The Central Bank of Nigeria (CBN) has approved licenses for some digital payment platforms to operate microfinance banking and Point of Sale (PoS) services in Nigeria.
Some of them may have started out as Fintech platforms but the ability to provide digital banking to customers has endeared them to many Nigerians.
As the digital banking industry grows steadily worldwide, Nigeria is also not an exception.
The ability of these digital banks to provide easily accessible internet-based services which are mostly devoid of the charges that come with those of conventional banks has endeared them to many Nigerians.
Customers can open accounts in minutes without the usual worries of heavy paperwork.
They also provide physical or virtual Automated Teller Machine (ATM) cards for customers without the usual charges associated with such services from conventional banks.
It was gathered that the Central Bank of Nigeria (CBN) licensed a total of 894 of such companies as microfinance banks as of February 2023, but not all of them are fully digital and not all can be described as digital banks.
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Here are some of the top full digital banks licensed by the CBN in the country.
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Piggyvest
VFD
Moniepoint
Sofri
Mint
FairMoney
Carbon
Kuda
Eyowo
Sparkle
Rubies
Note: The list above is not exhaustive but is expected to be a guide for members of the public.
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