Best Online Banks in Nigeria (June 2024)

What are the best online banks in Nigeria? Considering the number of digital banks available in the country, this question may be challenging to answer.

Technology has changed the way we do almost everything, including banking. Today, we have online banks or digital banks through which people can carry out financial transactions. With these banks becoming so popular, the bar is constantly being raised in terms of service and product delivery.

Despite being so convenient to use and versatile in terms of their service offerings, online banks may not present a broad spectrum of services. Notwithstanding, they are still very important to our economy. This post will show you the best online banks in Nigeria.

Best Online Banks in Nigeria

What is an Online Bank?

An online bank is different from a mobile bank app. The latter is an app designed by banks to make their clients access their services on the go with more ease. An online bank is an independent bank. They are just like traditional banks, only that we find them in the virtual space, not a physical location.

These banks present their clients with a wide array of services. Such services range from money transfers to online payments and bill payments to mention a few. Interestingly, many of these online banking platforms offer loans to their customers while requiring no collateral and minimal documentation.

Best Online Banks in Nigeria

Now that you know what an online bank is, let’s discuss the best online banks in Nigeria. Truth be told, there are so many that one has even lost count. When you visit the Google Play store on your phone and run a search, you will find many online banks in Nigeria. However, not all of them have been approved by the Central Bank of Nigeria.

The CBN has approved the online banks on our list, and we have chosen them based on the quality of their services and customer reviews.

Kuda Bank

This online bank is one of the most popular in this part of the world. While many people are afraid to make use of online banks to save their funds, most of them are comfortable with Kuda. This online bank was established by Babs Ogundeyi, an experienced finance manager, several years ago.

Putting your money in Kuda Bank is safe because the NDIC insures all deposits to this platform. You can download the app from Google Playstore and Apple Playstore. Here are a few features of Kuda Bank:

  • Doorstep delivery of debit cards to customers upon request.
  • Zero card maintenance fees.
  • Short-term loans to customers.
  • User-friendly app interface.
  • Budgeting tools for assisting customers in regulating their expenditures.
  • Twenty-five free interbank transfers, after which the bank charges N10 for each transfer.
  • Clients can transfer money, recharge their phones, and make bill payments using the app.
  • A referral bonus of N200 for each person you refer.
  • Zero withdrawal fees.
  • Savings plans that can give as much as 15% interest per annum.

V Bank

This is another top-rated online bank in Nigeria. V Bank was established by VFD Microfinance Bank in April 2021 and has grown in leaps and bounds since then. It presents customers with one of the easiest ways to open bank accounts. All you need is your full name, BVN, email, valid ID card, phone number, and password. With all of these, you can open an account with V Bank. This is probably why the bank has grown in customer base over a short period to over 250,000 customers.

Here are a few things you can do as a customer of V Bank:

  • Save using the V Target Savings alternative.
  • Set up a joint account.
  • Use the 3.0 version to perform cardless withdrawals.
  • Get an interest of 14% when you deposit in the V Bank fixed deposit account.
  • Get access to instant loans.


This is one of the few online banks in Nigeria owned by a traditional bank. ALAT was established by Wema Bank in 2017. This makes it one of the foremost online banks in Nigeria. Similar to V Bank, you only need your full name and phone number along with your address and BVN to set up an ALAT account. The good news is that you can operate this bank account using your iPhone or Android device.

Here are some things you can do with ALAT:

  • Carry out interbank transactions.
  • Set up a virtual dollar card to convert Naira to USD easily.
  • Get access to up to N200,000 as a loan from ALAT via the app.
  • Carry out seamless bank transactions.
  • Get up to 10% in annual interest when you save on ALAT.
  • Create an account quickly via the app once you satisfy all the requirements.
  • Free debit card delivered to your doorstep.


Sparkle was established by Uzoma Dozie, the ex-CEO of former Diamond Bank. This online bank was first introduced in 2019 and has grown to be one of the best in Nigeria. Currently, the customer base of this online bank is above 20,000 individuals. Similar to the other online banks on our list, setting up a Sparkle Bank account takes only a few minutes.

Here are some features of Sparkle that should interest you:

  • Physical and virtual cards come in handy for digital and physical transactions, including shopping.
  • Operations management features on the bank app, including invoice tools, payroll tools, taxation, access inventory, etc.
  • Sparkle Stash is a feature that helps you save cash by taking off a small percentage of your debit transactions. This feature also makes it possible to save with other app users.
  • A savings alternative that gives you about 3.75% in interest annually when you save up to N100,000.


This is the last on our list of best online banks in Nigeria, but by no means the least. You can perform a plethora of banking operations using the goMoney app. Similar to Kuda, this online bank has all deposits insured by the NDIC.

Here are a few things you can do with goMoney:

  • Access to debit cards on request. The cards are powered by MasterCard.
  • Simplified payments for transfers and bill payments.
  • Reports on all transactions.
  • Comprehensive bank statement.


That’s it for our list of best online banks in Nigeria. Several other online banks exist, and you can share the ones you use with us in the comments section below.