Banking
Top 6 Digital Banks Disrupting Nigeria’s Financial Landscape
By Adedapo Adesanya
Before now, the only way to carry out a financial transaction was to visit the banking hall, stay in the queue and pray that the cashier is in a good mood.
But technology has changed the game. Someone does not have to leave his/her space to execute a financial transaction and in fact, some digital banks have sprung up in Nigeria in the last five years, offering not to only complement the traditional, brick and mortar banking structure but to disrupt its entire structure with its offerings.
Business Post takes a look at some digital banks and their performances towards challenging the status quo in an evolving financial landscape. The banks have been shortlisted to six based on metrics such as popularity, offerings, and growth in the last two years.
Kuda Bank
Regarded as the bank of the free, Kuda is modelled based on free offerings that regular traditional banks charge customers for. They offer free ATM cards and free transfers. For instance, Kuda does not charge card maintenance fees. It also offers customers up to 25 free transfers to other banks every month.
Kuda, according to the latest data, has processed at least $2.2 billion in transactions and has raised a total of $36.6 million in two years as it continues to position itself as Africa’s digital bank. Its customer base has also grown to over 600,000 customers.
Kuda came into the market in 2019 with a $1.6 million pre-seeding round and in November 2020, it raised a $10 million led by Target Global, Entrée Capital, SBI Investment among others and in March, it raised $25 million in a Series A round led by Valar Ventures and included Target Global.
The company has a microfinance banking license from the Central Bank of Nigeria (CBN) and at the moment, its flagship product is a digital-only savings account but with a primary plan of expansion, Kuda is set to drive the digital banking sector in Nigeria.
Vbank
V by VFD Microfinance Bank (Vbank) 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 offers zero charges on transactions. Free account maintenance, monthly interest on savings, swift and secure transfers, withdrawals, and bill payments.
V is the digital banking app for VFD Microfinance Bank, a six-year-old financial institution.
In April 2021, the bank noted that it has more than 250,000 individuals and businesses on its mobile banking platform across Nigeria, and processed transactions worth billions. It, however, didn’t stipulate any figure to back up the assertion.
According to the Managing Director of the bank, Mr Azubike Emodi, “Launched March 25, 2021, the digital bank has onboarded more than 250,000 individuals and businesses on its mobile banking platform across Nigeria and processed transactions worth billions.
“The all-digital platform is most accessed in cities including Lagos, Anambra, Port-Harcourt, Abuja and Asaba.”
With a new app, Vbank’s Version 3.0 has features including card-less withdrawals, multiple funds transfers, recurring transactions, proximity payments, advance budgeting and intelligent airtime top-up.
Vbank offers between 8 per cent and 14 per cent interest on its savings.
Rubies
Rubies is a digital bank that disrupts regular banking by providing 10 per cent digital top-notch services and technology at its peak. Its offerings include free debit cards which come with an option of free delivery; independent banking which enables users to refer people and earn every time they transact on Rubies.
It also gives users a customizable account, meaning they can decide what their account number will look like and they can transfer money easily to friends on Rubies around with a single tap.
Rubies claims that it offers a 21st-century banking experience and asides from the easy and convenient account opening process, the platform is packed with features like virtual dollar card, Rubies Rule Book (to manage recurring payments), savings and investments, money requests, and more.
It offers the lowest interest rate among its competitors with a 2 to 5 per cent interest on its savings and has a low N10 interbank transfer rate, one of the lowest in Nigeria.
ALAT
ALAT is a self-acclaimed Nigeria’s first fully digital bank that is run by Wema Bank. It was the first among the first financial institutions to introduce mobile banking in Nigeria in 2011 and took it several notches higher in 2017 with the launch of ALAT.
With the service, users can take an instant loan, save with friends, create and make payments with virtual cards, and so on.
Interest rates on savings with ALAT can go as high as 10 per cent annually, which is higher than normal bank rates.
It is the only digital bank with an insurance offering and customers can get up to N200,000 in loans.
ALAT has contributed immensely to Wema Bank’s numbers with the company latest financial statement showing a year-on-year double-digit growth of 39.4 per cent in customer deposit of N804.9 billion in 2020 compared with the N577.3 billion recorded the previous year.
According to The Chief Financial Officer of the bank, Mr Tunde Mabawonku, “We have a clear strategy of becoming the Most Dominant Digital Bank in Nigeria by 2023. We have positioned ALAT as the go-to platform by both increasing customer acquisition and working with eco-system partners on payments and settlements.”
Eyowo
Eyowo is a very innovative digital bank with lots of amazing features. Something that stands out with Eyowo is its account opening process. The process is made very easy and stress-free and with just a phone number, users can create an account and send money. Another is the zero interest rate loans.
Eyowo, like some other digital banks in Nigeria, also lets you create virtual cards. Primarily established to bridge the financial inclusion gap, Eyowo, the service has proven to help Micro Small Medium Enterprises (MSMEs)
It offers interests in savings ranging from 5 per cent to 13 per cent with an interbank transfer between N10.50 to N52.50.
Eyowo as part of its efforts to deepen financial inclusion has an Unstructured Supplementary Service Data (USSD) code: *4255#.
Sparkle
Sparkle is a digital bank. It is a digital ecosystem providing financial, lifestyle, and business support services to Nigerians around the world. Licensed by the CBN, Sparkle is all about helping people achieve what they want, whether it’s entertainment, education, saving, or investing in the future.
Launched by former Chief Executive Officer (CEO) of the defunct Diamond Bank, Mr Uzoma Dozie, the startup claims to have more than 20,000 customers and processed $16 million in transactions.
Sparkle has its sights set on SMEs in Nigeria, by offering a suite of digital payments and business management services. It also plans to move into the digital distribution of general insurance products.
Initially, Sparkle was launched for users to be able to split payment, make utilities and bill payments and also save their money, but with its banking license, it also plans to start offering consumer and small business loans in 2021.
Recently, the bank announced Sparkle for Business to help entrepreneurs access the much-needed products and services to grow their enterprises digitally.
It will have four main components, according to the company; inventory and invoice management; payment gateway service; tax advisory; payroll and employee management.
By Aduragbemi Omiyale
The chairman of Access Holdings Plc, Mr Aigboje Aig-Imoukhuede, has reaffirmed the organisation’s long-term commitment to shareholders, expressing confidence in the company’s strategic positioning, which he said is underpinned by disciplined execution, a diversified business model, a strengthened capital base, and a clear focus on sustainable value creation.
Speaking at the 4th Annual General Meeting (AGM) of the firm on Wednesday, he explained that the temporary suspension of dividend distributions was a consequence of regulatory compliance requirements rather than any deterioration in the group’s financial performance.
Mr Aig-Imoukhuede reaffirmed that the financial institution’s earnings capacity remains strong and that the board’s position reflects adherence to supervisory expectations and prudent capital management principles.
He assured shareholders of the board’s commitment to resuming dividend payments as soon as the relevant regulatory conditions are satisfied, noting that, “Our approach is clear: capital retained today must translate into greater value tomorrow and sustainable returns for our shareholders.”
The Chairman reiterated the strategic imperative underpinning the company’s next phase of growth, saying, “Our strategy, From Scale to Value, reflects the natural evolution of our journey. Scale created opportunity; value creation is how we fully realise it.”
He noted that while the organisation continues to generate strong returns, ensuring that earnings per share consistently exceed the cost of capital remains central to unlocking sustainable shareholder value.
The retired banker also acknowledged the significant unrealised value embedded within the firm’s international subsidiaries and reiterated management’s focus on improving market recognition of that intrinsic value over time.
Commenting on the financial performance of the group in 2025, he said Access Holdings accelerated provisions on legacy and regulatory forbearance credit exposures, resulting in elevated impairment charges.
He explained that the group consciously prioritised balance sheet strength and long-term resilience over short-term earnings optimisation.
“Periods of economic uncertainty often reveal more about an institution than periods of uninterrupted growth. Our focus remains on building a business that is not only growing, but improving in the quality, resilience, and sustainability of its earnings,” he stated.
Last year, the financial services organisation delivered pre-tax profit of N1.007 trillion, underscoring the strength of its diversified platform and expanding earnings base across key markets. Total assets increased to N51.56 trillion, while customer deposits grew strongly, reflecting sustained franchise momentum and deepening customer trust.
By Modupe Gbadeyanka
A new report highlighting the transformation from a newly established fintech venture into one of Nigeria’s leading payment infrastructure providers has been launched by HabariPay Limited.
The report, known as the HabariPay Impact Report 2025, provides stakeholders with a comprehensive evolution, innovation journey, business performance, and impact of the fintech subsidiary of Guaranty Trust Holding Company (GTCO) Plc on the digital payments landscape.
The company’s contributions to enabling digital commerce, supporting businesses, strengthening payment infrastructure, and expanding financial access through technology-driven solutions were also captured in the piece.
The HabariPay Impact Report 2025 also highlights the organisation’s strong financial and operational performance, the growth of the Squad platform, and the development of infrastructure that powers payment acceptance, switching, transfers, merchant services, and value-added solutions.
The publication further explores the role of innovation, talent development, and ecosystem partnerships in driving the company’s success.
It showcases HabariPay’s investments in innovation through initiatives such as the Take on Squad Hackathon and the Squad Hackademy, both of which are helping to develop future technology talent and accelerate the creation of practical solutions to real-world challenges.
“As a technology-driven company, we believe that impact extends beyond financial performance. It is reflected in the businesses we enable, the merchants we support, the infrastructure we build, and the opportunities we create for the next generation of innovators.
“The HabariPay Impact Report 2025 captures this journey and demonstrates our commitment to creating sustainable value for customers, partners, and the broader economy,” the Managing Director of HabariPay, Ms Eduofon Japhet, said.
“The HabariPay Impact Report 2025 represents more than a reflection on our achievements; it is a testament to the deliberate investments we have made in building sustainable payment infrastructure, empowering businesses, fostering innovation, and creating long-term value for our stakeholders.
“As we look ahead, we remain committed to expanding our capabilities, deepening our impact, and shaping the future of digital payments through technology-driven solutions that are secure, scalable, and inclusive,” she added.
By Modupe Gbadeyanka
Some top foreign exhibitors participating in the much-anticipated Ecobank Adire Lagos Experience commencing on Thursday, June 11, 2026, are already in Nigeria.
The four-day event, closing on June 14, will witness participation from notable African fashion brands from Ghana, Sierra Leone, Senegal and the Benin Republic.
Among the international exhibitors confirmed for this year’s edition are Creative Hub Africa and Shades of Class from Sierra Leone, Drame Khadidatou from Senegal, Tampoori from Ghana, and Naylah Collection from the Republic of Benin. Their participation highlights the growing continental appeal of the Ecobank Adire Lagos Experience as a platform for cultural exchange, business collaboration and market access across Africa.
More than 100 exhibitors and vendors, including leading Nigerian brands such as Obida Design Associates, This Is Us, Imani Kids, Ashabi Fads, E25Dresses, Miné by Ejiro Amos Tafiri, Buss Fabrics Store, Aina Aladire and many others, will participate, showcasing the richness of African craftsmanship, innovation and entrepreneurship.
It was gathered that organisers are putting finishing touches to the venue of the exhibition, the prestigious Ecobank Pan African Centre (EPAC) on Victoria Island, Lagos.
All necessary arrangements to ensure a seamless, secure and memorable experience for exhibitors and attendees are being put in place by the bank, further underscoring its commitment to promoting African creativity, entrepreneurship and intra-African trade.
The Head of SMEs, Partnerships and Collaborations at Ecobank Nigeria, Mrs Omoboye Odu, said attendees can look forward to a vibrant showcase of fashion, craftsmanship, art, music, culture and entrepreneurship, with participants drawn from Nigeria and several other African countries.
“We are fully prepared and excited to welcome guests from across Nigeria and the African continent to another edition of the Ecobank Adire Lagos Experience. From exhibition spaces and cultural showcases to networking opportunities and customer engagement activities, every necessary arrangement has been put in place to ensure a seamless and rewarding experience for all attendees,” she stated.
“The Ecobank Adire Lagos Experience continues to evolve as a unique platform that connects creatives, entrepreneurs and consumers from across Africa. Attendees can look forward to exceptional products, interactive sessions, entertainment, cultural exhibitions and valuable opportunities to build relationships, explore new markets and expand their businesses,” Mrs Odu added.
Beyond the exhibition, participants will have opportunities to network, explore business partnerships, discover unique products and experience the diversity and vibrancy of African culture.
The event is open to the public, and visitors can look forward to an immersive experience that seamlessly blends tradition, innovation, fashion, enterprise and entertainment in a grand celebration of Africa’s creative economy.
Over the years, the Ecobank Adire Lagos Experience has grown into one of Nigeria’s foremost platforms for promoting indigenous textile production, supporting small and medium-sized enterprises, and showcasing the ingenuity of African creatives.
The programme has also played a significant role in expanding market access for businesses while preserving and celebrating Africa’s rich cultural heritage.
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