The digital banking industry has been growing steadily worldwide and Nigeria is no exception. Digital banks are becoming increasingly popular due to their low charges, convenience, and efficient internet-based transactions. They are also known for their technologically adept personnel, who provide exceptional services, making them a threat to traditional brick-and-mortar banks.
Mint
Mint is a virtual bank licensed by the CBN and provided by Finex Microfinance Bank Ltd. It offers a range of services, including current and savings accounts, low-interest loans, and a personalized money tracker. There are no fees for maintenance or transactions when opening a current account, and the savings accounts offer goal-based savings plans that can reward customers with up to 36.5% interest.
Kuda
The fintech valued at US$500 million is fully licensed by the Central Bank of Nigeria (CBN) as a microfinance bank. Although Kuda is based in London, it is currently focused on the Nigerian market. Kuda accounts come with a free debit card, budgeting, and spending controls, and transfers and savings functions as well. The bank has also killed maintenance fees and provides users with a specific list of free transfers each month.
Moniepoint
Formerly known as TeamApt, Moniepoint is also a CBN-licensed microfinance bank delivering financial services digitally. According to the company, Moniepoint was founded with the vision to create a society where everyone experiences financial happiness. The company last year secured a Switch and Processorlicence from the CBN in addition to its Microfinancelicence.
VFD
VFD Microfinance bank is a streamlined digital and mobile banking platform offering individuals and businesses swift, secure, and cutting-edge banking services. The bank is in the business of helping all its customers achieve their desires, solve intermittent problems, and create wealth, through high-yield savings accounts and low-interest rates on loans.
Piggyvest
Piggyvest is licensed by the CBN as a microfinance bank and it is insured by Nigeria Deposit Insurance Corporation (NDIC). PiggyVest provides its customers with savings and investment tools. The company offers fixed, flexible, goal-oriented, and automated savings options, as well as pre-vetted low-medium risk primary and secondary investment avenues for 6 – 12 months.