Best Virtual Banking Apps is a convenient and accessible way of banking in Nigeria, given the large population and the technological development. With virtual banking, you can open an account, make transactions, and access other financial services from the comfort of your home or office, without having to visit a physical branch or fill out any forms.
Here are some of the best virtual banking services in Nigeria, but before all that
How to choose the best virtual bank?
You will be guided through Nigeria’s best virtual banks via this article. However, there are some things to keep an eye out for while you read the text so that you can choose the best bank for you. Watch out for
- Financial products: it’s critical to understand the goods and services that the bank offers. Is the bank primarily focused on lending, saving, or managing expenses? Pose and respond to the query.
- Digital tools: be aware of the ones the bank has and does not have. Does the bank provide virtual dollar cards or debit cards? Do they have a mobile app that’s easy to use? Pose and respond to the query.
- Bank fees: The amount that the bank charges for each transaction is something else to take into account.
Interest rate: Pay attention to the interest that is charged on their savings and loans. It will be beneficial.
Best Virtual Banking Apps 2024
10. OPay
Opay is a mobile app that provides various financial services in Nigeria. It is owned by Opera Software, the company behind the Opera browser. Opay allows you to make payments, transfers, savings, and cashbacks with your phone. It is secure, fast, and easy to use.
Opay also offers other services, such as ride-hailing, food delivery, and e-commerce, through its app. Opay claims to process $3 billion in transactions every month, and to have over 300,000 agents and 5 million registered users across the country. Opay is licensed by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Corporation.
Some of the services that OPay offers are:
- Mobile money transfers: Send and receive money for free or low fees with Opay, using your phone number, QR code, or bank account.
- Bill payments: Pay your bills and services with Opay, and enjoy discounts and cashback on some of them.
- Airtime and data top-ups: Buy airtime and data with Opay, and get cashback on every purchase. You can also get competitive prices and fast delivery.
- Transportation hailing: Book a ride with Opay, and choose from bike, car, bus, or tricycle. You can also pay with Opay balance, cash, or card, and get discounts and rewards.
- Savings and investments: Save and invest with Opay, and get attractive returns and interest rates. You can also choose from different plans and products, and enjoy flexible and secure access to your funds.
9. Mint
Mint is a neobank that offers exceptional financial services to Nigerians. Finex Microfinance Bank LTD founded Mint, which is regulated by the Central Bank of Nigeria. Your deposits are safe because they are protected by the National Deposit Insurance Corporation (NDIC). Mint has the following characteristics:
- There are no bank or card upkeep fees.
- There are no transaction fees.
- Transfers and payments can be arranged.
- With a customizable money tracker, you may establish spending limitations.
- Customers who have used the bank as their pay account for more than two months are eligible for quick loans.
- Make and secure virtual cards.
- Have a current account with at least #2000 in it.
- Allows you to invest as well; #5000 may earn you 30.5% interest each year.
- Android and iOS versions are available.
8. Rubies
Rubies is a Nigerian fully virtual banking platform. It charges no fees for transactions within the same bank but a #10 fee for interbank transfers. Customers may access all banking services using the bank’s well-functioning mobile app for iOS and Android. Using the money request functionality, you may effortlessly send and receive money.
- Rubies Bank provides a debit naira card for ATM use and transactions, as well as a virtual dollar card for internet purchases and payments.
- You may also invest in rubies.
- Investing in rubies earns you 20% interest.
7. Eyowo
In 2019, Eyowo Bank was established in Lagos, Nigeria. Iowa provides tools that allow you to send, receive, save, spend, and borrow money with nothing more than a phone number. It has the following characteristics:
- interest free loan
- free virtual card
6. Fundall
The Fundall bank, like any other digital bank, allows you to transfer and receive money, obtain loans, and even purchase items online. The bank is registered with Nigeria’s Cooperate Affairs Commission. Fundall bank has around 14,000 clients and is headquartered in Lagos, Nigeria. You can use this bank to
- Find the easiest budgeting tools.
- Create a new account with no balance.
- Maintain excellent financial management.
- Properly save
- Bill payments should be made on time.
- Professionally handled security is completely secure.
- Earn a bonus for each transaction.
- Get insurance and use spending analytics to manage your money.
5. goMoney
You may establish an account with go Money bank and make all types of financial operations with lower bank costs using the go money digital banking app. goMoney bank is very safe and NDIC-insured.
- Customers are provided debit cards powered by Mastercards upon application.
- Provide frequent transaction reports and a complete account statement
- Payments are made easier by providing payment requests, reminders, and the ability to share payment receipts.
4. Sparkle
Sparkle is one of Nigeria’s greatest virtual banks, providing high-quality financial services. Uzoma Dozie, the former Chief Executive Officer (CEO) of the collapsed Diamond Bank, founded it in 2019. The bank provides both personal and commercial accounts to its customers.
Over 20,000 people have signed up for the digital bank. It is simple to open an account with sparkling on your mobile phone. The software is accessible for both iOS and Android devices. Other glistening features include
- Sparkle Stash; assists you in saving money by deducting a portion of all debit transactions or saving with a group of other Sparklers. Another option for saving allows you to earn 3.75% per year on a minimum deposit of $100,000.
- Sparkle offers both virtual and real cards that may be used for both in-store and online purchases.
- Sparkle provides management capabilities such as access inventory, invoice tools, taxation, and payroll tools that can be accessed via the app or online.
3. ALAT by Wema Bank
ALAT is one of Wema Bank’s oldest digital banks, having been founded in 2017. A phone number, BVN, full name, and address are all required by the bank. Alat is accessible for both Android and iOS devices. ALAT allows you to
- Create a virtual dollar card that allows you to effortlessly convert Naira to dollars.
- Supports savings that yield 10% interest each year.
- With the ALAT app, you may get up to a 200,000 loan.
- Customers can get free debit cards sent to their homes.
- Bank transactions are simple.
- Account creation takes only a few minutes once your information is ready.
2. One bank by Sterling bank
The one bank is a Sterling bank-owned and operated internet bank. The digital bank app allows you to make payments, receive money, and pay bills. It is compatible with both Android and iOS devices. You may open both current and savings accounts using the same bank app.
The Current account features Domiciliary and Classic sub-account types, whilst the Savings account offers Trybeone for campus students and Kia Kia for people who don’t have documents or legitimate ID cards. One bank can make a loan of up to 5 million nairas without requiring collateral.
1. Kuda bank
Though most people are wary of entrusting their money to online accounts, you won’t have to worry if it’s in Kuda bank. Babs Ogundeyi, a long-time financial manager, founded Kuda Bank. The Nigerian Central Bank has granted it a license.
And with Kuda, your money is safe since every deposit is covered by the National Deposit Insurance Corporation (NDIC). The Kuda bank app is available on Google Play and the Apple App Store. Kuda is a streamlined financial platform that enables many of the functions listed below.
- enables you to check your balance, send and receive money, and recharge your phone exactly like you would with a commercial bank.
- When you apply for debit cards, they will be sent to your door for free.
- There is no card maintenance cost.
- Allows for 25 free transfers each month before costing #10 per transaction.
- Provides lending services or overdrafts at a daily interest rate of 0.3%.
- There are no costs associated with this withdrawal.
- You may also earn #200 for each referral you make to the app.
- Kuda savings programs earn 15% interest each year.
- It makes short-term loans.
- The app UI is really user-friendly.
- Budgeting tools assist users in controlling their spending and encouraging savings.
Noticed a common element across the best 10 virtual banks after discussing them. In comparison to the commercial banks we use, they all have minimal or no bank costs related to their transactions. Changing to a digital bank is not a terrible idea at all. I also feel you heeded my original suggestion and were able to identify certain traits that would assist you in selecting the best of the best.
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