Banking
The Real Arguments for Nigeria’s Digital Banks
If you live in Nigeria, you’ve probably heard some stories about how difficult it is to get anything done at a government agency. Those stories are so popular that they have made their way into popular culture through “oga is not on seat” jokes.
When you’re going to a government agency, you brace yourself for the reality that no matter how small the task you want to accomplish, it could take all day. It’s not unusual for simple processes to be complicated by ridiculous demands.
It’s the sort of thing we’ve come to expect from Nigeria’s public sector. Yet, in the private sector,
Nigeria’s legacy banks will give any government institution a run for their money. A few weeks ago, I read this interesting rant by a Nigerian in the UK Guardian on how it took him 15 trips to the banking hall to withdraw money.
We all have these experiences. The Nigerian banking system throws up the kind of processes that can test the patience of the Pope. Sometimes, you apply to get a debit card and you wait for weeks to get it. Then you begin another process to get the PIN for the same debit card.
Some other issues that rankle are the unending debts for card maintenance, SMS alerts, the list is endless. Yet, these would be such small trade-offs if Nigerian banks actually provide services that work and are reliable. Bank transfers in Nigeria are like Russian roulette.
Sometimes, you can transfer money without hassles, the next time, you may get debited thrice for a failed transaction.
Frankly, I’m not sure which I would rather visit: a banking hall or a government parastatal. If banking is this difficult for me, what’s it like for a lot of the people in the informal sector?
I got the clearest answer last week when my friend shared an article about how many of the artisans who work for him often do not have bank accounts. It’s hard to fault them because banks and banking have come to represent stressors for the average person.
Digital banks are promising freedom
This is why the digital alternative to banking is interesting. The counterbalance to the wahala of legacy banking is a bank that exists almost entirely in your phone.
They have no physical branches so you don’t have to spend hours in a banking hall trying to explain to a frazzled customer rep that you can no longer reproduce your signature from when you first opened the account seven years ago.
But beyond the branchless structure of digital banks, one of the things digital banks like VBank say that works for me is their promise of banking without a ton of bank charges. I can be free from those pesky little card maintenance charges from that second-generation bank.
I can make a request for a debit card from an app and get the card delivered to my address in one week.
It’s not often that a bank says all the right things. Yet, there are lingering questions like, “can I put my money in a bank that doesn’t have a branch that I know?”, “Whose shirt will I hold when they debit my account wrongly?”
There are also big questions like; many of the promises of ease the digital banks make will appeal to the carpenter down your street who still doesn’t have a bank account. How will digital banks reach people like this?
Can the segment of the population who find these promises of freedom attractive- young millennials – form the basis for a sustainable business?
These are questions that remain up in the air, but here’s what I know; VBank makes really good promises, but the real argument for them is time. Will they still send my debit card in 4 business days in 2027? Will my free transfers still go through and will their customer reps still be as attentive?
I don’t have a crystal ball, but it doesn’t hurt to live in the moment and enjoy all these perks right away.
By Dipo Olowookere
Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.
The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.
The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.
Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
“Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.
“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.
“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.
“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
By Dipo Olowookere
Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.
In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.
It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.
All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.
Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.
They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.
“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.
“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.
“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.
Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”
By Dipo Olowookere
Customers may have difficulty accessing the digital platform of Polaris Bank, known as VULTe, during the Easter holidays from Friday, April 3, to Monday, April 6, 2026.
This is because the financial institution is carrying out system maintenance on the platform in its effort to ensure users enjoy a better banking experience.
In a notice over the weekend, the lender said “access to VULTe may be limited,” but it provided an alternative, which is the PolarisXperience.
Polaris Bank, which expressed regret over “any inconvenience” this action may cause its customers, said the “scheduled system maintenance” would happen from 10 pm to 8 am daily, promising that normal service would return after the maintenance.
“In continuation of our commitment to delivering a seamless and improved banking experience, we will be conducting a scheduled system maintenance during the Easter holidays.
“During this period, access to VULTe may be limited. We have provided an alternative channel, PolarisXperience:
“Please go to our website to onboard or use it as an existing user. You can also use this link: (https://elogin.polarisbanklimited.com).
“We regret any inconvenience and appreciate your understanding. Normal service will resume after the maintenance,” parts of the notice seen by Business Post read.
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