Internet Banking- Top 5 Online Banks in Nigeria

This article will talk more on the list of online banks in Nigeria as of the year 2020. However, you won’t be seeing the regular list you used to know but a more credible and different list. This particular list is what will take over banking activities in the long run. I hope you are ready to bookmark those ones available as at when writing this article.

Some of them come in the form of an app. That is, there is no building to carry out transactions as everything will be done on the internet. In addition, it can be done by just a mobile phone.

In recent times, most Nigerians are beginning to lose interest in commercial banks in Nigeria due to their outrageous charges and unethical activities. Here comes the commercial Bank alternative tagged Top 5 Internet Banks in Nigeria as the year 2020.

There are lots of posts on social media condemning the activities of the usual commercial banks. No thanks to the digital age for giving us alternatives to the usual commercial bank. This sets of internet banking are what I have been using for a long time now and none of these have given headache like the commercial bank have been doing.\

Icon of Internet Banking on the post Top 5 Online Banks in Nigeria as of the year 2020.

What is a Bank?

According to Investopedia, A bank is a Financial Institution licensed to receive deposits and make loans. Banks may also provide financial services such as wealth management, currency exchange, and safe deposit boxes. There are several different kinds of banks including retail banks, commercial or corporate banks, and investment banks. In most countries, banks are regulated by the national government or central bank. Just as it is regulated by the Central Bank of Nigeria in our case.

What Are the 9 Major Types of Financial Institution?

There are 9 major types of Financial Institution that provide a variety of services. As financialization continues to permeate our lives, it is increasingly likely that you will have an account or product offered by several of these types.

  1. Central Banks
  2. Retail and Commercial Banks
  3. Internet Banks
  4. Credit Unions
  5. Savings and Loan Associations
  6. Investment Banks and Companies
  7. Brokerage Firms
  8. Insurance Companies
  9. Mortgage Companies

What is Internet Banking?

Online banking, also known as internet banking or web banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution’s website. The online banking system will typically connect to or be part of the core banking system operated by a bank and is in contrast to commercial banking which was the traditional way customers accessed banking services.

Internet banking software provides personal and corporate banking services offering features such as viewing account balances, obtaining statements, checking recent transactions, transferring money between accounts and making payments.


List of Internet Banks In Nigeria

Kuda Bank

With no particular reason, this is the first online bank I will be talking about on the post on Top 5 Online Banks in Nigeria as of the year 2020. Kudabank is the bank of the free. I mean you need to join Kuda bank to set yourself free. Kuda Bank is designed for smartphones, free of ridiculous charges and great at helping you budget, spend smartly and save more. In kuda, you can save your money, spend it, send it. It’s all up to you to decide what you do with your money.

Image of kuda bank  for the post Top 5 online banks in Nigeria on
What makes Kuda Bank different?
  • Kuda’s bank-level security protects your sensitive personal information and prevents unauthorized use.
  • Lost Card. Sometimes debit cards go missing. If that ever happens you can freeze your missing card on the app, and even unfreeze it if you find it later.
  • It is completely paperless as everything is done on the phone.
  • No minimum balance as you can withdraw all the money you have in there.
  • Responsive customer support.
  • Simple tools for managing your money in the best way.
  • The fees are transparent as you will get what you see and no extra unknown charges.
  • You have total control of your money. Whatever you want to do with your money, you can do it from the app with no single queue. They will make sure it’s done better and hassle-free.
  • With Kuda Bank, you are Insured because Kuda is licensed by the Central Bank, and your money is insured.
More reasons to stay with Kuda Bank
  • Ability to qualify for quick loans in the near future.
  • Debit and credit alerts are free.
  • Free withdrawals at over 3,000 ATMs across Nigeria.
  • Plan and keep track of your spending on the app with smart budgets.
  • Save as much as you want automatically and you can be paid up to 15% interest yearly with no excuses.
  • They don’t charge card maintenance or account maintenance fees.
  • You will be given up to 25 free transfers to other banks every month. Extra transfers cost just 10 nairas each.
  • You will also be given a free debit card and deliver it for you free.
How does Kuda Bank work?

Step 1 – Download the app from google play.

Step 2. Sign up in minutes and you will be sent a debit card.

That’s all you need to make the right money moves. No sweat.

Kindly click HERE to register on Kudabank and join with this code: 0TKAAPQR


This is another Online Bank I will be talking about on the post on Top 5 Online Banks in Nigeria. You have another opportunity here to send money for free, pay for your airtime and bills and earn rewards every time you spend with PalmPay. Try it for yourself on Android and iOS:

Image of Palmpay on the post Top 5 Online Banks in Nigeria
What makes Palmpay unique?

Deposit with no queue:
Deposit funds to your wallet for free using your ATM card.

Earn Rewards As You Spend:
Earn rewards for every transaction in the form of PalmPoints cashback. Earn 10% cashback for airtime top-up and 5% for any bill payment.

Fast and Reliable:
Send money to any financial account at market-leading rates and to other PalmPay users for free.

Totally Secure:
Your money is protected using the most advanced technology and follow GDPR standards for data handling. Also, all of your data are encrypted and do not share information with 3rd parties.

PS: If you are making a transfer and the receiver needs it immediately then I’m sorry Palmpay might not be a better option as they try to delay transfers sometimes.

To join Palmpay please click HERE.



Here is another mobile bank we really should know about. Though most people must have known this app before this time, and for those of us that don’t know much about the app, then you are welcome here to know all you need pertaining to this aspect.

Image of Opay  for the article Top 5 Online Banks in Nigeria on

Opay is more than just a payment company. They believe everyone should be able to enjoy financial and social inclusion, without regard for physical borders, boundaries, or even social status. This is a one-stop mobile-based platform to send and receive money, and pay bills.

You can also turn it to a mobile bank to save your money so that your balance won’t be reduced anyhow. Furthermore, according to Opay themselves, says, over 60% of people in Africa remain unbanked and can’t access the most basic financial services to invest in their education and businesses, which limits their full potential. Nobody should be denied access to participate in the world economy because of their circumstances or background.

In addition, With a passionate team, sophisticated mobile platform, and a fast-growing community of users, OPay is making financial services more efficient for millions of users and it starts with the ability to pay and have access to the right opportunities at the right time.

In summary, Opay is an online banking platform to send and receive money. You can save for further use and you can use it in paying for bills like Electricity, TV subscription, Airtime/Data, etcetera.

To join Opay please download the app HERE and use the code 38UUJRV to start enjoying services like bill payments, money transfer, investment and loans, and lots more. Get started now.

Alat by Wema

Here comes another Online Bank in Nigeria we need to talk about. Alat by Wema is Nigeria’s first fully digital bank, designed to match your lifestyle and help you save more. ALAT is built from scratch to be entirely digital, making all banking services available to you anywhere you can access the internet. Alat by Wema is easy to use and stress-free. All you need to do is Open an ALAT account from your phone with your BVN and phone number, and you are good to go. No paperwork required.

Image of Alat by Wema under the post on Top 5 Online Banks in Nigeria.
Why you should use Alat by Wema.

Save Easily: Take the pressure off with a simple automated savings plan and earn a 10% annual interest which could be three times the standard bank rate.

Request Instant Loans: Get a short-term loan whenever you’re in a pinch, few questions asked.

Free Card Delivery: Pick one of three bank card designs and it will be delivered to you in two business days, anywhere in Nigeria, at no cost.

Pay In Dollars: Create a free virtual dollar card for paying online, convert naira to dollars any time.

Get Discounts Every Week: Save money on meals, cab rides, shopping, entertainment and more with deals from their partners.

Other reasons to try out Alat by Wema includes-
  • Open an account in less than 5 minutes.
  • Schedule transfers and bill payments.
  • Save easily with automated goal saving.
  • Control your bank card from your phone.
  • Works with all Nigerian bank cards.
  • No hidden charges.

kindly click HERE to join Alat by Wema


Standard Chartered Bank of Nigeria

This is yet another wonderful Internet bank to talk about in this article on Online Banks in Nigeria as of the year 2020. The Standard Chartered Bank hits the Nigerian economy in the year 1999 and since has made so much impact. With SCBN enjoy mobile banking from the go. Transfer funds, manage your account and complete most of your service needs. Say goodbye to long queues and take your bank anywhere and everywhere. Be Unstoppable.

Image of Standard Chartered Bank for the post Top 5 Online Banks in Nigeria on
Some qualities to look out for on Standard Chartered Bank are

They operate in a very dynamic environment with limitless opportunities for growth. Also, they are well-positioned for growth and continue to focus on growth plans. With over 900 dedicated staff, the branch network has expanded from 3 branches in 2003 to about 22 branches presently. Currently, there are over 100,000 clients of the Bank.

Standard Chartered Bank Nigeria has a strong reputation for delivering the highest standards of international governance – a competitive advantage and a differentiator. It continues to set governance standards in the countries it operates in by migrating FSA best practices, e.g. KYC, AML, etc.

Furthermore, actively engage with all the Governments and Regulators to share skills and expertise and work in partnership to support sustainable development. SCBN is currently Sovereign Rating Advisor to the Federal Government through the Ministry of Finance

Enjoy banking at no cost- No charge for all inter-bank local transfers

  • Zero SMS transaction charges
  • Free Gold Visa Debit/ATM card (first issuance)
  • Free card delivery to your mailing address anywhere in Nigeria
  • Zero cash withdrawal charge on any 3rd party ATM in Nigeria, regardless of the number of withdrawals.

The Bank app which is the “SC Mobile” allows you to monitor, move and manage your finances anytime, anywhere. You can transfer funds to accounts within Standard Chartered Bank and to other local and international destination accounts; Airtime top-up; Data bundle subscription and other bills payments.

Kindly click HERE to join

Wrapping up on Online Banks in Nigeria

If you’re tired of regular old banks and you want to take control of your money, then you are lucky to have gone through this post. The regular banks’ alternative is what we have above. Start using them as soon as possible so you can understand more. I personally have used all these internet banks and I know how they all operate and I must confess each of them is doing exceptionally well.

Do you have other platforms you would like us to know? please let us know through the comment section below. Thanks for stopping by and do come back for more meaningful information…


  1. An interesting discussion is worth comment. I think that you should write more on this topic, it might not be a taboo subject but generally people are not enough to speak on such topics. To the next. Cheers

  2. Once I initially commented I clicked the -Notify me when new feedback are added- checkbox and now each time a comment is added I get four emails with the same comment. Is there any means you possibly can remove me from that service? Thanks!

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