Online banking apps are on the rise in Nigeria, with many of them offering you free coupons, interest rates, and other juicy benefits more than your regular banks. The main reason for online banking is to digitalize the banking sector without the need for a physical structure, although most of them have a physical headquarters.
Since the redesign of naira notes, Nigerians has been forced to accept a cashless policy without being prepared for it. Online banking apps are undoubtedly the best for easier and faster transactions as they allow you to do everything online without visiting your bank. These banks allow you to open an account online, carry out transactions from the comfort of your home, collect loans, and many more. Meanwhile, most of them like Wema Alat brings ATM card to your doorstep after filling in your details at no extra cost.
Furthermore, you’re guaranteed the safety of your money as all the online banking apps in this list are licenced and monitored by CBN and your deposits are insured by NDIC. The deposit insurance protects your money in case of any abnormalities. These online banks unlike your regular bank’s internet banking apps allow you to earn money by offering juicy benefits. Some of them include referral bonuses, high interest rates, discounts on airtime, data purchase, TV, or electricity recharge, the ability to collect loans without visiting the bank, etc.
If you’re in Nigeria and looking for some of the best digital or online banking apps, here are our top picks you can sign up for.
But before that, you should take a look at the Best 5G Phones available in Nigeria.
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Best Online Banking apps in Nigeria: PalmPay
PalmPay is undoubtedly one of the best online banking apps in Nigeria with over 3 million users since its launch in 2019. The app is very reliable and has a fast response customer care service in case you’ve any delay in your transactions. Above all, you’re guaranteed free transfers to any bank of your choice.
Performing transactions with PalmPay is swift and fast, and you’re getting instant feedback on your transaction. One feature that differentiates it from other apps is that they do frequent updates which improve the app’s service. PalmPay is one of the apps you earn as you spend since they offer users certain benefits as they make use of the app like Palm Points, Coupons, Discounts, and bonuses.
Fortunately, PalmPay offers users more earning opportunities with its referral program whereby you can earn 600 palm points for each user you refer to with your unique referral link or code. These palm points can be used to purchase airtime, buy data, recharge electricity, and pay other bills.
For those wondering whether PalmPay is legit or not, Read our full PalmPay Review
Kuda Bank
Kuda Bank is another digital bank with a physical office in Nigeria and it’s licenced by CBN to help its customers with swift and seamless transactions at no extra cost. You’re entitled to 25 free transfers every month after which a N10 charge will be collected on every transfer.
One of the key benefits of Kuda Bank includes a free debit card that comes at a zero maintenance fee. Once you sign up, you’ll be required to fill in your location details where your debit card will be delivered to you. The debit card can be used to make purchases online and withdraw cash at any ATM stand in Nigeria.
The bank allows you to send and receive money with just your smartphone, purchase airtime, data, recharge electricity, pay for TV, and other bills. In addition, Kuda has a fixed deposit plan with up to 15% annual interest and you can take short-term loans as long as you make use of the app often.
Best Online Banking apps in Nigeria: Opay
Opay, one of the leading online banking apps in Nigeria is owned by the popular Nigeria search engine Opera Mini. The app was launched in 2018 with over 10 million downloads and a 4.4-star rating on Play Store. By design, the app is cool with its green background and has a neat interface, plus you won’t find it difficult to operate.
Opay’s mobile digital banking app gives users the opportunity to seamlessly free transfers to any bank in Nigeria, the ability to pay for utilities, and save as well with a 15% annual interest rate. Meanwhile, you can refer your friends and earn N800 cashback per referral. Fortunately, the company offers offline banking services in Lagos for users who don’t have a smartphone to carry out online transactions.
- Read our Opay full review
Alat by Wema
Alat is Nigeria’s online banking app that was introduced in 2011 by Wema Bank. Signing up for the app is very easy as all you need is just to download the app and then put your name, BVN, and address. With Alat, you can request for debit card and has it delivered to your doorstep at no extra cost.
Unlike most banks, Alat gives its customers the opportunity to own a domiciliary account in euros or dollars with a free virtual card you can use to make purchases online. Meanwhile, you can buy airtime and pay for utilities with the app at no extra cost. One edge Alat has over other digital banking apps is that they have an active WhatsApp number you can always contact in case of any issue.
- You might like to check out the few ways on Best Ways to Make Money Online in Nigeria
Best Online Banking apps in Nigeria: Vbank
Vbank is an online bank that’s based in Lagos and owned by VFD Microfinance bank. The bank eases the stress of physical banking by offering a myriad of products that include instant loans, savings with mouth-watering interest rates, cardless withdrawals, and zero charges on transactions.
Vbank might not be a popular bank but you can earn up to N100,000 through its referral program. Fortunately, you can open a joint account with your partner where both of you can save together and equally have multiple debit cards for the same account. Signing up for an account is very easy as it requires only your full name, phone number, email, BVN, and photo which you can submit online.
PiggyVest
PiggyVest is more of a savings and investment app than your regular online banking app. Launched in 2016, the app is formerly dedicated to helping its customers form the habit of saving by allowing them to invest with ease with up to three savings plans.
The company offers an 8% per annum interest rate on its Piggybank savings plan and 8% on its Target savings, while it promises up to 13% per annum on its Safelock plan. Meanwhile, with as little as N1000, you can invest in different sectors of the economy like agriculture, transportation, real estate, and many more.
With over three million customers, PiggyVest is indeed the best savings app you can trust, plus it’s equally licenced by the Central Bank of Nigeria. So there’s nothing to fear, just go to your Play Store or App Store to download the app with ease.
- Read also: Best Apps for Making Money Online
Conclusion
Fintech companies continue to play a major role in the betterment of Nigerian citizens from easy access to loans to flexible savings with huge interest rates and swift transactions at no charges. Online banking apps are indeed revolutionizing the banking industry through their digital financial services which are easier for people than traditional commercial counterparts.
©️Techcity
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