What will it look like if you can do all your financial transactions without visiting a physical bank for anything, this is the promise of digital banking in Nigeria?
In Nigeria, the banking experience is very poor, from having to spend almost the whole day in the hall, to failed transactions and unnecessary debit on the account and so many other issues.
This is what the digital banks aim to tackle, a lot of people will really love to see how issues are resolved. in this article, I am going to list out five digitals bank and their value proposition.
Five Full Digital Banks in Nigeria
Dot promise to make a financial transaction experience a lot different from the traditional bank with the paperless on-boarding process, with a minute you can get up and running wit banking service.
Dot is a digital banking product of Payant, a fintech company based in Kaduna, Nigeria.
Your account is completely on your mobile phone with control over services and setting such as email and SMS notification, activating, and deactivating your card.
what is good about Dot is the ability to link your existing traditional account on it, make a deposit from any branch into dot account, and receive money anywhere around the globe.
With all your other bank account links to Dot, using your dot card, you can access all funds on the get-go.
Other features include pay bills for electricity, TV subscription, internet data bundle, and data subscription directly from your Dot account.
Kuda is Nigeria’s first free bank, fully licensed by the central bank of Nigeria with the mantra of customers first.
This is a fully digital bank that runs on your mobile phone with no physical location that serves full banking service.
With no physical location what so ever, it means kuda can charge less than other banks on financial transactions, No card, and account maintenance fees, this is one of the major value proposition of kuda bank.
Some of the features include spend and save, a free card with every account, the ability to withdraw from any ATM machine across the country, free kuda to other bank transfer.
Promise to provide simple modern and reliable financial service to anyone with your mobile phone.
From payments to savings and credit, we believe that everyone with a phone number should have access to modern financial services, a fundamental concept known as inclusion. We notice its absence, understand its essence, and are ensuring its presence.
Feature of Eyowo digital bank includes
- Send and Receive Money instantly from your phone number or bank account anywhere in Nigeria
- Pay for bills on the go such as tv subscription, internet bundle, and electricity, spend online with your dollar card.
- save and borrow on the go.
Eyowo provides cardless withdrawal cross various bank ATMs.
Beyond these, you can carry out cardless ATM withdrawals with the app at an N100 charge.
You can also save money in a custom safe, with the promise of 10-12% interest per annum. The app also lets you borrow money at a promise.
Rubies is the digital banking platform of Highstreet Microfinance Bank. We offer 100% digital, zero-fee banking, and offer support for your professionals, artisans, and SMEs.
100% digital bank build for you with channel including mobile app, web, chatbot, and USSD, with an account on rubies bank you can fund through over 580 branches and from your mobile app.
Perform all your banking needs on the go, no hidden charges. Gain access to over 1000 ATMs across the country of no interest – however, you need to have used the app over time to be eligible for this.
- Account Number can be personalized
- Free debit card with your preferred name on it.
- Money Request – for those who keep on giving excuses of not having your account number or even those that owe you
money. This feature allows a customer to request money and instantly get credited from someone’s account number
or even phone number.
- Proximity Transfer – Sending money using location (The new Bluetooth for money transfer)
All digital, no paperwork, no queues, none of any of the things that annoyed people who had to go to bank branches to get even the most mundane things done. Want a loan? None of those paper applications and face to face meetings with loan officers followed by weeks waiting for a decision. Instant decisions backed by data and analytics.
Open a Vbank account in 2 minutes on your mobile device with your BVN, phone number, and zero paperwork.
- cardless withdrawal 2.Biometric login
- Bill Payment
- 5. Targeted Saving
- Fixed Deposit
- Geo Tagging and
- Integrated Social Sharing
All these digital banks have a good value proposition, there is one huddle ahead of them, fear from the masses because people trust the physical banks such whenever someone has an issue with his/her account, he/she can easily step into of the bank branch and have it resolved, although at a cost of time.
How can these digital banks fair over time, we shall put our eyes and see, but they need to wok on their publicity and awareness of the product in order to remove the fear of digital banking service from the mass of the target market.