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Top 7 Digital Banks in Nigeria in 2023

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digital-banks-in-nigeria-2023

Top 7 Digital Banks in Nigeria in 2023

Digital banks have become the focal point of banking operations in Nigeria, given the traditional brick-and-mortar banks’ current inadequacies, particularly their inability to enhance their services to implement the CBN’s cashless policy: Top 7 Digital Banks in Nigeria in 2023.

Like other developing countries, Nigeria is experiencing a rapid shift towards digital banking services. The development of technology and widespread access to the internet at reasonable prices in the nation have made this transition possible.

Due to this technological development, several digital banks have risen in Nigeria recently. Though each bank has unique features and benefits, their common advantage over traditional banks is their fast, convenient, and low-cost services.

Whether you’re a tech-savvy individual or someone looking to simplify their banking experience, you’d find valuable service in one of the top digital banks we’ll discuss in this article.

But first…

What is a Digital Bank?

A digital bank is a bank that operates primarily online, with its customers accessing its services through a mobile or web app, or both.

Most digital banks offer the same services as traditional banks, such as savings and checking accounts, loans, credit cards, and investment services. However, the most impressive benefits of digital banks are their low costs and easy access to banking services.

Digital banks have proven to be better equipped to serve the banking needs of Nigerians. This is evident in the low number of failed or delayed transactions when using their apps, and their free banking services. Furthermore, they quickly and effectively resolve any slow or failed banking transactions.

Now that you know what digital banks are and their advantages over traditional banks, read on to get information on which one to bank with.

Top 7 Digital Banks in Nigeria

Mintyn Bank

  • Mintyn Online Bank, formerly known as Mint Digital Bank, is licensed by the Central Bank of Nigeria (CBN) as a product of Finex Microfinance Bank. Since it was founded in 2020, Mintyn has amassed many customers through efficient banking services.
  • Mintyn Bank offers you the same services as traditional banks, with personal and business current accounts and mutual fund investments at the core of its services.
  • One of the best benefits of Mintyn is its free service policy. There are no monthly maintenance, overdraft, or ATM fees, making it an attractive option for budget-conscious customers.
  • Mintyn offers a user-friendly online and mobile banking platform, allowing customers to manage their accounts from anywhere. With the Mintyn App, you can pay bills, make check deposits, and even register your business with the Corporate Affairs Commission (CAC).
  • If you make many international purchases and subscriptions, the virtual dollar card might be your favorite feature in the Mintyn App. You can also shop in your favorite stores, like Amazon, eBay, Nike, Google Play, etc., with your virtual Mintyn Gift Cards.
  • No other digital bank makes cashless banking as seamless and affordable as Mintyn Bank. With your Mintyn App, you can log in to the Mintyn Marketplace and buy groceries and other fast-moving consumer goods at the lowest possible prices in the country.

Kuda Bank

Kuda Bank has earned its place among the top digital banks in Nigeria by providing accessible, seamless, and transparent banking services. The bank prides itself on being the bank of the free.

Kuda provides a wide range of banking services similar to those offered by conventional banks in Nigeria, including but not limited to savings and current accounts, loans, and investment services. Kuda also offers and delivers, for free, physical debit cards to its customers in all parts of Nigeria.

Vbank by VFD

  • Vbank is one of the top digital banks dominating the Nigerian banking space in 2023. It was launched in 2020 by VFD Microfinance Bank to provide Nigerians with free and convenient banking services.
  • VBank offers customers savings and checking accounts, loans, and investment services. It also offers a competitive interest rate on its savings accounts and doesn’t charge account maintenance fees.
  • VBank is one of the few digital banks offering USSD banking to enable its customers to access their banking needs even without the internet.

Alat

Alat by Wema is a digital bank with comprehensive digital banking services, despite being introduced by a traditional bank (Wema Bank). You can create an account on the Alat Banking App in two minutes and four simple steps.

You can make savings, pay bills, invest your money, and secure loans with your Alat digital bank account. The bank also makes its debit card available at no cost within five days of your request. Like VBank, Alat also offers USSD banking services to its customers.

Rubies

Rubies is a digital banking platform offering free services to millennials, professionals, SMEs, and fintech companies. Though most Rubies customers are FinTechs, businesses, and other financial institutions, they also offer services to individuals.

With a Rubies account, you can make savings, pay bills, and invest your money. You can also secure microloans from Rubies to support your business. Like other digital banks, Rubies has revolutionized the Nigerian banking sector with hassle-free banking services.

Fundall

  • Fundall, the winner of the “Business Day B2B Payments App of the Year, 2022 Awards,” is one of the top digital banks in Nigeria.
  • Founded in 2019, Fundall has made significant contributions to the advancement of digital banking in Nigeria. Fundall customers can access all digital banking services, such as personal and business accounts, loans, investments, and marketplace services.
  • Fundall has a community where it provides its members (Fundallers) access to financial education and other community support benefits.

Sparkle

  • Sparkle is a top digital bank in Nigeria, founded by the former CEO of Diamond Bank (now part of Access Bank), Mr. Uzoma Dozie. Having been in the system, Mr. Uzoma developed Sparkle to address the complaints of most traditional bank customers.
  • Sparkle offers its customers personal and business account services, loans, and investment products. The Sparkle business account is laden with all the resources you need to run a business successfully, as there’s provision to handle your tax remittance, payroll, inventory, etc.

With the Sparkle physical and virtual cards, customers can make payments on the go.

Conclusion – Top Digital Banks in Nigeria

Nigeria is fast adopting cashless transactions, and while traditional banks are struggling to fit in, digital banks are gathering customers with efficient customer service. People who love the convenience and low-cost banking transactions already intend to open digital bank accounts.

With Mintyn as your reliable banking partner, you can easily reach your personal and business goals without stepping out of your home for any banking operations.

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BANKING

Afreximbank Acts as Joint Lead Manager on Ecobank Transnational Incorporated’s USD 400mn Senior Unsecured Note Issuance

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The proceeds of the note will fund general corporate purposes of the issuer, including refinancing of a USD350 million senior bridge-to-bond loan facility that was jointly coordinated by Afreximbank in March 2024.

African Export-Import Bank (“Afreximbank”) (www.Afreximbank.com) is pleased to announce that it has successfully acted as Joint Lead Manager and Bookrunner on a USD 400 million 10.125% Rule 144a/RegS senior unsecured note issuance by Ecobank Transnational Incorporated (“ETI”) due in October 2029.

The proceeds of the note will fund general corporate purposes of the issuer, including refinancing of a USD350 million senior bridge-to-bond loan facility that was jointly coordinated by Afreximbank in March 2024.

The note issuance achieved peak orderbook oversubscription of 2.1x, backed by more than 70 high-quality and diverse investors comprising development finance institutions, asset managers, commercial banks and insurance companies from Africa, the UK, USA, Europe and the Middle East.

Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commenting on the transaction, said: “We are pleased to have supported Ecobank Transnational Incorporated (“ETI”) in placing the first public Eurobond issuance by any Sub-Saharan African financial institution since 2021, following our bridge financing support earlier in the year. This transaction underscores Afreximbank’s capacity and readiness to structure innovative market access solutions for our pan-African banking partners.”

Afreximbank’s Advisory and Capital Markets (ACMA) department acted as Joint Lead Manager and Bookrunner on the issuance, working alongside international and African partners.

Distributed by APO Group on behalf of Afreximbank.

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BANKING

International Islamic Trade Finance Corporation (ITFC) and the Central Bank of Nigeria Successfully

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International Islamic Trade Finance Corporation (ITFC) and the Central Bank of Nigeria Successfully

These workshops form part of ITFC’s Integrated Trade Solutions (ITS) framework, aligning with the organization’s goal of providing holistic trade financing interventions in OIC member countries.

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, in partnership with the Central Bank of Nigeria (CBN), successfully concluded a workshop on Non-Interest Banking and Trade Finance in Nigeria. Held from 17th to 19th September 2024 in Abuja, the sessions aimed to enhance capacity and knowledge in Islamic banking principles, trade finance products and services, and how different financial toolkits are applied in Islamic finance from operational and business perspectives.

International Islamic Trade Finance Corporation (ITFC) and the Central Bank of Nigeria Successfully

Nigeria’s Islamic finance industry, valued at US$3.8 billion, is one of the major Shariah compliant industries in Africa. Despite some challenges such as low public awareness and a smaller capital base compared to conventional banks, Islamic finance has been substantially contributing to reduce financial exclusion and improve access to affordable finance in the country. The three-day workshop was designed to bridge prevailing knowledge gaps focusing on key areas such as Sukuk issuance and main non-interest banking products basics.

Delivered under ITFC’s Integrated Trade Solutions framework, the workshop equipped professionals with the skills to promote Islamic finance in Nigeria while also highlighting ITFC’s wide range of trade financing services.

Participants reported a significant boost in understanding Islamic banking and trade finance, and the workshop showcased ITFC’s contributions to economic development through sustainable financial solutions.

Eng. Nasser Al Thakair, ITFC, remarked: “ITFC is committed to supporting Nigeria’s efforts in Islamic finance, tailoring this workshop to address the unique challenges faced. We will continue to provide the expertise and financial backing needed to grow Islamic finance in Nigeria and beyond.”

Over 30 professionals from the Central Bank of Nigeria, non-interest banks, and other financial institutions attended, further advancing Islamic finance in the country.

As Nigeria positions itself as a leading market for Islamic finance in Africa, ITFC remains dedicated to advancing trade finance and supporting the growth of the sector for long-term economic impact.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

About the International Islamic Trade and Finance Corporation (ITFC):

The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided over US$75 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.

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FINTECH

Kazang Pay launches card acquiring service in Zambia

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Kazang Pay launches card acquiring service in Zambia

Kazang (www.Kazang.com), the prepaid value-added services (VAS) and card acquiring business within JSE-listed fintech Lesaka Technologies, has launched its Kazang Pay card acceptance solution for merchants in Zambia. Kazang Pay makes it affordable for merchants to accept card payments on the same Kazang terminal they use to sell prepaid products and services.

Kazang Pay launches card acquiring service in Zambia

The Kazang Pay enabled terminal in Zambia accepts VISA debit and credit cards as well as mobile wallet payments. Payments are settled to the merchant’s Kazang wallet on the same day. It’s as easy as letting the customer tap or insert their bank card and enter their PIN on the secure scramble PIN pad.

Kazang operates around 12,000 VAS terminals in Zambia. The goal is to enable the majority to accept card payments over the next six months. Benefits to merchants include low transaction fees and no monthly terminal rental fee for those that meet a modest monthly transaction threshold as well as the opportunity to grow their business through card acceptance.

Kazang is Zambia’s largest VAS point-of-sale terminal provider, enabling mobile money payments, bank and mobile money cash in and out, bill payments, airtime, Zesco, and many other prepaid services on one platform. The addition of card acceptance makes the platform even more comprehensive for merchants and consumers alike.

The launch of Kazang Pay in Zambia follows the introduction of the solution in South Africa, where around 60,000 small and micro merchants use Kazang Pay to accept card payments. In Zambia, there are around 3.8 million debit, credit and ATM cards in issue and 41,000 point of sale (POS) terminals in place. The value of POS transactions has grown to K 111.4 billion by 2022 from less than K 20 billion in 2018, according to the Bank of Zambia.

Says Leon de Wit, managing director at Kazang Zambia: “Zambia has made enormous strides in terms of financial inclusion, with card usage and penetration growing at a rapid pace. With Kazang Pay, merchants can now easily accept card payments on the same all-in-one terminal they already use for vending of VAS products.

“Card transactions help merchants to grow basket sizes and potentially attract more customers, and at the same time, reduce the risks and costs of handling cash. Moving towards digitalised payments will also enable merchants to track sales, manage cash flow, and create a footprint that could make it easier for them to access loans.”

Ashley Naidoo, director of Kazang Pay in South Africa says: “Our Zambian merchants have eagerly embraced our card acquiring service as a valuable part of our one-stop solution. Following the launch of Kazang Pay in Zambia, we have seen higher VAS sales across our merchant base and much-improved merchant retention and with our card acquiring solution we now appeal to a broader merchant base.”

Distributed by APO Group on behalf of Kazang.

ABOUT KAZANG:
Kazang (www.Kazang.com) is a leading provider of cash and digital solutions to merchants in Southern Africa’s informal economies. Our fintech solutions include a diverse range of value-added services (VAS), card acquiring, secure cash vaults and supplier payments platforms. Operating with a network of approximately 90,000 active devices, we process approximately 2.2 million transactions daily in markets such as South Africa, Namibia, Botswana, and Zambia.

We are dedicated to helping small and medium merchants grow and succeed, through increasing their sales, making their businesses more efficient and reducing their risks with its holistic portfolio of products and services. Kazang is a member of Lesaka Technologies (https://LesakaTech.com).

ABOUT LESAKA TECHNOLOGIES, INC:
The Connect Group and Kazang was acquired by Lesaka Technologies, Inc. in April 2022. Lesaka Technologies, (Lesaka™) is a South African Fintech company that utilizes its proprietary banking and payment technologies to deliver superior financial services solutions to merchants (B2B) and consumers (B2C) in Southern Africa. Lesaka’s mission is to drive true financial inclusion for both merchant and consumer markets through offering affordable financial services to previously underserved sectors of the economy. Lesaka offers cash management solutions, growth capital, card acquiring, bill payment technologies and value-added services to retail merchants as well as banking, lending, and insurance solutions to consumers across Southern Africa.

Lesaka has a primary listing on NASDAQ (NasdaqGS: LSAK) and a secondary listing on the Johannesburg Stock Exchange (JSE: LSK). Visit www.LesakaTech.com for additional information about Lesaka Technologies (Lesaka ™). $LSK / $LSAK

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