Top Best Online Banks In Nigeria

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Online Banks has emerged over time as one of the best Banks to acquire in Nigeria due to its flexibility, speed and other benefits.

In this article we will be looking at what an online bank is overall, benefits of having an online bank, why people need to have an online bank account and also the top best online banks in Nigeria 2023.

What is an Online Bank?

Online Banks which can also be called digital banks or E-wallet are fintechs that are licensed by the Central Bank of Nigeria CBN to offer banking services to citizens of Nigeria and beyond. CBN licencing assures us of the safety of our money while banking with an online bank and we don’t have to worry about getting scammed or ripped off.

Benefits Of Online Banks

They are a lot of benefits associated with owning an online bank and we will be looking at a few now:

1. Safe and Secure: as we mentioned earlier online banks are licensed by CBN and this guarantees the safety of banking with an online bank, furthermore you can file a report to CBN if by any means you were scammed or your money was illegally taken from online banks.

2. Easy Access: Online Banks are very easy to access than the normal physical banks as all you need to create an online bank account is just a mobile phone with an internet connection and you don’t need to queue up in the bank or fill a long form to create an online bank so that is one of the benefits.

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3. Low Or No Maintenance Fees: Online banks especially the ones i will be talking about in this article doesn’t have a certain amount that you will be charged every month for maintenance as it is totally free, some online banks even go as far as giving free transaction that is; not charging any fee for performing transactions.

4. Fast Customer Support Services: Online Banks are known for having a very fast and reliable customer support service and this is an edge you have over traditional banks users that needs to go over to the bank whenever the have an issue or need to work on their account. The online banks I referenced in this article gives up to 24 hrs live chat customer support service.

5. Low Network Issues: Online Banks are also known for its fast and stable network connection as there is literally very low issues when it comes to network of online banks compared to some physical banks.

Why You Need An Online Bank Account

In this paragraph we will be discussing why one may still need to create an online bank account when he can just stick to his normal traditional physical bank account so let’s explore.

1. For Business Purposes: You may need an online bank account if you are into businesses that requires transferring and sending money very often daily as you will enjoy seamless fast transactions and also no charge on your transactions.

2. For Saving Purposes: An online bank account can also be used to save money, so whenever you receive your salary or wage you can transfer it to your online bank account as your savings for the month.

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3. For Spending and Miscellaneous: Online bank accounts can be used as a spending or a daily, weekly or monthly expenses account. You will definitely enjoy the zero transaction cost while making transactions or purchasing using your online bank account.

Top Best Online Banks In Nigeria 2023

1. Opay

Opay is known for its commitment in making banking online overall easy and very accessible. Currently, OPay has over over 35+ million registered app users and 500,000 agents in Nigeria who rely on OPay’s services to send and receive money, pay bills and many more.

2. Palmpay

Palmpay is the second in our list due to its transparency and uniqueness when it comes to online banking. Palmpay also offers cashbacks whenever you buy airtime or data using your palmpay online bank account.

3. Kuda

Kuda bank is popularly known for providing seamless and a stable online banking experience for its users. Kuda bank was listed as one of the seven WEF African technology startups of 2021.


Online banking which has great benefits attached to it is one of the most have or created bank in 2023. If you don’t have an online bank you are missing a lot and if you think of creating one then you can pick any from the list of online banks we mentioned in this article. Thanks For Reading!

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