Top digital banking apps in Nigeria

digital banking apps in Nigeria - ugtechmag.com
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Digital banking is part of the larger environment for the shift to online banking, in which financial services are supplied over the internet. The transition from traditional to digital banking has been steady and continuing, with various degrees of financial service digitization. Individuals may now effortlessly perform transactions, check their account balances, and even transfer funds with a single click of a button on their smartphone, desktop computer, or any other digital device thanks to Internet Banking.

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In this article, we’ll look at some of the finest digital banking applications for basic financial tasks like checking account balances, depositing, and contacting customer service. Traditional banks in Nigeria are experiencing severe competition from rapidly expanding digital banks.

Here is a list of the top digital banking apps in Nigeria

In no particular order, we have;

#1. ALAT by Wema – Wema Bank’s Digital Bank

ALAT is a digital bank owned by Wema bank, that aims to help you make better use of your money. There is no need to visit a bank to open an account, just as with any other digital bank. ALAT has over 1,000,000 downloads on the Google Play store.

ALAT allows you to request USD, EURO, and GBP debit cards for as little as N1000 naira, as well as establish a free domiciliary account to receive money in USD, EURO, and GBP. It is one of the top digital bank applications in Nigeria, and it is available for both Android and iOS devices.

Benefits of using ALAT by Wema include the following:

  • 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.

#2. Kuda Bank, A Digital-Only Bank

Kuda bank is another one of the many digital banking apps in Nigeria I’m familiar with and can say it’s been great so far. It enables one to make online payments from the comfort of their own home while also saving and earning 15% interest on savings made with them.

KudaBank is a free, digital-only bank with a Central Bank of Nigeria microfinance banking license. The bank provides tools for tracking your spending patterns, increasing your savings, and making wise financial decisions. They do not charge card or account maintenance fees. Kuda has almost one million downloads on Google Play. Every month, its customers receive 25 free transfers to other banks.

Related:
How to Request a Kuda Bank Debit Card Online
Here’s How to generate a Kuda bank statement from your app
How to Enable the “Spend and Save” Feature on Kuda Bank App

Benefits of using Kuda bank include the following:

  • 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.

#3. Vbank – Fully Digital Bank in Nigeria

VFD Microfinance Bank is a digital bank that provides a broad variety of financial products and services to professionals and entrepreneurs in various industries. On Playstore, the digital bank has over 100,000 downloads.

Vbank does not charge fees for transfers or account maintenance. In the Vbank app (either on iOS or Android), there is a feature that allows you to set up and track your spending budget to help you stay on track. Unlike other apps, this app supports USSD banking, and you can order a debit card directly from the app.

They charge no transaction fees. Free account maintenance, monthly savings interest, and fast and secure transfers, withdrawals, and bill payments are all available.

Benefits of using Vbank include the following:

  • Instant account opening without any paperwork.
  • Fingerprint authorization: Login with your fingerprint and authorize transactions using your 4-digit PIN.
  • Excellent client service
  • Create 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.
digital banking apps in Nigeria - ugtechmag.com

#4. Sparkle – Lifestyle Digital Bank in Nigeria

Sparkle is one of the top financial digital banking apps in Nigeria that seamlessly enables retailers, individuals and SMEs to reach their full potential. It is a digital ecosystem that offers Nigerians all over the world financial, lifestyle, and business support services. Sparkle, which is licensed by the Central Bank of Nigeria (CBN), is all about assisting individuals in achieving their goals, whether they be for pleasure, education, saving, or investing in the future. The app has so far (at the time of writing this article) received over 500,000 downloads on Playstore.

Sparkle, in addition to being one of the best digital banking apps, is also a great investing application. You can save and invest on the Sparkle app and earn a nice interest rate when you need your money.

Benefits of using Sparkle include the following:

  • 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.

#5. Mintyn – Digital Banking App

Mintyn App is a self-service digital banking application in Nigeria that allows clients to do digital and mobile banking transactions on their accounts. Your account, your rules on Mintyn, meaning you have the ability to do whatever you want with your account.

Mintyn App 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 100,000 downloads on Playstore.

Benefits of using Mintyn App include the following:

  • 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.

#6. OneBank

Onebank delivers a whole new financial and non-financial experience to the digital arena. This program has advanced functionality and an excellent user experience. It is incredibly secure, handy, and simple to use. Onebank also provides payments, loans, investment, advising, informational, and lifestyle services, bringing that intuitive banking experience to your mobile device. Sterling Bank is the parent company of Onebank.

Benefits of using Onebank include the following:

  • 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.

Conclusion

Most traditional banking institutions are beginning to embrace the digital banking trend by upgrading and releasing a more comprehensive mobile banking app that can perform the same functions as the traditional bank without requiring users to visit the bank. If you are looking to go take your banking online, we hope this list of digital banking apps in Nigeria will make your choice simpler for you.