The bank branch thing isn’t dead in Nigeria. But for millions, it’s becoming irrelevant.

What’s replacing it is mobile banking. Digital banks have moved financial services from teller counters to mobile apps, and Nigerians are adopting them at pace: opening accounts in minutes, transferring money at midnight, getting loans approved before lunch. Just instant access from wherever you are.

82% of banking customers aged 18–34 now rely on mobile banking. Electronic transactions hit ₦1.08 quadrillion in 2024. The shift makes sense. But adoption has created its own problem: choice overload. As of 2023, Nigeria had 874 licensed microfinance banks, though not all operate digitally, and fewer still meet the standards that matter: deposit insurance, reliable performance, and actual user trust. Dozens of platforms promise seamless banking, but they don’t all deliver the same security or experience.

This guide ranks Nigeria’s top seven digital banks: We cover what they offer and why people use them to transfer money online. It is worth noting that while most require you to download an app first, two on this list let you open an account entirely through USSD.

Keep reading to find out.

Top digital banks in Nigeria

Based on user ratings and popularity:

1. OPay

Backed by Chinese investors and supported by one of Nigeria’s largest agent networks, OPay dominates the country’s mobile payments space. Its intuitive app and wide accessibility make it a preferred choice for millions of unbanked and underbanked Nigerians.

Users can also open an account directly through the USSD code *955#, which improves access for those without internet connectivity.

The Opera-owned fintech provides a broad range of services, including payments, transfers, savings, loans, donations, and e-commerce options like Oraimo. OPay has over 18 million registered users and 500,000 agents in Nigeria, reflecting its push toward financial inclusion across Africa.

The company experienced a brief regulatory review in 2024 but continues to expand steadily.

2. PalmPay

As one of the top digital banks in Nigeria, PalmPay has become a popular choice for fast and reliable mobile transactions. The app recently won Consumer-Friendly Business of the Year 2025 at the Lagos State Consumer Protection Agency’s awards.

Founded in 2019 by Transsnet Financial — a partnership between Transsion and NetEase — PalmPay is one of Africa’s best mobile banking apps, preloaded on TECNO and Infinix phones. Just like OPay, PalmPay also lets users open a bank account online or via USSD by dialing *652#, giving both smartphone and feature phone users easy access to digital banking.

PalmPay supports transfers, bill payments, airtime purchases, and cashback rewards, serving over 5 million users while expanding across Africa.

3. Pocketapp

Pocket by PiggyVest is a digital bank in Nigeria that evolved from Abeg, the first social commerce platform to secure a CBN MMO license. The app lets users open bank accounts online, send money, and shop securely through virtual pocket shops powered by an escrow system. With PiggyVest’s integration, transactions are more reliable, and users can easily manage both savings and spending in one place.

You can download Pocket by PiggyVest from the App Store or Play Store, or access it directly through your PiggyVest dashboard.

4. Moniepoint

Moniepoint is Nigeria’s first digital banking unicorn, processing over 800 million monthly transactions worth billions of dollars. Backed by a $110 million Series C round, it has grown from serving small businesses to offering personal accounts, making it one of the most reliable options for anyone looking to open a bank account online.

Moniepoint combines SME tools like POS terminals with everyday banking features that make payments fast and secure. Whether you’re a business owner or an individual, it’s a dependable choice for managing money on the go through one of the best mobile banking apps in the country.

5. Kuda

Kuda pioneered true app-first banking in Nigeria, earning a reputation as one of the best mobile banking apps for young users who prefer to open a bank account online. Its clean interface and transparent pricing helped it process over ₦14 trillion in transactions by 2025, reflecting deep customer trust and digital engagement.

As a fully digital bank in Nigeria, Kuda offers transfers, bill payments, savings (including fixed deposits), overdrafts, and investment options through its Bamboo integration. Kuda Business also provides free accounts for SMEs, while its overdraft feature gives users flexible short-term credit with minimal repayment pressure.

Regulated by the CBN, Kuda briefly paused new sign-ups in 2024 during a routine KYC review before resuming operations the following month.

6. VFD

V by VFD is a digital bank in Nigeria run by VFD Microfinance Bank. It lets users open bank accounts online in minutes and manage savings, payments, and budgeting easily through its mobile app. Known for its flexibility and reliability, it appeals to Nigerians who want straightforward digital banking that works.

V Bank offers up to 10% interest on savings, making it a solid choice for savers and professionals looking to grow and manage money on the go. In 2024, the bank turned profitable with ₦366 million in earnings, backed by a ₦5 billion capital injection from VFD Group Plc to strengthen its technology and expand digital services. The app has gained a steady following and remains one of the best mobile banking apps in the country for ease of use and stability.

7. ALAT by Wema Bank

Wema Bank’s ALAT is widely recognised as Nigeria’s first fully digital bank, setting the pace for mobile-led banking when it launched in 2017. 

It combines Wema’s traditional banking roots with a forward-looking digital experience, offering everything from savings and loans to investments and lifestyle features like flight bookings and health consultations, all within one app.

What’s shaping Nigeria’s digital banking in 2025?

Nigeria’s digital banking sector is rewriting the rules entirely. The seven platforms in this guide represent different approaches to the same goal: making banking work better.

Moniepoint’s unicorn status and transaction volumes show how infrastructure-first thinking scales. Kuda Bank and ALAT by Wema demonstrate that trust and capital efficiency drive adoption. Meanwhile, OPay, PalmPay, and PocketApp prove that mass-market penetration comes from usability—gamified interfaces and seamless onboarding matter as much as features. V Bank’s regulatory-first approach shows there’s still room for compliance-led differentiation.

Together, these banks are pushing Nigeria toward a cash-light economy, with mobile transactions reshaping behaviour across urban and rural communities. The next phase will likely centre on AI-driven personalisation, expanded credit access, and regional expansion as Nigeria’s fintech leaders position to compete across Africa’s $200-billion digital finance market.

However, proposed changes to personal income tax regulations and new compliance requirements may reshape operational dynamics in 2025. But for now, the momentum is clear in Nigeria.

Read also: Seven apps Nigerians are using to invest in local stocks in 2025

Editor’s Note: How we made our picks

Our review draws on user feedback, online sentiment, and firsthand conversations with active customers. We focused on how each platform performs in everyday use, from reliability and accessibility to how well their products deliver on real needs.