As companies use the most cutting-edge technical solutions to address Nigerians' transactional difficulties and use tech-savvy staff, digital banking is taking hold in that country.
The Central Bank of Nigeria has authorised licencing digital payment platforms to run microfinance banking and Point of Sale (PoS) services in Nigeria in order to increase financial inclusion.
These platforms, which are restricted to digital environments yet are omnipresent, have recently helped Nigerians with a variety of financial issues.
Although being a part of the fintech ecosystem, banks perform the same function as conventional banks, which are physically present.
According to a research, these fintech platforms provide a variety of services under several licencing categories and deliver financial services through mobile apps and other touchpoints.
As of February 2023, 894 businesses had obtained microfinance bank licences, according to the CBN database.
Yet, only a small number of entirely digital businesses may be categorised as digital banks.
A few digital banks are the exception; other digital banks have also secured CBN licences to run PoS services.
The banks' names include:
Sofri
Mint
Piggyvest
VFD
Moniepoint
FairMoney
Carbon
Eyowo
Sparkl
Kuda