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Business News

Top digital banking apps in Nigeria

These digital banking apps have offered a more convenient full-banking experience to their users.

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Top Digital Banking Apps in Nigeria

Traditional banks have been facing stiff competition from fast-rising digital banks. These digital banks emerged with higher consumer demand and have offered a more convenient full-banking experience to their users including higher interest rates on savings thereby attracting more people to adopt their services.

This has caused some traditional banks like Wema Bank and Sterling Bank to adopt this trend and also develop their own digital banking platforms.

Here is a list of the top digital banking apps in Nigeria.

Vbank

VFD Microfinance Bank is a fully digital bank that offers a wide range of financial products and services to professionals and entrepreneurs across all sectors. The digital bank has over 100,000 downloads on Playstore. They offer zero charges on transactions. Free account maintenance, monthly interest on savings, swift and secure transfers, withdrawals, and bill payments.

Pros

  • Instant account opening without any paperwork.
  • Fingerprint authorization: Login with your fingerprint and authorize transactions using your 4-digit PIN.
  • Good customer service.
  • Set up and track your spend budgets.
  • Order debit cards from the apps.
  • USSD banking service available.
  • Easy bill payments on the app.
  • Target savings with 8% interest rate.

User complaints

  • New update causes app to crash.
  • Upgrading KYC takes relatively longer.

Kuda bank

Kuda Bank is a free, digital-only bank with a microfinance banking license from the Central Bank of Nigeria. The bank includes tools for tracking your spending habits, saving more, and making the right money moves. They don’t charge card maintenance or account maintenance fees. Kuda has 1M+ downloads on Playstore. Its customers get 25 free transfers to other banks every month.

Pros

  • Free debit cards.
  • Good user experience.
  • Free withdrawals at over 3,000 ATMs across Nigeria.
  • 15% annual interest rates on savings.
  • No paperwork involved when signing up.
  • Automatic budgeting tools for easier money management.

User complaints

  • Cards often take a long time to arrive.
  • No SMS notification when you get credited.
  • No USSD code option for transactions.
  • Identity verification takes time.

AlatbyWema

ALAT is Nigeria’s first fully digital bank, designed to help you do more with your money. Alat is owned by Wema bank. Just like every other digital bank, there is no need to visit a bank to open an account. Alat has over 500,000 downloads on Playstore.

Pros

  • Free bank card delivery anywhere in Nigeria.
  • A Virtual Dollar Card for online payments.
  • Bill payments option.
  • Collateral-free loans are available.
  • Save easily with automated goal saving.

User complaints

  • The virtual card does not yet work.
  • Delay in physical card delivery.

Sparkle

Sparkle is a lifestyle and finance app. It is a digital ecosystem providing financial, lifestyle, and business support services to Nigerians around the world. Licensed by the Central Bank of Nigeria (CBN), Sparkle is all about helping people achieve what they want, whether it’s entertainment, education, saving, or investing in the future. Sparkle has over 100,000+ downloads on the play store.

Pros

  • Create an account with just your Bank Verification Number (BVN), email address and phone number.
  • If you ever lose or misplace your card, you can freeze and unfreeze it in the Sparkle app.
  • Save using Sparkle Stash for different goals at the same time.
  • Percentage savings where you determine what percentage of your account balance will be going to your savings every day, week or month!
  • Get real-time instant notifications for your transactions.
  • Bill payments; Pay your bills whenever you want, wherever you are.
  • Split bills with friends and family on the app.
  • Physical and virtual cards available.

User complaints

Jaiz bank
  • New update causes the app to crash.
  • Reversal on failed transaction takes time.
  • Cards can’t be used for international transactions.
  • Poor customer service.

Mint App

MyMintApp is a self-service platform developed for customers to carry out a range of digital and mobile banking transactions on their accounts. It offers customers benefits such as convenience, speed, online real-time access, the security of transactions and options to initiate basic service requests without having to physically visit the bank.

MyMintApp also offers different banking services such as SME Banking, Personal Banking, Corporate Banking, Internet Banking (Electronic Banking), Current Account Opening, Savings Account Opening, Business Services, Loans, e-Business Solutions, Personalized Money Tracking and Card Solutions, etc. Mint has over 10,000+ downloads on Playstore.

Pros

  • Good customer service.
  • Seamless account funding via Paystack or directly from your existing bank account.
  • Different saving goals with competitive interest rates to help you save for a targeted purpose.
  • Money Manager to help you tag your expenses according to the most common categories, and see real views of how and where you spend monthly.
  • Zero transaction fees on bill payments.

User complaints

  • No bonus when you refer someone to the app.
  • The selfie verification process takes time.

Onebank

Onebank brings a whole new financial and non-financial experience to the digital space. This application comes with sophisticated features and an impeccable user experience. It is highly secure, convenient, and easy to use. Onebank also offers payments, lending, investment, advisory, informational, and lifestyle services which brings that intuitive banking experience on your mobile. Onebank is owned by Sterling Bank

Pros

  • Create a wallet account instantly with your mobile number.
  • Biometric authentication.
  • Instantly create your virtual card for online shopping and decide the card’s usage and expiry.
  • Investments; enjoy up to 100% returns on Naira and Dollar investments.
  • Quick loans of up to N5 million in 5 minutes.
  • Receive money from Onebank user via QR code scan.
  • Pay for airline tickets, cable & internet subscription directly on the app.
  • Cardless withdrawals are available.

User complaints 

  • Prone to error when you try to sign in.
  • Bad user experience.
  • Transaction history only shows debits and not credit transaction.
  • Failed transactions take time to be reversed.
  • Difficulty when you try to switch devices.

Rubies

Rubies is a digital bank that disrupts regular banking by providing 100% digital top-notch services and technology at its peak. With Rubies, you can decide what your account number looks like. Rubies give you the financial freedom to do more than just banking and the app has garnered over 100,000 downloads on Playstore.

app

Pros

  • No maintenance fees.
  • Free Debit Cards: Also comes with an option of free delivery.
  • Independent Banker: Refer people and earn every time they transact on Rubies.
  • Customizable Account: Decide what your Account Number looks like.
  • Proximity Transfer: Transfer money easily to friends on Rubies around you with a single tap.
  • Open Account: Get an account on the fly, from anywhere (App, Website).
  • Request Money: Request funds from friends on Rubies with a single button.

User complaints

  • Verification process takes time.
  • BVN verification unstable.
  • App downtime takes more than 24 hours to resolve.
  • Difficulties upgrading account.

 

Why this matters

With the increasing number of digital banks and fintech startups, the competition for acquiring and retaining new and old customers is getting stiffer. More traditional banks will need to adopt digital banking to stay competitive.

 

Janet John is a graduate of Chemical Engineering from the University of Uyo. She specializes in technical writing where she creates easy to read documentation, articles to clearly and efficiently explain highly complex processes. When she is not writing, she works as a freelance front-end developer

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    Hospitality & Travel

    FG discusses nation’s carrier, Nigeria Air with US Ambassador

    The FG has held a discussion with the US government over the establishment of a national carrier for Nigeria.

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    The federal government has held a discussion with the government of the United States of America over the establishment of a national carrier for Nigeria.

    This was disclosed by the Minister of Aviation, Hadi Sirika via his Twitter handle after he held a discussion with the Ambassador at the United States Embassy in Abuja.

    He tweeted, “We took the opportunity to discuss investments and opportunities in the aviation sector, including national carrier. The partnership looks promising. USA is the only country we have open skies with. Thanks, Ambassador Mary and the team.”

    What you should know

    In July 2018, the Federal Government unveiled the branding and livery for the new airline, Nigeria Air, and stated that the carrier would be inaugurated at the end of that year.

    Sirika unveiled the carrier at a press conference during the Farnborough Air Show in London that year.

    “I am very pleased to tell you that we are finally on track to launching a new national flag carrier for our country, Nigeria Air. We are all fully committed to fulfilling the campaign promise made by our President, Muhammadu Buhari, in 2015. We are aiming to launch Nigeria Air by the end of this year,” the minister had said.

    He also stated that the government had obtained the Certificate of Compliance from the Nigerian Infrastructure Concession Regulatory Commission and would go into investor search.

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    Economy & Politics

    SERAP asks Buhari to probe N39.5 billion duplicated, mysterious projects

    SERAP has asked President Muhammadu Buhari to probe the reported N39.5 billion duplicated and mysterious projects inserted in the 2021 budget.

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    See what FSDH is saying about the 2020 budget and FG’s revenue drive , 2020 budget

    Socio-Economic Rights and Accountability Project (SERAP) has asked President Muhammadu Buhari to probe the reported N39.5 billion duplicated and mysterious projects inserted in the 2021 budget.

    This is to know if public funds have been diverted in the guise of implementing the projects and prosecute those allegedly involved including those from the executive and the National Assembly.

    The request from SERAP follows a report from BudgiT last week, where they alleged that there are 316 duplicated capital projects worth N139.5 billion in the 2021 budget.

    This disclosure is contained in a public statement issued by SERAP on Sunday, May 9, 2021, and can be seen on its website.

    SERAP said that the investigation of the alleged duplicated and mysterious projects, which are part of the 2021 appropriation bill of N13.588 trillion, should establish whether public funds have been mismanaged, diverted or stolen in the guise of implementing these projects.

    What SERAP is saying in its letter

    In the letter dated 8th May 2021 and signed by SERAP, Deputy Director, Kolawole Oluwadare said: “The misallocation of public funds for duplicated and mysterious projects has seriously undermined the ability of the indicted MDAs, and the government to ensure respect for Nigerians’ human rights through developing and implementing well-thought-out policies, plans, and budgets.”

    The letter from SERAP partly reads, “BudgIT had in a report last week stated that there are 316 duplicated capital projects worth N39.5 billion in the 2021 budget. The duplicated and mysterious projects are contained in the 2021 appropriation bill of N13.588 trillion signed into law in December 2020.”

    These damning revelations suggest a grave violation of the public trust, and Nigerians’ rights to education, health, water, sanitation, and clean and satisfactory environment because the indicted MDAs have misallocated public funds at the expense of the people’s access to basic public services, and enjoyment of rights.”

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    SERAP urges you to ask the heads of the MDAs involved to explain why they allegedly failed to ensure strict compliance with constitutional and international standards of transparency and accountability in the preparation, processes and decisions on their budgets, and to return any misallocated public funds to the public treasury.”

    Investigating and prosecuting any allegations of mismanagement, diversion and stealing of public funds budgeted for the 316 duplicated and mysterious projects would allow your government to use the budget to effectively promote Nigerians’ access to essential public goods and services.

    Publishing the ‘implementation status’ of the duplicated and mysterious projects would allow Nigerians to hold their government to account in the spending of public funds. This is particularly true for marginalized and excluded groups, such as people living in poverty, women, children, and persons with disabilities, as the budget has a disproportionate impact on their welfare.”

    We would be grateful if the recommended measures are taken within 14 days of the receipt and/or publication of this letter. If we have not heard from you by then, the Incorporated Trustees of SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest.” 

    SERAP also urges you to direct Mrs Zainab Ahmed, Minister of Finance Budget and National Planning to publish full details of current ‘implementation status’ of the duplicated and mysterious projects, and any spending on the projects to date, including the 115 projects inserted in the budget of the Ministry of Health; the 23 projects inserted in the budget of the Ministry of Education, and 10 projects inserted in the budget of the Ministry of Water Resources.

    The following ministries are reportedly involved in the duplicated and mysterious projects: Ministry of Health with 115 projects; Ministry of Information and Culture with 40 projects; Ministry of Agriculture and Rural Development with 25 projects; Ministry of Education with 23 projects; Ministry of Transportation with 17 projects; and Ministry of Science and Technology with 17 projects.”

    Others are the Ministry of Environment with 13 projects; Ministry of Power with 11 projects; Ministry of Labour and Employment with 11 projects, and Ministry of Water Resources with 10 projects.”

    Jaiz bank

    The letter was copied to Mr Malami; Professor Bolaji Owasanoye, Chairman Independent Corrupt Practices and Other Related Offences Commission (ICPC); Mr Abdulrasheed Bawa, Chairman, Economic and Financial Crimes Commission (EFCC); and Mrs Ahmed, the Finance Minister.

    Continue Reading

      





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