Here are top 5 digital banks to watch

Online banks are dominating the financial industry markets in Nigeria. These more preferred options to Traditional banks are establishing new innovative ways of banking.

Without trying to rank, here are some digital banks that are currently below the radar yet show highly promising growth and innovation.

Umba Bank

Umba is a digital-only bank for emerging markets in Africa. They promise transparent and accessible financial services to their users. As it turns out, Umba originated in Kenya, and since then, has grown to serve customers in Nigeria.

Customers, users of the Umba app, can apply for basic loans. Their platform has an Artificial Intelligence (AI) protocol used to detect fraud and verify loan decisions.

Their services include: A free checking account, free peer-to-peer payments system, Loan offers, Bill payment, Deposits, Cashback.

Raven Bank

Raven is a constantly improving innovative Digital-only bank with a focus on the people of Africa. Their mission is to provide premium innovative financial technology services based on the very needs of Nigerians and Africans.

Furthermore, their mobile banking app simplifies every complexity involved in the online banking process. Users enjoy features prepared for their everyday needs.

Some features of Raven Bank are, free transfer to any bank, link all your other bank accounts, zero maintenance cost, debit alerts are free, card delivery is free, bill payments, savings and investment account, physical and virtual cards (Coming soon), 24/7 customer support.


Gomoney is a digital-only bank located in Nigeria. They plan to reshape the financial industry. For this reason, Gomoney prepares users for an all-in-one banking and financial literacy experience, creating a digital system that is adaptable enough to suit everyone.

Nigerians can easily open an account and quickly get a debit card. Their digital app offers a variety of money management tools that users can access using only a phone and the internet. According to the gomoney team, they are motivated by their objective to simplify money for everyone and promote financial inclusiveness.

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Downloadable receipts include, virtual and physical debit cards, coming soon is savings real-time alerts, split group payments and shared bills, and schedule one-off or recurring bill payments.


Eyowo, which translates “Cowries” in English, is a digital marketing platform providing a variety of financial services. Softcom Limited, one of the leading Fintech enterprises developed the Eyowo app. accordingly; it is one of the company’s most popular products.

The Eyowo app allows users to register on the platform with just a phone number. In fact, users can send money to friends, pay bills, save and airtime, take out loans, create virtual cards, and more. Anyone can add funds in their Eyowo wallet with a debit card, via instant bank transfer, USSD codes, and vouchers.

Eyowo Features are, send money, pay bills/buy airtime, save money, pay vendors, withdraw from ATMs, create virtual cards, loans and money lending.


Mint Digital Bank is owned by Finex Microfinance. They promise Nigerians excellence and value by offering innovative financial solutions to businesses and families. Taken together, their banking app strives to reduce risk, increase efficiency, and provide better service to clients.

Mint users have authority over their banking. Customers can choose the type of banking they desire and there are no hidden fees. By the same token, Mint offers an adjustable goal-based savings account. Savers can earn up to 15 percent interest yearly, track expenses, set spending restrictions, and lock cards.

MintFinex features include, fund account, saving goals, instant transfers, expense recorder manager, pay bills, email, push, and SMS notifications.

EasyWallet – Innovective

Innovectives is a Fintech Nigerian based company creating innovative solutions through strategic partnerships. They offer Digital banking services to individuals, businesses and organisations. In the same way, they aim to improve the e-commerce financial landscape.

Their mobile banking app, EasyWallet, offers quick mobile banking services. Users can issue cards, and perform bank activities like remittance, credit scoring and payment terminal activation. The app manages an affiliate system for users, intending to reach more underserved individuals.

Services offered includes: card activation, deposit, cash-out, micro-credit, retail solar, internet payment gateway. WebStore: enables businesses to sell and accept payments online.

There is no doubt that Nigerians are quickly adopting the online financial style. According to the Nigerian Inter-Bank Settlement System Plc (NIBSS), “the value of online transactions in Nigeria hit $116 billion in the last months of 2020.

Brick-and-mortar banks are finding it increasingly difficult to maintain their large hold in the financial markets. Robust digital platforms with unique financial solutions keep coming up, and innovative digital technologies keep making room for higher consumer demand.

And so it is that, digital banks – being mostly virtual, may have to compensate for their physical absence by providing better financial solutions. They will have to offer the best experiences to customers; a dynamic that, having special self-replicating abilities, will continue to make digital finance the preferred option.

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