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Insight & Analysis - February 16, 2022

5 Most Innovative Banks in Nigeria

Despite the high levels of competition, Nigeria's banking business remains appealing, with its estimated value of $9 billion in 2020.

Despite the high levels of competition, Nigeria’s banking business remains appealing, with its estimated value of $9 billion in 2020. However, the sector remains underserved. Due to this, financial institutions are evolving to serve this percentage of people through an innovative approach that banks are embracing in Nigeria.

Although Nigeria’s financial sector is lagging compared to its counterparts abroad, it is still impactful. According to World Finance, Wema Bank is the most innovative bank in Africa.

Here is a list of the most innovative banks in Nigeria based on their inclusive digital drive.

ALAT by Wema Bank

According to the Digital Banker Africa Awards, Wema bank is the most innovative digital bank in Nigeria as of 2021. Also, ALAT, a digital banking platform by Wema, won the most outstanding Digital Bank Brand of the Year Award at the 2021 Brandcom Awards. 

ALAT Africa’s first fully digital bank. It was developed to fulfil customers’ needs ranging from students to aspiring entrepreneurs and young professionals. The bank was the first to provide card control, which allows clients to safeguard their payment cards by locking and unlocking them straight from their phones. It also offers USSD Banking via its *945# platform. An account can also be opened from the mobile application. 

Kuda bank

Kuda Bank is a free, digital-only bank with a Nigerian Central Bank microfinance banking license. The bank app includes tracking kits for monitoring your spending patterns, thereby saving more and making smart financial decisions. The account excludes card or account maintenance. The bank app currently has over a million downloads on Google Play. Every month, it offers its customers twenty-five free transfers to other banks.

Sterling Bank

Sterling Bank is one of Nigeria’s major lenders and Africa’s most agile corporation. It won the Innovative Bank of the Year Award at the 2019 edition of the Electronic Payment Incentive Scheme (EPIS) Efficiency Awards hosted by the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBBS).

With its pay with Specta, digital credit solutions are made available to Nigerians. Customers may pay for items in instalments, and merchants are quickly credited, allowing enterprises to increase sales. Through this, users may make purchases at authorised retailers at zero per cent interest if they pick a repayment tenor of 30 to 90 days, or as low as 1.75% monthly if they choose a repayment tenor of 7 to 12 months.

Zenith Mobile App

Zenith Bank’s Mobile App is a two-in-one app that combines Mobile Banking and accessible money features. To ensure a seamless online banking process, the App was upgraded in 2019 by integrating the latest digital technology. The mobile App offers an enhanced user interface and features such as QR payments, biometric sign-on for Android users, branch/ATM locator, FX transfers, and quick challenge resolution menus.

Zenith Bank Plc is one of Nigeria’s most innovative banks. The 2018 KPMG Annual Banking Industry Customer Satisfaction Survey named Zenith the best customer-focused bank in Nigeria for the Retail and SME divisions (BICSS).

 GTWorld Mobile App

With the well-designed user interface, you can carry out any banking transaction on the App. It also adjusts to your preferred method of banking. The App has a very secure security method: either your fingerprint, your face, any four digits of your choice, or a token code. You have access to GAPS, which allows you to track and perform all of your company activities from anywhere. One of the major draw-in of the App is its ‘quick credit’. The feature allows credit-worthy customers to borrow interest and collateral-free loans.

 

READ ALSO: Inside Nigeria’s Failed Attempt to Increase Financial Inclusion

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