Top Digital Banking Platforms in Nigeria

The Nigerian banking sector has evolved over time, with digital banking platforms taking center stage and offering more competitive services than traditional banks. They’re pushing the traditional banks aside and attracting customers with free, accessible, and more convenient banking.

However, while many digital banks are making waves in the banking industry, many more are struggling to meet increasing customer expectations.

Therefore, to enjoy the best digital banking services, you must have an account with one of the top digital banking platforms in Nigeria. This article discusses six of them.

Top Digital Banking Platforms in Nigeria

Mintyn Bank

Mintyn Online Bank is one of the top digital banking platforms in Nigeria. It’s a licensed product of Finex Microfinance Bank, created to give customers a free, more convenient alternative to traditional banks.

Mintyn offers services to both individuals and businesses through its personal and corporate accounts. These accounts give people access to amazing banking services such as savings accounts, current accounts, instant loans, investment options, expense trackers, and more. The savings account allows you to make a goal-based savings plan, which earns you up to 36.5% interest on your savings. The current account and investment feature offers amazing perks that every profit-savvy individual would love. For instance, the investment option at Mintyn allows users to invest in high-interest-yielding mutual funds based on the level of risk they’re willing to take.

With a Mintyn account, you have access to a Naira debit card and a virtual dollar card, both of which allow you to make transactions on the go in Nigeria and also make payments online on foreign platforms. You can also purchase virtual gift cards for your online subscriptions or shop on platforms like Amazon, Nike, eBay, etc.

Most people love Mintyn for its free banking services, including unlimited free transfers, free debit cards, no monthly maintenance costs, etc. The cardless withdrawal feature on Mintyn, with its 24/7 customer support and the ability to make bulk transfers, makes it people’s favorite online bank.

Mintyn is available on both the Apple Store and the Google Play Store.

Alat by Wema

Alat by Wema Bank is Nigeria’s first truly digital banking platform. It was established in 2017 to give people a 360 digital banking experience that is simple, reliable, convenient and affordable.

Alat offers several amazing features to give you an exciting digital banking experience. These features include a savings and domiciliary account, instant loans, card services (virtual, debit, and credit cards), 24/7 customer support, and many more. Signing up and enjoying these services only takes a few minutes. After signing up, you can pick one of the three debit card designs on the platform, and Alat will deliver it to you in 5 business days, anywhere in Nigeria, at no cost.

With the Alat app, you can easily pay your bills, set a savings goal, and work diligently to achieve it.

Kuda Bank

Kuda broke into the Nigerian banking space with the mantra “the bank of the free.” And with a free debit card upon sign-up and 25 free transfers to Nigerian banks every month, it has succeeded in reducing the cost of operating a bank account in Nigeria.

With over 5 million users, Kuda is one of the top digital banking platforms in Nigeria. Unlike some other banks, Kuda’s services are simplified. It allows people to make savings, pay bills with ease and invest their money.

The Kuda free debit card is one of the most fascinating things about the online banking platform. Once you sign up and request the debit card, Kuda will send it to wherever you are in Nigeria at no cost. But the most interesting thing about this card is that it comes with no maintenance cost, unlike the cards from traditional banking platforms.

As a CBN-licensed microfinance bank with its deposits insured by the Nigerian Deposit Insurance Company (NDIC), Kuda guarantees safety for your money.

With up to 15% interest in savings, free instant notifications on transactions, instant reversals on failed transactions, free transfers, and free monthly maintenance, there’s no doubt why Kuda is a favorite of millions of Nigerians.

Rubies

Rubies is one of the top online banking platforms changing the world of banking and payment in Nigeria. It offers digital banking services to individuals, businesses, fintechs, and other financial institutions.

Rubies account users have access to a platform that allows them to send and receive money, make bill payments, save money, take short loans, and invest. Like other digital banks, Rubies offers a debit Naira card that allows you to transact in Nigeria on the go. The card is completely free; just make a request on the Rubies app, and it will be delivered wherever you are in Nigeria. There’s also the Rubies virtual dollar card, which allows you to make payments or purchases on international platforms.

Rubies also enables you to set savings goals and track your savings until you achieve those goals. The Rubies investment feature allows you to put your money in fixed deposits and other mouthwatering investment products.

However, one of the most fascinating and unique things about the Rubies app is the “money request” feature. This feature allows you to send a money request to someone instead of constantly reminding them to pay you. Once the person accepts the request, your Rubies account will be credited. For incoming money requests, you can accept, decline, or blacklist them as you wish.

Sparkle

Sparkle is a digital banking platform with a mission beyond banking. It is a lifestyle and financial ecosystem providing seamless solutions to retailers, SMEs, and individuals looking to make better money management and investment decisions.

Sparkle enables users to open a bank account in less than 5 minutes, set up a savings plan, track expenses, send and request money, and get quick loans to sort out urgent needs. The Sparkle debit card, with embedded card control features, allows users to make transactions online and in person easily.

With over $420 million in transaction value since it was founded, Sparkle has proven to be a reliable online banking platform where Nigerians and Africans, in general, can carry out transactions securely.

You can join the Sparkle tribe by downloading the Sparkle mobile app on either the App Store or Google Play and creating your account within minutes.

V by VFD

Vbank, or V by VFD, is another top online banking platform that positively influences the banking industry. The digital bank owned by VFD Microfinance Bank offers exceptional solutions that help customers track expenses, budget their finances, make savings, and bank smartly.

With a Vbank account, you’re entitled to zero percent transaction fees until your 51st transaction. Even after the first 50 transactions, the transaction fees you’ll pay will be insignificant compared to what traditional banks charge.

Furthermore, with a Vbank account, you can put your savings to good use in a fixed deposit account where you earn up to 20% in interest per annum.

V by VFD is one of those virtual banks that makes banking fun and versatile. This is evident in their many banking channels, from their mobile app to their debit cards, WhatsApp banking, USSD, etc.

Conclusion

Many digital banks are competing to deliver the best banking experience to their customers. They enable individuals and businesses to open and operate a bank account without visiting a banking hall. They also offer other banking services that traditional banks struggle to provide, such as virtual dollar accounts, gift cards, free transaction maintenance, etc.

Choosing the right digital bank that meets your expectations might be a challenge. However, this article has given you insights into Nigeria’s top digital banking platforms. Hopefully, you’ll make a good choice from the options listed here.