Technology advances daily, it has indeed brought changes to the operation of businesses in various industry sectors.
The financial sector is not an exception.
Gone are those days where the banking hall is filled with long queues and various voices of customers that are looking to carry out a transaction or lay complaint on the dissatisfaction they received from the bank service.
The consistent growth of digital technology has prompted financial institutions (banks) to consider the usage of technological software and applications.
See also: BIC/SWIFT Code For Banks In Nigeria
Top Digital Banks In Nigeria
1. Alat by Wema
2. V Bank by VFD
3. Kuda Bank
See also: What To Know Before Opening Taj Bank Account
Alat by Wema
Alat by Wema is Nigeria’s first fully functional digital bank. It presents its users with the ability to carry out bank transactions without being physically present at the bank.
Alat by Wema was launched on 2nd May 2017 by Wema Bank PLC, a commercial bank in Nigeria.
Since the launch, they have acquired more than 250,000 customers and carried out almost 900,000 transactions worth up to N12 billion.
In 2018, the World Finance Magazine award which was anchored by a judging panel of finance and business journalist awarded them with the Best Digital Bank and Best Mobile App in Nigeria.
With Alat by Wema, you can open an account online and manage your money without having to visit the bank.
They offer access to:
1. Exclusive group and personal savings
2. Free debit card
3. Lifestyle benefits
4. Up to 10% annual interest
Also, you can now apply for an instant loan without paperwork, no visitation to the bank.
See also: What Is A Payment Service Bank (PSB)?
V Bank by VFD
V Bank by VFD is a dynamic digital bank that allows its users to save money, earn interest on money saved and carry out online payment transactions.
Setting up a V Bank account takes less than 10 mins, all you need to do is to download the mobile app, provide the necessary information required of you like name, phone number, email address and BVN and your account is up and running.
If you wish to make bigger transactions, you will be required to upload a picture of your Government-issued ID card which are your Voter’s card, International passport or National ID card.
You will also have to upload a picture of your utility bill to increase the limit of transactions you can make.
Kuda Bank
Kuda Bank is a digital bank that hit the market in 2018. They have won the heart of several Nigerians due to the “No Bank Charges” policy they operate.
Kuda Bank first started in 2016 as Kudimoney as an online saving and lending platform.
See also: How To Open & Use A Kuda Bank Account
Two (2) years later, they looked to address the frustration with excessive bank charges and transitioned into a digital bank with “No Bank Charges”.
Kuda Customers allows their customers to make 25 free bank transfers to other banks every month. Any other transfer made to other banks when the 25 free transfer option elapses attracts ₦10 each.
To open a Kuda account, you must be at least 16 years old and you must have an email address and a phone number.
They also present their customers with the option to request for debit cards, which are delivered anywhere in Nigeria.
Originally posted on April 2, 2021 @ 8:31 am
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