The Central Bank of Nigeria (CBN) has licensed 894 microfinance banks, with several evolving into digital banks via mobile apps. These digital banks, like Sofri, Mint, and Kuda, are making waves by bridging the financial inclusion gap in Nigeria. Their appeal includes low charges, convenience, and a tech-savvy workforce, posing a threat to traditional banks. Despite not offering as many products, digital banks provide unique services like high-yield savings and low-interest loans. Interestingly, most prominent digital banks are licensed as microfinance banks. When choosing a digital bank, consider license status, financial products, and robust digital tools.
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What features matter most to you when choosing a digital bank? Share your thoughts!
Unfortunately, most of the features are nto compatible
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