In a bit to help take off most of the stress a traditional bank will give, we compile this list of mobile banks in Nigeria we think will give the best banking experience you long for.
It is a known fact that the average banking experience is not a satisfying bank, but this general bad experience is mostly associated with traditional deposit banks.
These banks are associated and notorious for many pain points amongst banking service users many of which border around poor customer service and fraudulent practices on customers’ funds and accounts and enough waste of time and stress to go around for everyone.
Related: Online bank account with instant virtual debit card
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A typical day in a traditional bank has more angry and unhappy people than a protest ground, but since the breakout of digital banking by startups and fintech firms, the banking landscape has experienced a fresh breath and facelift leaving the once disgruntled users with a new feeling of satisfaction.
This change has mostly been achieved through mobile banking – the delivery of competitive, efficient, and user-centric banking services via mobile applications.
This article will be bringing to you the top 10 list of mobile banks in Nigeria to look out for.
What is Mobile Banking?
Before we start numerating the list of mobile banks in Nigeria, it is important that we understand the concepts and practices of what mobile baking is.
Mobile Banking is the process of making banking services available on mobile devices, this can range from smartphones to tablets to smartwatches depending on the availability and preference of the user.
Practically, mobile banking allows you to perform day-to-day banking from the comfort of your mobile phone or tablet.
You can perform a range of banking services like opening and verifying an account, savings, fund transfers, bank statement requests, overdrafts and loans, virtual card services, and many others depending on the offerings of the bank.
It is by far the best thing that has happened to most Nigerian banking service users.
List of Mobile Banks in Nigeria
1. Kuda Microfinance Bank (MFB)
Kuda Bank, easily described as the “bank of the free” is arguably considered the most popular and the best fintech bank in the country.
Primarily because of the fresh touch it brought to the retail banking experience, its unique service point includes its infallible branding and user-centric service approach that is intentionally featured in its user-friendly bank app.
Free transfers (25 free transfers), zero bank charges(both hidden and traditional), cheap transfer fees (10 Naira per transfer if you exhaust your free transfers), free virtual and physical cards (with free delivery to your doorstep) prompt communication on updates and maintenance, with Kuda you cannot run into downtimes uninformed.
Kuda is intentional about keeping customers satisfied and has built it into its brand identity and expectations.
Kuda Bank is physically located in Lagos Nigeria with mobile apps available on Google Playstore and Apple Appstore.
Related: How to Avoid Overpayment Scams and Refund Bank Scams
2. Gomoney
Gomoney best known for its outstanding virtual debit card services is agreeably considered amongst the finest fintech bank in the country.
Gomoneys’s unique service point includes awesome trendy branding and a user-centric service approach that features a user-friendly bank app, cheap transfers (8 Naira), zero bank charges(both hidden and traditional)), free virtual and physical cards (with free delivery to your doorstep) prompt communication on updates and maintenance.
Kuda Bank is physically located in Lagos Nigeria with mobile apps available on Google Playstore and Apple Appstore.
3. Barter
Barter is best known for its dollar virtual debit card service and is agreeably considered amongst the finest fintech companies in Africa.
Barter’s unique service point includes awesome trendy branding and a user-centric service approach that features a user-friendly bank app, cheap, zero bank charges(both hidden and traditional)), free virtual cards, prompt communication on updates and maintenance, and an SME (Small and Medium Scale Enterprise) friendly banking environment.
Barter is physically located in Lagos Nigeria with mobile apps available on Google Playstore and Apple Appstore.
4. Opay
Is an affiliate of Paycom best known for its outstanding POS(Point of Sale) services that have broadly changed the narrative of cash withdrawal across the country.
Opay’s unique service point includes loan services, POS services for cash deposits and withdrawals, and general cash transactions, the Opay mobile app has a user-centric service approach that hosts a number of useful services.
Opay also offers cheap transfers (8 Naira), zero bank charges(both hidden and traditional)), free virtual and physical cards (with free delivery to your doorstep) prompt communication on updates and maintenance, and a very easy way to open a functional account with just your phone number.
Opay is physically located in Lagos Nigeria with mobile apps available on Google Playstore and Apple Appstore.
5. Rubies Microfinance Bank
Is one of the earliest good mobile banks that came into the Nigerian digital banking space.
Rubies mobile bank’s unique service point includes awesome trendy branding and a user-centric service approach that features a user-friendly bank app, cheap transfers (20 Naira), zero bank charges(both hidden and traditional), free virtual and physical cards (with free delivery to your doorstep) prompt communication on updates and maintenance.
Rubies are physically located in Lagos Nigeria with mobile apps available on Google Playstore and Apple Appstore.
6. OneBank
OneBank is a digital bank that is owned and operated by Sterling Bank, it comes up in the list of mobile banks in Nigeria because of its user-centric service. Simple and easy account opening process for non-tech-savvy people.
With OneBank, a user can easily carry out transactions without having to enter a physical branch with a unique feature known as the “Ajo scheme.”
Ajo scheme is a way of inviting other people to start a contribution. This scheme is quite common in major cities in Nigeria.
OneBank is available on the Google Play Store and Apple app store.
7. Sparkle Microfinance Bank
Sparkle is a digital bank with lots of exciting features which include: Opening an account in minutes, No paperwork required, Savings, Physical and virtual cards, Requesting money, Breakdown of spending, and a lot more
You can even split bills with family and friends. You can find a breakdown of how you spend your money and many more.
The head of Sparkle is Uzoma Dozie, the former CEO of Diamond Bank which is now Access bank.
Sparkle is available on the Google Play Store and Apple app store.
8. Vbank
Vbank, comes up on the list of mobile banks in Nigeria because it is one of the leading digital banks in Nigeria.
It is owned by VFD Microfinance bank, one of the members of the VFD Group.
This mobile bank has very interesting features that will ensure a good user experience.
Some of the features include opening an account in 2 minutes, No paperwork required, You will be given an account number, Cardless withdrawal, Fixed Deposit, loans, Budgeting and so much more that you will discover as you use the app
Also, users can become agents who are known as Veelagers and make money by referring people to the bank.
9. ALAT
ALAT is designed to help you do more with your money, Nigeria’s first fully digital bank, owned and operated by Wema Bank.
It is very easy to use and has lots of interesting features. You can open an account with just a few clicks, Schedule transfers, save and pay bills automatically
No paperwork is required to open an account. All you need is a phone number and BVN.
Related: What Is a Merchant Bank?
ALAT has interesting features which include:
- Instant loans
- Business products
- Virtual dollar card
- Open an account in a few minutes
- No paperwork required
- You will be given an account number
- Savings
- Transfers and payment
10. UBA(United Bank of Africa)
United Bank for Africa Plc is a Multinational pan-African financial services group headquartered in Lagos and known as Africa’s Global Bank.
It has subsidiaries in 20 African countries and offices in London, Paris, and New York. In December 2021, UBA received its banking license to commence operations in the UAE.
The Mobile banking product of UBA is hosted on social media platforms with a chatbot called Leo and UBA’s mobile banking apps.
The chatbot Leo enables users to open new accounts by chatting with the bot and following basic prompts, it also allies existing customers to enjoy the ease of performing transactions from their account by just chatting with Leo.
This feature has been a revolutionary one in the banking terrain that is yet to be rivaled.
Related Articles:
- Related: Online bank account with instant virtual debit card
- Related: How to Avoid Overpayment Scams and Refund Bank Scams
- Related: What Are Nonbank Banks and How Do They Work?
- Related: What Is a Merchant Bank?
- Related: What You Need To Know About Relationship Banking
Conclusion
This list of mobile banks is quite important because the Nigerian banking space is one with a lot of aching past and Mobile banking has been a long craved relief that most bank service users had dreamed of.
With the competitive spirit that has been stirred amongst these fintech banks and the traditional banks, it is expected that the quality of service will improve significantly well over the years to a point of commendable standards.
