Banking in Nigeria is such that it comes with much stress while trying to withdraw your fund or save. Besides the stress, customers often find themselves shot in the leg with unnecessary charges like card maintenance fees, transfer charges, SMS alert charges, and so on. These charges are mostly found with conventional banks. Conventional banks are banks with physical structures that are everywhere.
The good news now is that there are unconventional banks in Nigeria that offer similar but improved services than the usual banks we have around. By unconventional, I mean banks without physical structure but are operated 100 percent online. These banks charge less and are very secured because they are certified by the Central bank of Nigeria as a financial institution. I will be sharing 3 of those banks here along with their uniqueness.
1. Rubies Bank: If you're looking for a bank that offers low-cost banking, then Rubies Bank comes handy. Established by Highstreet Microfinance Bank in 2019, Rubies bank offers its customers the status of an independent banker, that is, customers have full control of their bank account and can run a mini bank at the same time. The implication of this is that independent bankers get a commission each time their customers get to transact through them. Unlike conventional banks, Rubies charge a flat rate of 21 naira for inter-bank transfer.
2. Bank: Vbank is also a unique bank that you can create an account with at the comfort of your home in two minutes. Just like Rubies bank, Vbank also offers its customers to earn commissions when people register through them. Conventional banks often promise cardless withdrawal but Vbank makes that possible and easier. So it means you don't have to worry about holding a card for withdrawal. They offer zero charges on all transfers. Vbank was launched in February 2020.
3. Kuda Bank: Kuda bank calls itself 'the bank for the free'. They issue ATM cards and they don't deduct maintenance fees from their customers. After using an ATM card of the conventional bank with different bank ATMs for three consecutive times, they begin to deduct 65 naira on subsequent withdrawal but it's not the same with Kuda ATM card. All your withdrawal doesn't incur any charges. Customers get 25 free transfers every month and 10 naira fee per transfer after exhausting the free transfers. Kuda bank was founded in 2019.
It's quite interesting that digital banks are challenging the once untouchable banks in Nigeria. We hope the become a nightmare to them soon.