In recent years, digital banks have emerged as a disruptive force in the traditional banking industry, providing customers with a convenient, accessible, and personalised banking experience. These digital banks, known as neobanks, have leveraged technology to offer various financial products and services, including  savings accounts, loans, investments and payments.Â
The advent of technology has revolutionised the financial industry, and one of the most significant developments is the rise of digital banks. In Nigeria, the Central Bank of Nigeria (CBN) has licensed ten digital banks to operate as Microfinance banks. These banks have been instrumental in promoting financial inclusion in the country, offering affordable financial services to individuals and small businesses.
Sofri
Sofri is a digital bank offering various financial products, including savings accounts, loans, and bill payments. The bank leverages technology to provide customers with a seamless and convenient banking experience, allowing them to perform transactions through mobile phones or the web.
Mintyn Online BankÂ
Mintyn Online Bank, formerly known as Mint Digital Bank, is a fully digital bank that provides various services, including savings, loans, and investment products. The bank offers the best current accounts, loans, investments, an online marketplace, different bill payment options (Mintyn has an organised bill manager that enables customers to manage how they pay bills), and other financial products through its mobile app. Mint also offers bill payment services, allowing customers to pay their bills online.
Piggyvest
Piggyvest is a digital savings and investment platform that allows users to save and invest money flexibly and securely. The platform offers a range of savings and investment products, including savings plans, fixed deposit investments, and mutual funds.
VFD
VFD is a digital bank that provides financial services to individuals and businesses. The bank offers savings accounts, loans, and investment products through its mobile app.
Moniepoint
Moniepoint is a digital bank that provides financial services to individuals and businesses. The bank offers savings accounts, loans, bill payments, and other financial products through its mobile app.
FairMoney
FairMoney is a digital bank that offers financial services to individuals and businesses. The bank provides loans, savings accounts, bill payments, and other financial products through its mobile app.
Carbon
Carbon, formerly known as Paylater, is a digital bank that provides loans, savings accounts, and bill payments to individuals and businesses. The bank leverages technology to offer customers a fast, convenient, and secure banking experience.
Kuda
Kuda is digital bank that provides financial services to individuals and businesses. The bank offers savings accounts, loans, and bill payments through its mobile app.
Eyowo
Eyowo is a digital bank that provides financial services to individuals and businesses. The bank offers savings accounts, loans, and bill payments through its mobile app.
Sparkle
Sparkle is a digital bank that provides financial services to individuals and businesses. The bank offers savings accounts, loans, and bill payments through its mobile app.
In a nutshell these10 FINTECHS LICENSED BY CBN TO OPERATE AS MICRO FINANCE BANKS have revolutionised the banking industry in Nigeria by leveraging technology to provide customers with a seamless and convenient banking experience. They have disrupted traditional banking by offering faster, cheaper, and more personalised financial products and services. As more customers embrace digital banking, these banks are expected to continue growing and expanding their offerings to meet their evolving needs.
Conclusion
In conclusion, the CBN’s licensing of these ten digital banks is a significant development in the financial industry in Nigeria. These banks are critical in promoting financial inclusion in the country by providing affordable financial services to individuals and small businesses. As the adoption of digital banking continues to grow in Nigeria, these banks are well-positioned to meet customers’ evolving needs and drive the industry’s growth.
