Top 12 online banks in Nigeria in the year 2023

This article will talk more about the list of Top online banks in Nigeria in the year 2023. However, you won’t be seeing the regular list you used to know but a more credible and different list.

This particular list is what will take over banking activities in the long run. I hope you are ready to bookmark those ones available as of when writing this article.

Most of them come in the form of an App. That is, there is no various building to carry out transactions as everything will be done on the Internet. That is, it can be done with just a mobile phone.

In recent times, most Nigerians are beginning to lose interest in Commercial Banks in Nigeria due to their outrageous charges and unethical activities. Here comes the commercial Bank alternative.

There are lots of posts on social media condemning the activities of the usual commercial banks. No thanks to the digital age for giving us alternatives to the usual commercial bank.

These sets of online banks in Nigeria are what I have been using for a long time and none of these have given me headaches like the commercial bank has been doing.

What is a Bank?

According to Investopedia, A bank is a Financial Institution licensed to receive deposits and make loans. Banks may also provide financial services such as wealth management, currency exchange, and safe deposit boxes.

There are several different kinds of banks including retail banks, commercial or corporate banks, and investment banks.

In most countries, banks are regulated by the National Government or Central Bank. Just as it is regulated by the Central Bank of Nigeria (CBN) in our case.

What Are the 9 Major Types of Financial Institution?

There are 9 major types of Financial Institutions that provide a variety of services. As financialization continues to permeate our lives, it is increasingly likely that you will have an account or product offered by several of these types.

• Central Banks
• Credit Unions
• Internet Banks
• Brokerage Firms
• Mortgage Companies
• Insurance Companies
• Retail and Commercial Banks
• Savings and Loan Associations
• Investment Banks and Companies

However, for the purpose of this article, we will be focusing on Internet Banking otherwise known as Online Banking.

What is Internet Banking?

Internet Banking also known as Online Banking, or web Banking is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution’s website/App.

The online banking system will typically connect to or be part of the core banking system operated by a bank and is in contrast to commercial banking which was the traditional way customers accessed banking services.

Internet banking software provides personal and corporate banking services offering features such as viewing account balances, obtaining statements, checking recent transactions, transferring money between accounts, making payments, etc.

Origin of Online Banks in Nigeria

In Nigeria, the adoption of online banking began in the late 1990s, when the country’s banking sector underwent a process of liberalization and modernization.

Before the introduction of Internet banking, the majority of banking transactions in Nigeria were conducted in person at physical branches.

This was time-consuming and inconvenient for many customers, particularly those who lived in rural areas or had busy schedules.

In response to this, the Central Bank of Nigeria (CBN) began encouraging banks to adopt new technologies, such as Internet banking, that would make it easier for customers to conduct transactions.

The CBN also issued guidelines and regulations to ensure the security and reliability of online banking services.

The first Nigerian bank to offer Internet banking was United Bank for Africa (UBA), which launched its online banking platform in 1999. Other banks quickly followed suit, and today, internet banking is a common and widely used service in Nigeria.

Online banking has revolutionized the way people conduct financial transactions in Nigeria. It has made it easier for people to access banking services, even if they live in remote areas or have busy schedules.

It has also made it easier for people to manage their finances, as they can check their account balances, pay bills, and transfer funds online.

Overall, the introduction of Internet banking in Nigeria has greatly improved the efficiency and convenience of banking services and has helped to increase financial inclusion in the country.

Challenges of Online Banks in Nigeria

Internet banking in Nigeria has brought many benefits, but it has also presented some challenges.

One major challenge for online banks in Nigeria is the issue of security. As with any online activity, there is a risk of cyber attacks and identity theft.

To address this issue, banks in Nigeria have implemented security measures such as multi-factor authentication and encrypted connections to protect customer information.

Another challenge is the limited availability and reliability of internet connectivity in some parts of the country.

This can make it difficult for some customers to access online banking services, particularly those living in rural areas.

Additionally, some people may be hesitant to use Internet banking due to a lack of familiarity or understanding of the technology. This can be a barrier to adoption, particularly among older or less tech-savvy individuals.

Overall, while Internet banking has brought many benefits to Nigeria, it is important for banks and customers to be aware of and address these challenges in order to ensure the safe and reliable use of online banking services.

List of Best Online Banks in Nigeria

1. Alat by Wema

Apparently, here is the first App to talk about in the post on online banks in Nigeria. Alat by Wema is Nigeria’s first fully digital bank, designed to match your lifestyle and help you save more.

Also, ALAT is built from scratch to be entirely digital, making all banking services available to you anywhere you can access the internet. It is easy to use and stress-free.

All you need to do is Open an ALAT account from your phone with your BVN and phone number, and you are good to go. Also, no paperwork is required.

Why you should use Alat by Wema.

Save Easily: Take the pressure off with a simple automated savings plan and earn a 10% annual interest which could be three times the standard bank rate.

Request Instant Loans: Get a short-term loan whenever you’re in a pinch, few questions asked.

Free Card Delivery: Pick one of three bank card designs and it will be delivered to you in two business days, anywhere in Nigeria, at no cost.

Pay In Dollars: Also, create a free virtual dollar card for paying online, and convert naira to dollars at any time.

Get Discounts Every Week: Save money on meals, cab rides, shopping, entertainment, and more with deals from their partners.

Other reasons to try out Alat by Wema include

• Open an account in less than 5 minutes.
• Schedule transfers and bill payments.
• Save along with automated goal saving.
• Control your bank card from your phone.
• Works with all Nigerian bank cards.
• No hidden charges.

To download Alat by Wema App

Android Download – ALAT BY WEMA

iPhone Download – ALAT BY WEMA

2. EYOWO

Without a doubt, Eyowo is a digital banking app that allows users to perform a variety of financial transactions and manage their money on the go.

With Eyowo, users can open a bank account, transfer money to other accounts, pay bills, and invest in mutual funds, all from their smartphone or tablet.

One of the key features of Eyowo is its ability to allow users to make payments and transfer money to other people or businesses without the need for a traditional bank account.

This can be particularly useful for individuals who may not have access to traditional banking services or who prefer the convenience of using a digital app to manage their finances.

In addition to its core banking features, Eyowo also offers a range of other financial services, including the ability to buy and sell cryptocurrency, invest in mutual funds, and access loans and other financial products.

Furthermore, the app also has a range of security measures in place to protect users’ personal and financial information, including two-factor authentication and encryption to prevent unauthorized access to user accounts.

To download Eyowo Bank App

Android Download – Eyowo Bank App

iPhone Download – Eyowo Bank App

3. Fundall Bank App

Fundall is a fintech online banks in Nigeria that allows users to manage their finances, make payments, and access financial products such as loans and investments. The app is designed to be user-friendly and offers a range of features to help users track their spending, save money, and reach their financial goals.

One of the key features of Fundall is its ability to allow users to set and track financial goals, such as saving for a down payment on a house or paying off debt.

The app also offers a range of tools to help users manage their budget and spending, including the ability to track expenses and create a customized budget plan.

Users can access these products through the app, allowing them to manage their finances and make financial decisions from the convenience of their smartphone or tablet.

Also, with its user-friendly interface and array of financial products and services, Fundall is an excellent choice for individuals looking to take control of their financial future.

To download Fundall Bank App

Android Download – Fundall Bank App

iPhone Download – Fundall Bank App

4. gomoney

gomoney is a digital bank you deserve with no hassle and no stress. You can use it anytime and anywhere, that is, you can always be on the go with your money.

However, stay on track and never be in the dark when it comes to your money. Full business ethics and it is 100% transparency with no hidden costs. Also, you can open an account in 3 minutes or less.

One key feature of gomoney is the simplicity of your money. The goal is to help you understand your spending so that you can make an informed financial decision. It is one banking experience designed to fit your lifestyle and there is no doubt about that.

Furthermore, with gomoney and your phone, you can do a lot. You can send and receive money from anybody, send payment requests, send payment reminders, share payment receipts, and more.

In addition, it is 100% NDIC Insured. The standard account comes with everything you need to save, spend and track your money.

All the money you keep in the platform is insured by the National Deposit Insurance Corporation and stored safely. When it comes to your money, there’s no room for obscurity, so they are fully armed with multi-factor authentication, biometrics, and passcodes.

Overall, Gomoney is a comprehensive and convenient digital banking and financial management solution that offers a wide range of financial services to its users.

With its user-friendly interface and array of features, Gomoney is an excellent choice for individuals looking to manage their finances digitally.

To download gomoney Bank App

Android Download – gomoney Bank App

iPhone Download – gomoney Bank App

More on Top Online Banks in Nigeria

5. Kredi Bank App

With the use of the financial management app Kredi, users may keep tabs on their spending, make financial progress, and save money. Users can create and monitor financial goals using Kredi, such as saving for a down payment on a home or paying off debt and use the app’s spending tracking and budgeting services to help them manage their money.

However, Kredi offers a variety of financial products, including loans and investments, in addition to its capabilities for managing finances, which customers can access through the app. Users are now able to manage their finances and make financial decisions from the convenience of their smartphone or tablet.

Also, one of the primary benefits of utilizing Kredi is its user-friendly interface, which makes it easy for users to track their spending and manage their finances.

Together with educational material and the opportunity to communicate with financial advisors, the app provides a variety of tools and resources to assist users in making educated financial decisions.

In conclusion, Kredi is a thorough financial management app that provides a variety of features and tools to aid users in achieving their financial objectives and making wise financial decisions.

Kredi can assist you in managing your money and achieving your goals, whether you want to save money, get rid of debt, or make investments for the future.

To download Kredi Bank App

Android Download – Kredi Bank App and enter this code “CSS9OB”

iPhone Download – Kredi Bank App

6. Kuda Bank

Here is another online bank I will be talking about in the post on Best Online Banking App in Nigeria as of 2023. Kudabank is the bank of the free. I mean you need to join Kuda Bank to set yourself free.

Kuda Bank is designed for smartphones, free of ridiculous charges, and great at helping you budget, spend smartly, and save more. In Kuda, you can save your money, spend it, and send it. It’s all up to you to decide what you do with your money.

What makes Kuda Bank different?

Kuda’s bank-level security protects your sensitive personal information and prevents unauthorized use.
Lost Card. Sometimes debit cards go missing. If that ever happens you can freeze your missing card on the app, and even unfreeze it if you find it later.

It is completely paperless as everything is done on the phone.
No minimum balance as you can withdraw all the money you have in there.

Responsive customer support.

Clearly, simple tools for managing your money in the best way.
The fees are transparent as you will get what you see and no extra unknown charges.

You have total control of your money. Whatever you want to do with your money, you can do it from the app with no single queue. We’ll make sure it’s done better and hassle-free.

With Kuda Bank, you are Insured because Kuda is licensed by the Central Bank, and your money is insured.

More reasons to stay with Kuda Bank

• Firstly, the ability to qualify for quick loans in the near future.
• Debit and credit alerts are free.
• Also, free withdrawals at over 3,000 ATMs across Nigeria.
• Plan and keep track of your spending on the app with smart budgets.
• Save as much as you want automatically and you can be paid up to 15% interest yearly with no excuses.
• They don’t charge card maintenance or account maintenance fees.
• You will be given up to 25 free transfers to other banks every month.
• You will also be given a free debit card delivered for you free

How does Kudabank work?

Step 1 – Download the app from google play.

Step 2. Sign up in minutes and you will be sent a debit card.

That’s all you need to make the right money moves. No sweat.

To download Kuda Bank App

Android Download – Kuda Bank App

iPhone Download – Kuda Bank App

and join with this unique code: “0TKAAPQR”

7. Opay Bank App

Here is another mobile bank we really should know about in the post on how to open a bank account online in Nigeria. Though most people must have known this app before this time, and for those of us that don’t know much about the app, then you are welcome here to know all you need pertaining to this aspect.

Opay is more than just a payment company. They believe everyone should be able to enjoy financial and social inclusion, without regard for physical borders, boundaries, or even social status. This is a one-stop mobile-based platform to send and receive money, and pay bills.

You can also turn it to a mobile bank to save your money so that your balance won’t be reduced anyhow.

Furthermore, according to Opay themselves, says, over 60% of people in Africa remain unbanked and can’t access the most basic financial services to invest in their education and businesses, which limits their full potential.

Nobody should be denied access to participate in the world economy because of their circumstances or background.

In addition, With a passionate team, sophisticated mobile platform, and a fast-growing community of users, OPay is making financial services more efficient for millions of users and it starts with the ability to pay and have access to the right opportunities at the right time.

In summary, Opay is an online banking platform to send and receive money. You can save for further use and you can use it to pay for bills like Electricity, TV subscription, Airtime/Data, etcetera.

To download Opay Bank App

Android Download – Opay Bank App

iPhone Download – Opay Bank App

and join with this code: “38UUJRV”

8. Palmpay App

This is another Online Bank I will be talking about in the post on the best online banking in Nigeria. You have another opportunity here to send money for free, pay for your airtime and bills and earn rewards every time you spend with PalmPay. Try it for yourself on Android and iOS.

What makes Palmpay unique

Deposit with no queue
Deposit funds to your wallet for free using your ATM card.

Earn Rewards As You Spend
Following receive Money for every transaction in the form of PalmPoints cashback. Earn 10% cash back for airtime top-up and 5% for any bill payment.

Fast and Reliable
Send money to any financial account at market-leading rates and to other PalmPay users for free.

Totally Secure
Your money is protected using the most advanced technology and following GDPR standards for data handling. Also, all of your data are encrypted and do not share information with 3rd parties.

Top Online Banks in Nigeria Continue

9. Rubies Bank App

A product of Rubies Digital Bank. Rubies is a Digital Bank that disrupts regular banking as we know it by providing 100% digital top-notch services and technology at its peak.

With Rubies, you can Decide what your account number looks like. Open an account in a minute. Get free Debit cards and have us deliver them to you at no cost. No hidden charges Request money Earn 20% income on friends you bring on board. Don’t just bank, Be Free. Freedom, sincerely your

Rubies is a fully Digital bank that gives you financial freedom. Do more than just banking, Decide what your account number We aim at providing Banking Democracy (decide everything that goes on in your account) to Nigerians.

Some of the offerings are:

i. No Maintenance fee

ii. Free Debit Cards: Also come with an option of free delivery

iii. Independent Banker: Refer people and earn every time they transact on Rubies

iv. Customizable Account: Decide what your Account Number looks like

v. Proximity Transfer: Transfer money easily to friends on Rubies around you with a single tap

vi. Open Account: Get an account on the fly, from anywhere (App, Website).

vii. Request Money: Request funds from friends on Rubies with a single button

viii. No Hidden Charges

To download Rubies Bank App

Android Download – Rubies Bank App

iPhone Download – Rubies Bank App

10. Sparkle Bank App

Sparkle Bank is an online banks in Nigeria that has developed a mobile banking app for smartphones and tablets. The app allows users to easily manage their finances from their devices, including checking account balances, transferring money between accounts, paying bills, and depositing checks.

Users can also customize their dashboard to view the information that is most important to them.

In addition to these essential banking functions, the Sparkle Bank app also includes a number of useful tools and resources. For example, it has a budgeting feature that helps users track their spending and set financial goals.

It also has a credit score tracker, which provides users with information on how to improve their credit and access better rates on loans and other financial products.

In conclusion, the Sparkle Bank app is a convenient and useful tool for anyone looking to manage their finances on the go.

To download Sparkle Bank App

Android Download – Sparkle Bank App

iPhone Download – Sparkle Bank App

11. Umba Bank App

Umba Bank is a mobile banking app that offers a range of features and tools to help users manage their finances from their smartphone or tablet.

With Umba Bank, users can easily check their account balances, transfer money between accounts, pay bills, and deposit checks. The app also includes a budgeting feature, which helps users track their spending and set financial goals.

This can be a useful tool for anyone looking to save money or manage their finances more effectively.

In addition to these basic banking functions, Umba Bank also includes a credit score tracker. This tool provides users with information on how to improve their credit and access better rates on loans and other financial products.

This can be especially helpful for people who are looking to take out a mortgage, car loan, or other large loans in the future.

Overall, Umba Bank is a convenient and user-friendly app that makes it easy for users to manage their finances on the go. It is available for download on the App Store and Google Play and is compatible with both iOS and Android devices.

Whether you’re a busy professional, a student, or a retiree, Umba Bank can help you stay on top of your finances and make informed financial decisions.

12. V Bank

Your all-in-one app to control your finances 24/7 and manage your lifestyle. V Bank is the all-in-one digital banking app that gives you unrestricted access to banking, lifestyle, and investment feature 24/7.

Say bye to stressful paperwork and hello to convenience.

Key Features: –

Easy account opening

Instant transactions and bills payment

Investments with high rates and great returns

Budgeting and account management tools

Cards and card management

Create savings plans and invite friends

24/7 support through live chat

What’s New: –

Crew Savings: Create a savings plan and invite your friends

Revamped Analytics feature for better insight into your account

Save your billers as beneficiaries for easy payment

Bug fixes and more

To download V Bank App

Android Download – V Bank App

iPhone Download – V Bank App

and join with this code: “CHL9E“

Conclusion On Top Online Banks in Nigeria

If you’re tired of regular old banks and want to take control of your money, you are lucky to have gone through this post. The regular banks’ alternative is what we have above. Start using them as soon as possible so you can understand more.

Personally, I have used all these internet banks and I know how they all operate, I must confess each of them is doing exceptionally well.

Furthermore, online banking in Nigeria has become increasingly popular in recent years, with more and more people turning to the Internet to manage their financial transactions. There are several benefits to using online banking in Nigeria, including convenience, security, and ease of use.

Wrap Up

One major benefit of online banking in Nigeria is convenience. With online banking, customers can manage their accounts and make transactions from the comfort of their own homes, without the need to visit a physical bank branch.

This is especially useful for those who live in rural areas or who have busy schedules, as they can access their accounts anytime, anywhere.

Another benefit of online banking in Nigeria is security. Online banking platforms use advanced security measures to protect customer information and prevent fraud. This includes encryption, secure login processes, and the use of secure servers to store customer data.

In addition, online banking in Nigeria is easy to use. Most online banking platforms have user-friendly interfaces and offer a range of services, including account management, bill payment, and fund transfers. Customers can also access their accounts through mobile apps, which makes it even easier to manage their finances on the go.

Overall, online banking in Nigeria offers numerous benefits for customers, including convenience, security, and ease of use. As a result, it has become an increasingly popular way for people in Nigeria to manage their financial transactions.