If you don’t like the long queues, low interest on savings, and numerous charges associated with the traditional brick-and-mortar banks in Nigeria, you may want to consider an online bank going forward. Apart from having to perform all your transactions using your smartphone, online banks also provide their customers with bigger interest rates on savings and little to no maintenance fees. These and more are reasons why online banks are increasingly becoming popular in Nigeria. Keep on reading this article to discover the online banks in Nigeria you could use.
The list of Nigerian online banks would be discussed below:
ALAT is noted for being the first online bank in Nigeria. Wema Bank owns and operates ALAT. The ALAT app which can be gotten on the Google Play Store or Apple App Store, depending on the smartphone the customer uses, is very to use.
With a few clicks, one can quickly open an ALAT account, without needing to provide paperwork as you would with traditional banks, except for your name, address, Bank Verification Number (BVN), and phone number.
Banking with ALAT provides you with the chance to enjoy certain perks such as virtual dollar cards, instant loans, and business products. This online bank also allows customers to save and enjoy business products, among various other things.
Kuda is one of the most popular online banks in Nigeria. This online bank is owned and operated by Kuda Microfinance Bank. Known as Bank of the Free, Kuda Bank does not charge maintenance fees and allows its customers to make 25 free transfers to other banks daily.
Opening an account is simple requiring the customer to have an email address, a phone number, and Bank Verification Number (BVN). With the aforementioned requirements, a customer can get a bank account of NGN50,000 at a time and a maximum transfer of NGN50,000 at a time. To remove the limit from the account, the customer would have to add a government-issued like an international passport and driver’s license.
Kuda Bank also provides their customers with a free debit card, overdraft services, and up to 15% annual interest on fixed savings, among other things. Also, businesses can operate Kuda Business multiple accounts capable of sending up to NGN250,000,000 daily. The Kuda app is available on Google Play Store and the Apple App Store, the former being for Android and the latter for iOS devices.
V by VFD Bank (Vbank)
V by VFD is another leading Nigerian online bank that is currently operating in the country. This online bank is owned and operated by VFD Microfinance Bank, a subsidiary of the VFD Group.
This online bank offers customers numerous features for a superb banking experience. From the quick account opening that requires no paperwork to monthly interest on savings and target saving, among other things, customers of Vbank enjoy premium services. More so, customers have been presented the opportunity to earn income by referring people to the bank thanks to Veelage, the bank’s community reward system.
Another novel service you get to enjoy as a customer of V by VFD is the ability to send money within a single transaction to many recipients in one click. This online bank also allows customers to add multiple bank cards to their V app, allowing them to easily transact in and out of several accounts right from the app.
Target savings, advanced budgeting, account analytics, and the ability for two Vbank customers to synchronize their budgets and expenditures through a joint account feature are some additional perks of this online bank. The V app is available on Google Play Store and Apple App Store.
Rubies is an online bank that is well-suited for both personal banking and business banking. Just like most online banks, it takes only a few minutes to open an account using the Rubies app which is available on Play Store and App Store. Rubies let you choose how you want your account number to look.
With the Rubies app, you can pay bills, get loans, save, and make money requests. Rubies also offer virtual cards to customers as well as Rubies Insurance, among several other perks.
Eyowo is rated among the leading online bank in the country. With features such as zero percent interest rate loans and dollar cards to cardless ATM withdrawals and the Scan to Pay option, this online bank is one you could consider.
With just your number and other basic information, creating an account with Eyowo is easy and fast. Customers of Eyowo also get debit cards to use online and offline, as well as save and pay bills using the Eyowo app which can be gotten on App Store or Play Store.
Sparkle is an online bank owned by Uzoma Dozie, the former CEO of Diamond Bank before the Access Bank acquisition. This online bank has several amazing features which customers find beneficial. First, it takes a few minutes for you to open an account with Sparkle after downloading the app on Play Store or the App Store.
Sparkle also has a feature that lets customers split bills with friends and family. How cool is that? Also, there is a feature that lets customers analyse their expenditures to see how they spend. Other key features of this online bank include but are not limited to Sparkle Stash, physical and virtual cards, and the Request Money feature.
Sterling Bank owns and operates OneBank, one of the Nigerian online banks. This online bank has numerous features that provide customers with excellent banking experiences. Through the OneBank app which can be gotten from Play Store or the App Store, users can easily open an account in minutes, pay bills, save for a rainy day, invest, and borrow money, among other things.
Furthermore, OneBank has an interesting feature known as the “Ajo Scheme” which lets customers invite their friends to start a contribution. Just as how Ajo is done in major cities around Nigeria, participants in the OneBank Ajo Scheme take turns in “packing” the funds contributed by the group.