Best Online Banks in Nigeria – 2023

Online banking is becoming increasingly popular in Nigeria, as people are looking for more convenient and affordable ways to manage their finances. These banks are particularly useful because they don’t ask for much requirements to open an account.

Unlike brick-and-mortar banks that might require BVN, passports, utility bills and a visit to a physical location to open an account, most online banks only ask for BVN and a few personal details to open an account within minutes.

Furthermore, these online banks offer higher interest rates compared to brick-and-mortar banks because they have reduced expenses. They do not have to run multiple branches across the country and hire staff at different location, most of them operate nationwide from a single office location.

Here’s our pick of the best online banks in Nigeria 2023.

Kuda Bank

Kuda is a popular choice for its free services and high interest rates on savings accounts. It also offers a high interest rate of up to 10% per annum and allows users to easily transfer money in and out of their accounts.

Kuda bank also offers short-term loans to its loyal customers at little to no interest rates.


PalmPay is a fully functioning digital bank with features such as account opening, money transfer and bill payments all in one seamless interface. Customers can open a bank account with their phone number and does not require a BVN number to get started.

Some features of PalmPay include; three free daily money transfer to any bank account in Nigeria, charges-free bill payments, low interest loans.


About 35 million Nigerians already use one of Opay’s services. The online bank is very popular in Nigeria, all you have to do is open a bank account with your phone number to get started.

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Some of Opay’s features include; free and fast money transfer to any bank in Nigeria, free debit card that can be collected at any of their partner merchant location, and bonuses, cashbacks on bill payments and airtime purchases.


FairMoney is a popular digital bank in Nigeria that can boast two great savings wallets. The first is FairSave. FairSave gives 10% interest P.A. allows you access your savings whenever you want without charging for withdrawals. It also gives daily interest alerts on your savings. 

The second is FairLock. FairLock is a fixed deposit savings wallet that offers up to 18% interest rates P.A. which makes it a safe investment and one of the best interest rates on savings. As the name implies, FairLock involves locking your savings. Users pick a tenure to “lock” their funds and only get it when the tenure expires. This promotes savings discipline and helps you meet your savings goals. The interest rate you get depends on the duration, the longer the lock, the higher your interest rate.

Some features of FairMoney include: short-term loans and bill payments.

When choosing an online bank in Nigeria, it is important to consider your individual needs and preferences. Some factors to consider include the following:

  • Fees: Some online banks charge fees for certain services, such as ATM withdrawals or foreign currency transactions. Make sure to compare the fees of different banks before you choose one.
  • Features: Different online banks offer different features, such as mobile apps, online bill pay, and overdraft protection. Make sure to choose a bank that offers the features that you need.
  • Security: Online banking is generally very secure, but it is important to choose a bank that has a good reputation for security.
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Once you have chosen an online bank, you can easily open an account online. Most banks offer a quick and easy application process.

Online banking is a convenient and affordable way to manage your finances. If you are looking for a new bank, consider one of the best online banks in Nigeria.

Here are some additional tips for choosing the best online bank in Nigeria:

  • Read reviews: Before you open an account with any online bank, read reviews from other customers. This will give you a good idea of what to expect from the bank’s customer service, features, and fees.
  • Compare interest rates: Online banks typically offer higher interest rates on savings accounts than traditional banks. Compare the interest rates of different banks before you choose one.
  • Consider your needs: Think about what you need from an online bank. Do you need a mobile app? Do you need to be able to make international payments? Once you know what you need, you can start to narrow down your choices.


Online banking is a great way to manage your finances in Nigeria. They provide a simple and convenient way to open a bank account without leaving the comfort of your home. Some of them also offer better service with higher interest rates on savings compared to brick-and-mortar banks.

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