Digital banking is gaining roots in Nigeria as operators employ the best technological tools to solve Nigerians' transaction challenges and deploy tech-savvy personnel.
The Central Bank of Nigeria has authorized licensing digital payment platforms to run microfinance banking and Point of Sale (POS) services in Nigeria in order to increase financial inclusion.
Despite only existing online, these platforms are widely used and have recently helped Nigerians with a variety of financial issues.
Even though they are a part of the fintech ecosystem, banks still fulfill the same function as conventional banks, which are physically present.
These fintech platforms reportedly provide financial services via mobile apps and other touchpoints, operate under a variety of licensing categories, and offer a variety of services.
As of February 2023, 894 businesses had obtained microfinance bank licenses, according to the CBN database.
However, only a select few fully digital businesses can be categorized as digital banks. Except for a few digital banks, some have also obtained licenses from CBN to operate PoS services. The banks' names include:.
Sofri.
Mint.
Piggyvest.
VFD.
Moniepoint.
FairMoney.
Carbon.
Kuda.
Eyowo.
Sparkle.
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