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Apps Review Tech

Top Online Banks in Nigeria

Enaira allows you to transact with other ENaira apps; Opay, PalmPay and Kuda Banks serve as paypoint platforms for making various transactions online.

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Online Banks have come a long way to satisfy and make banking transactions easier. Funds can easily be sent and received without hassles. Mobile wallets help you to hold money for different transactions. While Enaira from the Central Bank of Nigeria is mainly for making payments and receiving only from another ENaira app, Opay, PalmPay and Kuda serve as PayPoint platforms for making various transactions online. It is important to note that these apps however similar, share different interfaces and have individual strengths and weaknesses.

Registration processes for these Apps require information like Full Names, Bank Verification numbers, etc. If it functions like a Bank, it is a virtual bank with full banking features. These apps follow a trend; strengths and weaknesses are based on individual usage and experience. No bank is better than another. The best bank for a user can be the worst bank for another person. The best thing about these mobile apps is that someone can make money by using them for free.

Top Online Banks in Nigeria – PalmPay, Opay, Kuda Bank, & ENaira

1. PalmPay

This is the king of freebies for its users. PalmPay offers various rewards for its users. This platform offers incentives, free cash, coupons, and vouchers as you make use of it constantly. It offers full banking features that you can use to send and receive money, deposit money with an ATM card, pay electricity bills, etc.


  • Offers banking features. After signing up on PalmPay app, your registered number becomes your Palmpay account number. You can use this PalmPay account number to send and receive money to and from any Nigerian bank.
  • Offers massive discounts on bill payments. Always offering rewards and free cash to its users.
  • The platform offers three (3) free bank transfers everyday. This gives you ninety (90) free bank transfers for one month transactions.
  • You can buy quality goods from PalmPay app at cheaper prices. The marketplace available on the app offers quality products at discounted prices.
  • Constant Giveaways that makes you money and savings daily. Using PalmPay is a sure way of you saving massively in your daily expenses.
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  • They don’t offer any form of loan. This is not a loan App.
  • There is neither virtual nor physical card for purchases. The PalmPay virtual card available, allows you to borrow funds to pay for services on the app.
  • High transfer charges to other rival mobile wallets. PalmPay charges you higher when you want to transfer funds to similar mobile wallets like Opay, etc.
  • PalmPay does not offer any savings plan. You cannot access it with USSD.

2. Opay

One of the pioneers of mobile wallets in Nigeria with many incentives. You can use this service to pay utility bills, fast and secure bank transfers, and connect with friends.


  • Easy to register with minimum requirements. Opay has interface for online banking transactions, a marketplace where to buy goods, an amazing Savings plan, and social connections.
  • Your Opay account number is your mobile number that you used to signup on Opay application. This makes it easier to use your phone number as your Opay bank account number to receive and send funds to any Nigerian bank.
  • Opay offers over 15% Per Annum savings on your money. This money is not fixed, it can be used to pay for bills, etc. The returns are daily and can be withdrawn anytime. This is Awesome! Opay investments are within the Opay application (app) and offers high percentages on different plans.
  • Offers three (3) free bank transfers daily with a maximum of ninety (90) free bank transfers in one month. Transfers on Opay are very fast. They have one of the fastest bank transfers.
  • Opay offers an interest free loan up to 19 days. Opay loans are flexible.
  • Opay card is an offline bank card that can be used in any ATM, POS, online and offline stores. Getting this card is stress free and delivers within two months. Using Opay debit card saves you so much money than the regular bank cards.
  • Opay application gives its users up to six percent (6%) on all top up (VTU) purchases made from the platform.
  • Opay merchant has easier access to Point of Sale (POS) machine at the lowest cost in the market. Only Opay merchants can apply for Opay POS.
  • Offers an unlimited account balance. A daily transaction limit of five million Naira (N5,000,000.00) without any hardware device. This is restricted in some banks.
  • Offers USSD function. This means that you can use Opay without internet by just dialing codes. Use *955# to access Opay USSD code without mobile network.
  • Opay customer care can be reached on +23418888328. This is the official Opay customer care number. Don’t ever give your password or OTP received to any Opay customer care. Your OTP and your password are strictly confidential and never to be disclosed to anybody.
  • NOTE that any Opay investments on Telegram, WhatsApp, Facebook etc ARE SCAM! All transactions are done with Opay Application from official Play Store.
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  • Opay app offers limited coupons and vouchers compared to what PalmPay app offer their users. Only six percent (6%) on Airtime and 2000+ billers on VTU.
  • Free coins are useless as they can’t be exchanged for any product or services at the moment. This is very poor compared to PalmPay.
  • A merchant account does not offer much incentives. The merchant charges money from the customers in order to make returns. Merchant accounts are purely for business.
  • Does not offer SMS alerts on transfers done. You must login to your account to check transfers.

3. Kuda Bank

Kuda Microfinance Bank is a full-fledged online bank. It offers similar features to other bank apps above.


  • Twenty five (25) free bank transfers every month. This is not limited to daily transfers.
  • You can make many Bill payments on the App.
  • You can make web payments from the app without a card. This is wonderful. There is an option to send money with a link.
  • Kuda App can be used to create budget for your expenses. This helps in planning and prudent spendings.
  • You can borrow money with the App. Kuda Microfinance bank offers loan too.


  • You can’t transfer money from Kuda Bank App to some mobile wallets like Opay, etc.
  • It doesn’t allow taking screenshots. This is very bad if a user wants to prove that a transfer has been done. It only offers a PDF extension for transactions.
  • There are no freebies on this App. Vouchers and Coupons are not available. This app offers no incentives to its users.
  • It only offers physical card to a selected few. This is not available for many users. To get a Kuda Bank physical card is stressful unlike Opay debit card.
  • Very low interest rate on savings. Flexible savings is not available. The saivings plan must be met, early termination incurs charges.
  • Works as a Central Bank of Nigeria spy. If you transact any form of banking activities that has any Cryptocurrency description, you will get arrested by Nigerian government. Becareful on how you use Kuda bank app.
  • Kuda bank app doesn’t use your mobile number as your account number. Kuda gives you a unique bank account number.
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4. ENaira (Speed) Wallet

This is from the Central Bank of Nigeria. The idea of this App is to reduce the bulk transactions with physical cash. The App only receives and sends to another ENaira wallet. This is known as Speed Wallet and the App registers with the name, Speed on mobile phones.


  • This is from Central Bank of Nigeria (CBN), it is an official money wallet from the Apex bank in Nigeria.


  • No bank transactions available. You can only send money from one Speed App to another. You can’t send to any other platform.
  • You can’t borrow from this platform. You can’t pay bills from the App. It is just for you to send funds from one ENaira Speed wallet to another user with similar app.
  • ENaira App lacks sophisticated interface when it comes to performing transactions. It is only used to store and save money.
  • Funding it is hassle. There is no straight forward way to fund add funds to this app.
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