services owing to their more inventive and technologically knowledgeable employees. Fintech companies, like microfinance banks, are also safe bets when it comes to security because they’re regulated by the Central Bank of Nigeria.
7. Fundall
Fundall is a fintech firm that offers a variety of financial services to private and commercial users in Nigeria, ranging from basic bank accounts to savings accounts and loans. Although it is not a bank, its financial services are handled by Providus Bank, a regional bank located in Lagos that also offers its virtual dollar MasterCard and pre-paid Verve naira card.
Fundall’s attractive app focuses on investing and saving, with strong budgeting and analytics tools, an AI financial counselor, and even the option to invest your money and get life insurance.
8. goMoney
GoMoney is a small digital bank in Nigeria that prioritizes simplicity. Their major objective is clarity, therefore their offers are fairly basic: you get an account, a physical card, and minimum banking features. Savings account will soon be an additional feature according to an announcement.
But it’s not the features itself that make goMoney stand out; it’s the sleek interface that makes keeping track of your spending so simple. GoMoney is also a good option if you wish to register an account without a BVN, owing to their tiered verification system, which enables you to acquire a limited account quickly.
Digital-only Accounts by Traditional Banks
Many consumers still prefer the protection and peace of mind provided by a conventional bank, despite the ease of digital banking. If you’re one of them, your best chance could be to open a digital-only account with a reputable financial institution like these, which are completely regulated by the Central Bank of Nigeria and have deposits insured up to ₦500,000 by the NDIC.
9. ALAT by Wema
ALAT is a digital-only brand owned and maintained by Wema Bank, a Nigerian commercial bank. It bills itself as Nigeria’s first totally digital bank, and it provides a comprehensive banking package that includes a bank account, a physical naira debit card, loans, a savings account, and one of the finest virtual dollar cards in Nigeria.
Account creation is free and fully online, and if you don’t want to utilize ALAT’s app to save data after you’ve signed up, you have the option to access and manage your account using their USSD code.
10. OneBank by Sterling
OneBank, like Wema’s ALAT, is a digital-only brand of Sterling Bank, another well-established Nigerian commercial bank. Aside from traditional banking services such as savings and checking accounts, a virtual card, and a free Verve debit card, Sterling’s Specta and Doubble services provide access to loans and investment accounts, as well as direct payments for utility bills and screen time, cardless cash withdrawals, and foreign exchange transfers.
The CBN has granted OneBank full permission to employ a variety of innovative features aimed at increasing user satisfaction with the digital bank’s financial and non-financial services. The app’s features are easy to use and dependable, according to users.
The OneBank app includes self-registration, mobile payment account setup, verification choices, bill payments, virtual card, send and receive cash, cardless withdrawals, ATM and branch locator, transfer into international and local accounts, recurring payment, and regular customer assistance.
You may open an account on the app in minutes with just your BVN, email, address, and personal information. You may also watch a live news feed while using the software and browsing currencies.
Online Banks vs Digital Banks in Nigeria
The Central Bank of Nigeria (CBN) has given digital banks a license to operate remotely. These fintech companies can provide digital payment and management services to small and medium enterprises, as well as to private individuals. Traditional banks, on the other hand, may require you to visit one of their locations to do business.
These digital banks in Nigeria allow anyone to carry out any transaction from the comfort of their own home. These digital banks, however, lack physical branches, infrastructure, and conference rooms. Nonetheless, with these banks, you’ll be able to do almost all transactions using only your smartphone and the internet.
Online banks and digital banks are not the same. Customers don’t have to go to the bank for transactions because traditional banks provide online banking. Digital banks, on the other hand, are totally online and do not have any physical premises where transactions may be made.
Digital banks are similar to traditional banks in that they are secure places to keep your money since they are regulated by the Central Bank of Nigeria (CBN). There are several advantages and benefits to using online digital banking, including no charges and greater interest rates.
Conclusion
Nigeria is seeing an increase in the number of digital banks. They outperform traditional banks in terms of terms and conditions, fees, and online banking services. Before you sign up with one of these digital banks in Nigeria, be sure that their services match your financial demands and that you can better manage your money.
Discuss your financial plans with a financial advisor if you want to move to a digital bank.
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Adam is an internationally recognised author on financial matters, with over 760.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.
