10 Best Online Bank In Nigeria

If you are looking for the best online bank in Nigeria to carry out your financial transactions, then you have come to the right place for the answer. Digital banking is fast becoming the most popular banking option for Nigerians.

Many people in Nigeria prefer to bank online as it is easy, saves time and is very flexible. The fact that your money and transaction is as secure as when you bank physically has made this banking option a go to for citizens.

The low fee and swiftness of online banking has made it even more popular in Nigeria. Many people choose this digital banking option but wonder which online bank to use when transacting. Today we will be revealing the best online bank in Nigeria that offers security, low transaction fee, seamless internet-based experience and more.

What Is Online Banking?

Before we discuss the best online bank in Nigeria, let us first talk a little about online banking. Online banking is a system that enables the user to control financial transactions and manage account through the use of the internet.

It is also known as internet banking, web banking or home banking. People who bank online can carry out transactions using their phone or computer. As long as the device is connected to the internet, the user can bank easily. Many online bank can be accessed with the use of their bank mobile application or website.

The user just needs to download this bank apps from google play store or iPhone store if they make use of an iPhone. These online banks usually have high interest rate and very secure server. They charge low fees for transactions and just like the regular physical banks, online banks also have savings account.

Best Digital Bank In Nigeria

If your are looking for the best digital bank in Nigeria to bank with, look no further as we have the list of the best online bank below.

1, Kuda Bank

Kuda bank is one of the best online bank in Nigeria. It was founded in 2019 by Babs Ogundeyi and Musty Mustapha. This online bank has its headquarters in London, United Kingdom. There is also an office in Lagos Nigeria.

The bank’s slogan is “the bank of the free”, this is because it prides itself as one of the banks that offers mostly free service. Kuda offers free debit card as long as you have at least N1000 in your account. The bank also allows free ATM withdrawals for its customers.

Nigerians that bank with Kuda enjoy free cash deposits, free bill payment, and up to 25 free transfers to other banks a month. Kuda does not charge its customers for card maintenance unlike most banks. Customers also enjoy a fixed term saving plans with up to 15% annual interest.

Customers who use kuda bank regularly have access to loan and overdraft without the need for paper work or collateral. Users of this bank can get up to N50,000 loan with a daily interest of 0.3%. This online bank is free to open and all you need to do is download the mobile app from playstore or Iphone store and fill the online form.

You will be required to input your personal information as well as submit a valid means of identification. Once your application is verified and approved, you will be able to bank with one of the best digital bank in Nigeria.

2. Rubies Bank

Rubies is a microfinance bank that offers a variety of banking service including savings account, USSD code for transactions, current account, business banking and more. This online bank can be opened by downloading the mobile app from app store and filling the application form. You can also visit the website to apply for an account.

One thing that makes this bank stand out is that you can customize your account number when opening your account. This means you can choose what your account number will be. It can be a combination of your birthday, phone number or any favourite number you might have.

This digital bank offers their customer free ATM cards, no charge in opening the account. Customers can also apply for loan and are granted without the request for collateral. Rubies bank also has a virtual dollar card option which customers can use to carry out transactions online.

The bank app allows users carry out transactions without charges and make payment online at a very cheap rate. Customers can also generate invoice with the use of the app. Rubies microfinance bank gives customer the ability to earn commission from referral.

Rubies bank also have junior account option for children that can be monitored by the guardian. This account option gives the child the ability to save money for future use. It is also a means of learning how to manage a bank account from a young age.

3. VBank

VBank is a digital bank that is powered by VFD Microfinance bank. It is an absolutely free bank that can be opened in 2minutes. All you need to do is download their app from app stores and fill out their application form. The bank does not require documentation to open an account with them.

The bank is absolutely free as customers can carry out transactions without charges. Their ATM cards are free and customers get to enjoy monthly interest on savings. Customers also have access to loans, they can also carry out transactions with the use of their USSD code.

VBank also has a very secure platform and customers get notified once there is any activity on their account. Customers have different options on how they choose to operate their online bank. It could either be through the web, the mobile app, use of their USSD code or WhatsApp. The bank also has a referral program that gives their customers the ability to earn from referrals.


ALAT is a digital bank that is run by Wema bank. It is Nigeria’s first fully digital bank and one of the best online bank in Nigeria. This bank began operation in 2017 and offers full banking service including savings account, business account, fixed deposit and more.

The account is easy to open as long as you have a working internet phone. Users can download their app from app store and complete the registration. All you need to open an account with them is your phone number, BVN, full name and address. It does not require extra paper work.

ALAT offers free account opening, free ATM cards, and one of the best virtual dollar cards in Nigeria. The virtual card can be used for online transactions. When you bank with ALAT you have access to high interest rate for your savings, instant loans, and the option to use USSD code for transactions.

5. Sparkle Bank

Sparkle is one of the best online bank in Nigeria. It is licensed by the Central Bank of Nigeria and started its operations in 2019. The bank is owned by Uzoma Dozie the former Chief Executive Officer (CEO) of the defunct Diamond Bank. now Access Bank.

This microfinance bank offers accounting options like business account and personal account. For the business account holders they have access to features like inventory, invoice tools, taxation, and payroll tools using the app or website.

Personal account holders can save their money using a personalized plan. They can save by taking a percentage off all their debit transactions or save together with a group of other Sparklers. Sparkle account holders can also earn 3.75% per annum interest rates in their savings as long as they have a minimum amount of ₦ 100,000 in their stash.

They also offer physical and virtual debit cards. This bank aids you with budgeting and analytics with the use of an AI assistant. Customers can easily send and receive money with the use of a uniquely generated payment link. When creating the link customers can add a custom message and the amount to send.

The Sparkle account is easy and free to open, all you need to do is download the app from app store or make use of their website on your computer. Once you have downloaded the app, you should fill out the application form and your account will be created immediately.

6. Eyowo

Eyowo is another top online bank in Nigeria. It is a bank that is easy and free to open. All you need is to download the mobile app from app store and fill out the application form. The bank has a unique custom account number, this means customers can use their phone number as their account number.

The bank was launched in 2019 in Lagos and has savings, fixed deposit and business account option for customers. Eyowo offers up to 13% interest rate on savings. Customers can also get instant loan with 0% interest rate.

They also offer virtual dollar card which can be used for online transaction. Their physical ATM card is unique as it does not show the expiry date on it. The aim of this is to protect their customers from fraud.

Eyowo also has USSD code that can be used for transactions. Customers can control budget and manage expense using Eyowo app.

7. Fundall

Fundall is a fintech company that provides banking solutions to Nigerians. It has an online mobile app that users can download and sign up for. Their website is also useful as it provides the same service the app does.

As a company they provide an array of financial service to Nigerians. Some of the banking options they have is savings account, business account and fixed deposit account. Through the service of Providus Bank they offer things like loan, issues pre-paid Verve naira card and virtual dollar MasterCard.

Customers can easily budget, plan, save, invest and pay bills using the Fundall app. They also have analytics feature that helps with planing. Customers can also get insurance service, as well as estate planning (wills and trust) services from them.

They have a good customer care for complaint and they also make use of an AI financial advisor. They are the most versatile digital bank in Nigeria.

8. OneBank

OneBank is the brain child of Sterling bank, a commercial bank in Nigeria. It is a 100% digital banking app that allows users bank from the comfort of their home. Customers can download the app from app store and open an account instantly.

Part of the accounting option they offer include Classic and Domiciliary current and savings accounts. They also have account option for individuals without identification card or document. This account is called Kia Kia.

There is also the TrybeOne account that is meant for campus students. Parents can also open the “I Can Save” account that is meant for children. They can start saving money for their children’s fees and future purpose here.

This online bank also offers free Verve debit card after performing your first transaction. All you need to do is request for the card and it will be delivered to you free within 2 to 5 days. OneBank also gives out quick loan of up to ₦5 million without requesting for collateral.

The bank can be used for bill payment and airtime recharge. Customers can also make cardless cash withdrawals, apply and get virtual card for online transactions.

9. Mintyn Digital Bank

Mintyn formally known as Mint is one of the best online bank in Nigeria. It is very easy to open an account with them as all you need to do is download their mobile app from app store and fill the application form. Within 5 minutes you will be done with account opening once you fill in the required information.

They have different account type like individual and corporates account. These account can all be managed with just the use of your mobile phone. When you open an account with Mintyn you are not required to pay monthly maintenance fee or transaction charges.

Mintyn also offer a virtual dollar card as well as physical Mastercard. The bank allows you to set spending limit and lock your card. Customers can get instant loan from this bank once they apply. They also give their customers interest of up to 36.5% on goal-based savings plan.

Customers can also partake in the mutual fund savings option where they can earn as much as 30.5% per annum on their investment. They can also schedule money transfers with the Mintyn mobile app. You can also track all your expenses and set limits.

This digital bank can be opened without the use of BVN and you can create a current account with just N2000 in your account.

10. GoMoney

GoMoney is a digital bank that offers simplistic banking. This online bank has a very simplified payment feature as customers can easily open an account and start sending and receiving money in 3 minutes.

To open an account with GoMoney you will need to download their mobile app from app store and fill out the account opening form. Customers can open a savings account without the use of BVN and they don’t require minimum balance to open the account.

GoMoney also offers physical an virtual ATM cards. Customers can customize their virtual card to fit their mood. They can also set spending limit on their card. Pause payment, set custom daily and monthly spend limits, change pin all with the use of the mobile phone.

Things To Consider When Choosing An Online Bank In Nigeria

When you want to choose an online bank that you will be transacting with you have to take into account certain things. They are:

1. Security

Before you open an account with any digital bank you have to be sure of the security of your money and information. Any bank you choose to operate with has to have a very secure portal that is safe from hackers. It is important that your money and transaction is safe with your financial institution.

2. Speed

Another thing you have to consider is the speed of the bank app that you will be using. Is the app slow or fast. This will determine if it is a good online bank to transact with.

3. Bank Charges

When you are choosing an online bank in Nigeria you should consider the bank charges. Is the bank charges high or is their transactions free. Most of the digital bank in our list offer free transaction and this makes them a good option.

4. Simplicity Of App

You should consider using an app that is simple to operate. The simpler it is the easier it will be for you to carry out your transactions swiftly. A bank app that is complicated to use is not a good option for banking as the user might make a costly mistake using it due to its complications.

5. Reviews

Before you download an online bank app you should read the reviews from other people who have used it. This will go a long way to show you if the app is good or not. To find review on online bank app, go to your app store, type in the app you intend to view and look below it you will see the reviews from people.

The above mentioned banks are the best online bank in Nigeria. Digital banking is the best form of banking these days as it gives you everything you need at your fingertip. You should pick from any of these digital banks when you decide to bank online

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