Best digital banking apps in Nigeria

This article contains the best and safest digital banking apps to use in Nigeria. These digital banks materialized due to higher consumer demand and overall they have offered a more suitable full-banking experience to their stakeholders including higher interest rates on savings thereby attracting more people to adopt their services.

In this article, we will cover some of the best digital banking apps to use for your basic financial uses like viewing your account balances, depositing checks, and contacting customer support. Traditional banks in Nigeria have been facing stiff competition from fast-rising digital banks.

What is the difference between mobile banking and online banking? The biggest difference between the two is their functionality. Internet Banking allows you to conduct online transactions through your PC or laptop and an internet connection. On the other hand, mobile banking can be done with or without the internet. Many banks nowadays have mobile apps for mobile banking.

What are the best digital banking apps to use in Nigeria? Here is a list of the top digital banking apps in Nigeria (2022)

Vbank – Fully Digital Bank in Nigeria

VFD Microfinance Bank is a fully digital bank that offers a wide range of financial products and services to professionals and entrepreneurs across all sectors. The digital bank has over 100,000 downloads on Playstore.

Just like the others, you will find on this list of Best Digital Banking Apps in Nigeria, Vbank doesn’t charge for transfers, and account maintenance is also free of charge. In the Vbank app, there is a feature that allows set up and track your spending budget to get you n check, unlike some apps, this very app supports a USSD banking service and you can order a debit card directly from the app.

They offer zero charges on transactions. Free account maintenance, monthly interest on savings, swift and secure transfers, withdrawals, and bill payments.

  • Instant account opening without any paperwork.
  • Fingerprint authorization: Login with your fingerprint and authorize transactions using your 4-digit PIN.
  • Good customer service.
  • Set up and track your spending budgets.
  • Order debit cards from the apps.
  • USSD banking service available.
  • Easy bill payments on the app.
  • Target savings with an 8% interest rate.

Kuda bank, a Digital-only bank

Kuda bank is another digital bank app I know and can say it’s been awesome so far, allowing one to make an online payment in their comfort zone and also save and get 15% interest on savings made with them.

KudaBank is a free, digital-only bank with a microfinance banking license from the Central Bank of Nigeria. The bank includes tools for tracking your spending habits, saving more, and making the right money moves. They don’t charge card maintenance or account maintenance fees. Kuda has 1M+ downloads on Playstore. Its customers get 25 free transfers to other banks every month.

  • Free debit cards.
  • Good user experience.
  • Free withdrawals at over 3,000 ATMs across Nigeria.
  • 15% annual interest rates on savings.
  • No paperwork is involved when signing up.
  • Automatic budgeting tools for easier money management.

AlatbyWema – Wema Bank’s digital bank

ALAT is Nigeria’s first fully digital bank, designed to help you do more with your money. Alat is owned by Wema bank. Just like every other digital bank, there is no need to visit a bank to open an account. Alat has over 500,000 downloads on Playstore.

On Alat, you can request USD, EURO, and GBP debit cards for nothing less than N1000 naira and it also allows you to open a free domiciliary account that’ll allow you receive money in USD, EURO, and GBP. It’s one of the best digital bank apps in Nigeria and you can use this app on Android and iOS.

  • Free bank card delivery anywhere in Nigeria.
  • A Virtual Dollar Card for online payments.
  • Bill payments option.
  • Collateral-free loans are available.
  • Save easily with automated goal saving.

Sparkle – Lifestyle digital bank in Nigeria

Sparkle is a lifestyle and finance app. It is a digital ecosystem providing financial, lifestyle, and business support services to Nigerians around the world. Licensed by the Central Bank of Nigeria (CBN), Sparkle is all about helping people achieve what they want, whether it’s entertainment, education, saving, or investing in the future. Sparkle has over 100,000+ downloads on the play store.

Aside from being one of the top digital banking apps, Sparkle is also a very great investment app, you can save and Invest on the Sparkle app and you’ll get a good interest rate when you need your money.

  • Create an account with just your Bank Verification Number (BVN), email address, and phone number.
  • If you ever lose or misplace your card, you can freeze and unfreeze it in the Sparkle app.
  • Save using Sparkle Stash for different goals at the same time.
  • Percentage savings where you determine what percentage of your account balance will be going to your savings every day, week, or month!
  • Get real-time instant notifications for your transactions.
  • Bill payments; Pay your bills whenever you want, wherever you are.
  • Split bills with friends and family on the app.
  • Physical and virtual cards are available.

MyMintApp – Business digital bank in Nigeria

MintApp is a self-service banking platform that gives customers the liberty to carry out a series of digital and mobile banking transactions on their accounts. On Mint your account your rules, means you have the freedom to do whatsoever you want to do with your account.

MyMintApp also offers different banking services such as SME Banking, Personal Banking, Corporate Banking, Internet Banking (Electronic Banking), Current Account Opening, Savings Account Opening, Business Services, Loans, e-Business Solutions, Personalized Money Tracking and Card Solutions, etc. Mint has over 10,000+ downloads on Playstore.

  • Good customer service.
  • Seamless account funding via Paystack or directly from your existing bank account.
  • Different saving goals with competitive interest rates to help you save for a targeted purpose.
  • Money Manager to help you tag your expenses according to the most common categories, and see real views of how and where you spend monthly.
  • Zero transaction fees on bill payments.

Onebank

Onebank brings a whole new financial and non-financial experience to the digital space. This application comes with sophisticated features and an impeccable user experience. It is highly secure, convenient, and easy to use. Onebank also offers payments, lending, investment, advisory, informational, and lifestyle services which brings that intuitive banking experience on your mobile. Onebank is owned by Sterling Bank

  • Create a wallet account instantly with your mobile number.
  • Biometric authentication.
  • Instantly create your virtual card for online shopping and decide the card’s usage and expiry.
  • Investments; enjoy up to 100% returns on Naira and Dollar investments.
  • Quick loans of up to N5 million in 5 minutes.
  • Receive money from Onebank user via QR code scan.
  • Pay for airline tickets, cable & internet subscriptions directly on the app.
  • Cardless withdrawals are available.

With the increasing number of digital banks and fintech startups, the competition for acquiring and retaining new and old customers is getting stiffer. More traditional banks will need to adopt digital banking to stay competitive.

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