Best Digital Banks In Nigeria (2021)

September 06, 2021

Digital Banks In Nigeria (2021). Digital banks are a thing of joy as it eases the stress that usually accompanies the banking sector.

However, without a digital bank, anything at all you want to do must be done on the bank premises.

Hence, with the advent of digital banks, it is no longer so.

Note: with digital transactions, you can do transactions from the comfort of your home with ease.

You don’t need to be physically present in a bank before you can have an account as this can be done online.

Furthermore, digital banks make it easier for you to send and receive money. Check your balance, purchase airtime, and do a whole lot.

Best Digital Banks In Nigeria (2021)

First on the list of our best digital banks in Nigeria(2021) is Kuda bank:

Kuda bank is a digital bank with a license from the central bank of Nigeria to act as a microfinance bank.

Their feature includes saving more, making the right money moves, tracking spending habits e.t.c.

Kuda has about 1 million-plus download on the Google play store.

In addition, kuda gives free 25 transfers to other banks every month. They also do not charge a maintenance fee for either card or account maintenance.

Advantages of using Kuda bank:

Good user experience
They give free withdrawals across 3000 ATMs across Nigeria.
No paperwork involved when signing up
Free debit cards.
15% interest in savings annually.
Finally, money budgeting tools facilitate easier money management.

Disadvantages of Kuda banking.

Identification takes a lot of time
No USSD codes for easier banking
No SMS notification when you get credited.
ATM cards often take a long time to be delivered.

2. Second on the list of our best digital banks in Nigeria(2021) is AlatbyWema:

AlatbyWema is the first digital bank by a Nigerian bank(Wema). it is solely designed to help you do more with your money. It has over 500,000 downloads on the play store.

Furthermore, just like any other digital bank, with AlatbyWema there is no need for you to go to the bank for any transaction.

Advantages of Using AlatbyWema.

Provision of a virtual dollar card for your transactions online.
Free delivery of bank cards in any location within Nigeria.
Bill payment options.
With their automated goal savings, you can save easily.
You can get access to loans without collateral.

Disadvantages of using AlatbyWema.

Delay in the physical card delivery
The virtual card does not work yet.

3. One bank:

One bank is an application that comes with sophisticated features and a good user interface to the digital space.

Furthermore, it is convenient, easy to use and its security is high. This bank application is owned by the sterling bank.

In addition, they offer lending, investments, information, advisory, and other services.

Advantages of using One bank

Biometric authentication
Loan of up to #5 million
Virtual card for online shopping, you even get to chose tow to use it and expiry date.
You can withdraw with cardless
Pay for airline tickets, cables, and internet subscriptions.

Disadvantage.

Bad user experience
Prone to error when signing in
Transaction history does not show credit alerts just debits.
Difficulty when you try switching devices
Failed transactions take time to be reversed.

4. Fourth on the list of best digital banks in Nigeria(2021) is the Bank:

The Bank is a microfinance digital bank offering a wide range of financial services and products to professionals.

They have over 100,000 downloads from the google play store. They offer no charge on the transaction, free account maintenance, monthly interest on savings. The monthly interest on savings, withdrawals, and bill payments.

Advantages

Good customer service
Set up and track your spend budget
USSD banking service available
Easy bill payment on the applications.

Cons

New update cause the application to crash
Upgrading K.Y.C takes longer.

5. goMoney:

money allows users to do simple transactions like sending money, receiving money.

Furthermore, goMoney tracks your spending habits and keeps you up to date with financial reports.

Conclusion

Digital banks have made things easy and enhance banking services without the underlying stress a traditional bank will put you through.