I keep coming across people online, here on Nairaland, twitter, Group chats and other Social media / online Spaces, Saying that they are a lot more effective than the regular commercial banks.
Some advantages of these institutions I have seen Several times are;
** Little to No charges
** Free transfers & bill payments (I've experienced this personally on Fairmoney)
** Excellent and Quick responding Customer Care
** It's easier to get stuff done, you know cos it's primarily online and all

What's your experience with these relatively New Fintech Banks? They are obviously out to capture the masses and Capitalise on the Common failings of the offline Physical institutions.
I also hear you can get physical ATM Cards from some of them, And they offer Current account, domiciliary foreign accounts etc.
Pls let's discuss, also those who have experience can outline their Disadvantages if any

They’re MFBs with a tech infrastructure.

Kuda bank is doing well.

Vbank is the best imo. Free transfer and at the end of the month dey do give interest on money saved.

GreaterFuture:
I keep coming across people online, here, in twitter, NL, Group chats and other Social media / online Spaces that they are a lot more effective than the regular commercial banks.
Some advantages of these institutions I keep hearing over and over again are but not limited to these;
** Little to No charges
** Free transfers (I've experienced this on Fairmoney)
** Excellent and Quickly responding Customer Care
** It's easier to get stuff done etc.

What's your experience with these new Banks? They are obviously out to capture the masses and Capitalise on the Common failings of the offline Physical institutions.
I also hear you can get physical ATM Cards from some of them
And they offer Current account, domiciliary foreign accounts etc.

Which offers foreign currency account?

Blaqstick:
Vbank is the best imo. Free transfer and at the end of the month dey do give interest on money saved.

Heard kuda does same

obi4eze:
Kuda bank is doing well.

Does Kuda Give out ATM

Elmaaq:


Which offers foreign currency account?

I have stumbled on a twitter Post then, where the lady, an online business person, freelancer mini-importer or something like that praised the Dollar card services that one Fintech financial institution gave her.
Me myself don't know much about it, hence why I ask

Elmaaq:

Heard kuda does same

They are doing good
Saving us from this foolish bank charges

GreaterFuture:

Does Kuda Give out ATM

Absolutely yes. They send it to you free of charge anywhere in Nigeria

From my dashboard, I have been giving an option to request for it.

My concern that that they have very poor KYC. They are used to penetrate fraud since everything is online.

People identity are stolen and can be used to open an account with them. I think Kuda has improved this aspect as they will send OTP to the mobile number attached to the BVN registration and this is how KUDA stepped up but OPay is VERY worst

engrksa:
My concern that that they have very poor KYC. They are used to penetrate fraud since everything is online.

People identity are stolen and can be used to open an account with them. I think Kuda has improved this aspect as they will send OTP to the mobile number attached to the BVN registration and this is how KUDA stepped up but OPay is VERY worst

*Perpetrate not penetrate.

You must be talking of another country’s services cos these guys have top notch KYC.

There’s usually a live selfie involved when opening these accounts and from my experience in cyber security, you can’t cheat through a live sefie verification and that’s if you manage to get your hands on every other important document that’s required.

nelcliff:



Absolutely yes. They send it to you free of charge anywhere in Nigeria

From my dashboard, I have been giving an option to request for it.

But Vbank charges 1k for their own, just like regular commercial banks

GreaterFuture:

I have stumbled on a twitter Post then, where the lady, an online business person, freelancer mini-importer or something like that praised the Dollar card services that one Fintech financial institution gave her.
Me myself don't know much about it, hence why I ask

Na to ask the lady for Twitter

Elmaaq:


Na to ask the lady for Twitter

You will have to Search and trace the Tweet

GreaterFuture:

You will have to Search and trace the Tweet

No p, what exact phrase from the tweet can you recall

GenAbacha:
They’re MFBs with a tech infrastructure.

Okay....
So How's your experience been with them

Elmaaq:


No p, what exact phrase from the tweet can you recall

Ok, I found out that the Fintech Bank is WalletsAfrica

GreaterFuture:

Ok, I found out that the Fintech Bank is WalletsAfrica

Fantastic, Heard their dollar rate is on the high
Though

All dollar cards are on the high side. It's not their fault. Naira is too sh*tty nowadays. @Elmaaq

Back to the thread,

Kudabank has been very wonderful so far. Can't believe first bank will charge us for internet transactions. It's so low for them.

Sha I hardly use any of those mainstream banks nowadays. All my money is with kudabank. If I need to withdraw, I do transfer to my first bank.

Just wish kudabank will resume their card again

Premiumwriter2:
All dollar cards are on the high side. It's not their fault. Naira is too sh*tty nowadays. @Elmaaq

Back to the thread,

Kudabank has been very wonderful so far. Can't believe first bank will charge us for internet transactions. It's so low for them.

Sha I hardly use any of those mainstream banks nowadays. All my money is with kudabank. If I need to withdraw, I do transfer to my first bank.

Just wish kudabank will resume their card again

Ok, they've cancelled out cards for now Abi?
No more issuing Physical ATM Cards

The've not been issuing cards for long... something about problem with their card partner

GreaterFuture:

Ok, they've cancelled out cards for now Abi?
No more issuing Physical ATM Cards

Premiumwriter2:
The've not been issuing cards for long... something about problem with their card partner

Okayyy...
Which one make I Kon register with now, wey go give me Card

GreaterFuture:

Okayyy...
Which one make I Kon register with now, wey go give me Card

Alat